Russia’s Nornickel May Roll Out Stablecoin in 2019

Russian metals and mining giant Norilsk Nickel (Nornickel) may launch a stablecoin as early as next year, local business news outlet Kommersant reports.

According to Nornickel CEO Vladimir Potanin, the company intends to introduce a stablecoin backed by its metals. Although the launch is expected in 2019, the exact timeframe will depend on “many factors.”

This project as an attempt to design a crypto asset which can provide the much-desired price stability in a highly volatile market, justifying the “stablecoin” label, Potanin said in an interview for Kommersant. He also emphasized the relation to traditional assets and real value due to the coin’s peg to Nornickel’s metals.

This alternative as an effective way to get “cheap financing” since traditional fund…

This article appeared first on Cryptovest

Like this: Like Loading...