A new utility token focused on nickel will be launched in Dubai next week to capitalise on the metal's growing importance in the global economy.
The new Nikel token is the first initiative from NewTek in its mission to open one of the biggest asset classes to the masses by building blockchain-enabled commodity businesses, said a statement.
On December 6, the utility token will be listed on the EU-based centralised exchange, Digital Financial Exchange (DIFX), and on Coinstore, the centralised cryptocurrency exchange registered in Singapore. This will give the Nikel token immediate exposure to more than 1.8 million registered users in 175 countries.
“The token will build a community with the ability to impact, and shape, the exploration, mining, product manufacturing and research and development for all things nickel,” said Safi Qurashi, CEO of NewTek.
“We decided to launch the token first in Dubai in view of the Emirate’s status as an emerging crypto hub dedicated to developing a regulatory ecosystem for the growth of the domestic crypto sector.
“Our objectives are to inspire those who wish to ensure that commodities impact our planet in a greener, more sustainable way, and create wealth distribution to a larger proportion of the population.”
“Harnessing the power of blockchain and cryptography makes this process much easier, more open and transparent, and puts it in the hands of the community.”
The Nikel token’s listing on the DIFX exchange will give its community access to a fully-insured cross-asset trading platform that allows its users to trade assets like stocks, forex, commodities, indices, etc., along with digital assets like cryptocurrencies, it said.
Nikel Technology Company, NewTek’s operating arm for the Nikel token, is registered and domiciled in Singapore, where Coinstore was established in 2020 to meet the requirements of Asian crypto-assets users.
Nickel’s physical and chemical properties make it essential in hundreds of thousands of products. Its growing importance is based on it being the preferred metal by mass in the lithium-ion batteries that power electric vehicles.
NewTek has built an ecosystem of partnerships with leading blockchain technology providers NMKR and Cardano to offer strong expertise in developments on the blockchain, said the statement. - TradeArabia News Service