Expobank, a prominent financial entity in Russia, has purportedly introduced the inaugural tokenized diamond offer in the nation. Reports indicate that Expobank utilized the Multichain blockchain platform to create these tokens, each representing a fraction of a diamond's value, specifically 1/5,000. This move aims to broaden access to gemstone investments for smaller investors.
Expobank Leads the Way in Diamond Tokenization within Russia
With over 50 branches across Russia, Expobank has ventured into the realm of gemstone tokenization. Using the Multichain blockchain, the bank has initiated the tokenization of diamonds in the Russian market. This strategic step seeks to democratize the gemstone market, enabling entry for small-scale investors into this investment domain.
The tokens were specifically generated for a three-carat diamond valued at 9 million rubles ($97,500). Expobank released 5,000 tokens corresponding to this diamond, with each token representing 1/5,000 of the total value, making individual tokens priced at under $20.
These tokens were exclusively available to authorized investors and are due for redemption by November 2026. The redemption value will be calculated using a specialized calculator on a website that evaluates diamonds based on criteria like size, purity, shape, and fluorescence. In cases where this option is unavailable, a diamond price index will be employed to determine the token's value.
Advancements in National and International Tokenization
Since 2021, Russia has permitted the issuance of tokens known as Digital Financial Assets (DFAs), regulating their representation of real-world and traditional assets. Despite this, most opportunities have recently come to light.
Local news outlet Kommersant reported movement in the DFA domain, with 140 tokenized products announced, creating a market worth $450 million. Nonetheless, not all announced tokens have been issued.
Other financial institutions in Russia are exploring additional tokenization avenues. For instance, the Moscow Exchange, the country's largest exchange, revealed plans to issue digital assets representing housing and real estate. This move is aimed at enabling companies to acquire funding from investors alongside conventional monetary inflows from banks.
HSBC, a major financial entity, has introduced a platform for tokenizing gold bullion, targeting a market exceeding $500 billion in the Greater London area. This platform allows investors to monitor their gold holdings and engage in transactions using HSBC’s system.
Expobank Leads the Way in Diamond Tokenization within Russia
With over 50 branches across Russia, Expobank has ventured into the realm of gemstone tokenization. Using the Multichain blockchain, the bank has initiated the tokenization of diamonds in the Russian market. This strategic step seeks to democratize the gemstone market, enabling entry for small-scale investors into this investment domain.
The tokens were specifically generated for a three-carat diamond valued at 9 million rubles ($97,500). Expobank released 5,000 tokens corresponding to this diamond, with each token representing 1/5,000 of the total value, making individual tokens priced at under $20.
These tokens were exclusively available to authorized investors and are due for redemption by November 2026. The redemption value will be calculated using a specialized calculator on a website that evaluates diamonds based on criteria like size, purity, shape, and fluorescence. In cases where this option is unavailable, a diamond price index will be employed to determine the token's value.
Advancements in National and International Tokenization
Since 2021, Russia has permitted the issuance of tokens known as Digital Financial Assets (DFAs), regulating their representation of real-world and traditional assets. Despite this, most opportunities have recently come to light.
Local news outlet Kommersant reported movement in the DFA domain, with 140 tokenized products announced, creating a market worth $450 million. Nonetheless, not all announced tokens have been issued.
Other financial institutions in Russia are exploring additional tokenization avenues. For instance, the Moscow Exchange, the country's largest exchange, revealed plans to issue digital assets representing housing and real estate. This move is aimed at enabling companies to acquire funding from investors alongside conventional monetary inflows from banks.
HSBC, a major financial entity, has introduced a platform for tokenizing gold bullion, targeting a market exceeding $500 billion in the Greater London area. This platform allows investors to monitor their gold holdings and engage in transactions using HSBC’s system.
November 22