Russian fintech startup backed by billionaire Potanin gets RBI license

Last week, Atomyze Russia, a fintech startup backed by Potanin s conglomerate Interros, became the first in Russia to have the central bank license to issue digital financial assets.

Potanin, who owns the Norilsk Nickel Harjavalta plant and co-owns Helsinki-based ice hockey club Jokerit, said that platforms like Atomyze offer consumers high-quality and secure digital goods and may squeeze unreliable products out of the market.

In late 2020, Atomyze allows traders to trade in token backed by physical assets, which can be anything from commodities, real estate, fine art or train tickets. In 2021, Nornickel's Global Palladium Fund issued the first token via Atomyze exchange traded commodities ETCs that were physically backed by Nornickel-produced metals.

Potanin, worth $29 billion, has been lobbying for the idea of digital assets, as well as the launch of a digital currency by Russia s central bank.

Potanin said that these developments make disputes over cryptocurrencies outdated. He stressed that cryptocurrencies and stablecoins are in fact uncontrolled monetary emissions and that they represent a contract for a real-world product or service.

Transactions became cashless when metal coins were replaced by paper money. Potanin said digital assets are just the beginning of the next stage.

A businessman said last week after the launch of Atomyze, the businessman said that digitally and socially acceptable businesses are more transparent, responsible and socially acceptable.

Russian President Vladimir Putin tends to share Potanin's view on big risks associated with cryptocurrencies, acknowledging Russia's competitive advantages for mining, such as cheap electricity.