A crypto startup based in Zug has attracted a diverse array of clients to its platform. Commodities giant Glencore is among them.
Zug-based Crypto Valley startup Atomyze, founded in 2018, announced Wednesday that IXM, William Rowland, StoneX and Glencore will use its tokenization platform. The companies are involved in various metals enterprises and financial services.
Tracking Commodities
Atomyze's solution allows industrial tokens to be issued, sold, transferred and redeemed, allowing for the owner and location of the traded commodity to be retrieved at any time. This allows companies to manage upstream value and supply chain risks in a digital environment.
Copper, nickel and palladium have already been tokenized by Atomyze, while other metals and commodities are being tested with various issuers.
Chasing the Financial Sector
The financial sector is already well ahead of commodities in terms of digital assets, crypto-securities experiments and digital central bank money.
With Glencore joining the fray, Atomyze, previously Tokentrust, has pulled off a coup and plans to expand its platform capabilities.
Russian Roots
Behind Atomyze is the Global Palladium Fund and its founder Alexander Stoyanov, who also serves as vice-chairman to the board of directors of Atomyze. The Global Palladium Fund is a financial foundation of the Russian mining group Nornickel, which is involved in palladium, nickel, platinum and copper extraction.
Stoyanov reportedly exchanged ideas with Moscow-born Vitalik Buterin, the initiator of the cryptocurrency Ether and co-founder of the Zug-based crypto project Ethereum, leading to the foray into commodity tokenization.
