Atomyze, a Russia-based blockchain firm, has launched what it claims to be the country's first digital token to be backed by palladium.
Atomyze was the first Russian firm to secure regulatory approval to exchange digital assets back in February 2020.
"The emergence of Russia's first industrial token marks the entry of the Russian economy into a new period - the era of tokenisation," said Russian billionaire Vladimir Potanin, one of Atomyze's investors and the largest shareholder at metals producer Nornickel which produces the p[alladium backing the tokens.
"Unlike unsecured cryptocurrency, where blockchain technology is used to maximise user anonymity, industrial and other tokens are secured by physical assets, and the use of blockchain technology makes transactions with them secure," he added.
The platform has also secured its first investors, Russian bank Rosbank, broker Vector X and Russian conglomerate Interros.
The launch of the token comes on the back of a number of blockchain and digital assets announcements to come out of Russian in recent weeks.
Two of Russia's biggest lenders, Sberbank and VTB carried out their first respective digital asset trades.
To date, Russia's central bank has been reticent in promoting the use of digital assets and cryptocurrencies, citing fears around financial stability.
However, tokenisaiton and digital assets have been seen as a way for Russian buisnesses to ease their current financing difficulties as a result of widespread sanctions imposed in the wake of the invasion of Ukraine.
In addition, Russian lawmakers recently proposed a draft law to exempt issuers of digital asses and cryptocurrencies from value-added tax.