Metals.io launches 25,000 copper tokens backed by physical metal

The xCu token puts 25 tonnes of refined copper in a Hamburg warehouse on-chain, with plans to scale if investors bite Metals.io has issued 25,000 copper tokens, called xCu, with each one representing a single kilogram of refined copper sitting in a warehouse in Hamburg, Germany. That adds up to 25 tonnes of metal. Modest by commodity-desk standards, but it is a deliberate test run for a company that wants to bring copper exposure to people who have never set foot on a trading floor. How the xCu token works The structure is simple to describe. One token equals one kilogram of physical, refined copper held in storage. According to the research findings on the launch, the platform uses bonded warehouses in the Netherlands and Germany, with this initial copper batch stored in Hamburg. Ownership is recorded on a blockchain as beneficial ownership, meaning token holders hold the economic claim while a custodian keeps the physical metal. Archax is named as a custody and compliance partner. The setup is designed so the copper is not rehypothecated, which is a technical way of saying the same metal is not quietly lent out or pledged to multiple parties behind the scenes. The xCu token runs ...