Tokenized Diamond Offering in Russia by Expobank
Expobank, a Russian financial institution with over 50 offices, has issued the first tokenized diamond offering in the country using the Multichain blockchain platform.
The tokens were issued for a three-carat diamond valued at 9 million rubles ($97,500), with each token priced at 1/5,000 of the total.
The tokens were only issued to authorized investors and have a repayment date of November 2026.
Russia has allowed for the issuance of Digital Financial Assets (DFAs) since 2021, but most opportunities have only surfaced recently.
There have been 140 tokenized products announced, reaching a market of $450 million so far. Other tokenization options are being explored by financial institutions in Russia, such as the Moscow Exchange launching housing and real estate digital assets to allow companies to receive financing from investors in addition to traditional monetary flows from banks.
HSBC has also launched a tokenization platform for gold bullion, targeting a market of over $500 billion in the Greater London area. The platform will allow investors to track their gold holdings and negotiate them using HSBC’s platform.
(With inputs from Shikha Singh)
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