Russian Mining Company Nornickel Looking To Build a Digital Trading Platform For Metal Trading

Nornickel, a mining and smelting company in Russia, is prepping to build its own digital platform by the end of this year. The goal is to create a digital space for metal trading, reports CoinTelegraph.

Streamlining the trading process

Speaking to a local publication, TASS, is one Andrey Burgov, the vice president of Nornickel. There, he described the platform:

“The preparation process was quite lengthy, but nevertheless, we plan to bring this product [digitization of metal trading] to the market by the end of 2019 and begin trading our tokens.”

According to the vice president, this system could be worth close to $1 billion. There’s no guarantee of this, of course, but that’s the ideal goal in Burgov’s eyes. It’s also important, he says, to pay attention to the market and see what they require especially when it comes to regulations and other things. The success of their cryptocurrency trading platform is somewhat reliant on market conditions.

This news comes to us shortly after learning of Nornickel’s plans to build its own cryptocurrencies for trading palladium as well. The goal here is to create multiple different digitized trading platforms to make the online trading process as easy as possible for both customers and the company itself. According to the publication, digital platforms make it easier for customers to trade big amounts of materials to third-parties thanks to automation and other bonuses.

Nornickel is entering the space in other ways, too. For example, the group partnered with IBM, a tech company with big interest in the blockchain space. The two are working to build an educational program to teach experts how to create digital software for the mining industry – something many of them are unlikely to have experience within. The idea is smart – teach the creators how to build a platform that works for them. With this service, students will learn about blockchain, the internet of things, and other emerging technologies.