MOSCOW (Reuters) – A fund of Russia’s Norilsk Nickel has launched Blockchain-tracked securities generally known as Trade Traded Commodities (ETCs) which provide traders publicity to the spot costs of nickel and copper with out proudly owning them, it mentioned.
Nornickel, the world’s largest producer of refined nickel and a significant producer of copper, hopes to draw extra European-based traders in these base metals by way of ETCs launched on the London Inventory Trade (LSE).
The ETCs will use Blockchain know-how for transparency and safety of the metals backing them. The metals will probably be saved in warehouses in Rotterdam, Nornickel mentioned in a press release on Thursday.
The whole expense ratio for copper and nickel ETCs is estimate at 0.85% and 0.75%, respectively, it added.
Its World Palladium Fund launched comparable ETCs for gold, silver, platinum and palladium in January.
(Reporting by Polina Devitt; enhancing by Elaine Hardcastle)