Metals.io has launched 25,000 xCu tokens, each backed by one kilogram of refined copper held in a warehouse in Hamburg, Germany, CoinDesk reports. The initial batch is worth about $366,000.
The platform is run by Trilitech, the London-based Tezos developer. Ben Elvidge, its head of alternative assets, leads Metals.io and says the company is starting small on purpose and hopes to reach millions of dollars over the next year, which depends on demand. Archax, a UK-regulated digital asset platform, acts as trustee and checks that the copper held matches the token supply.
The tokens trade around the clock with no minimum investment. Physical redemption needs a suitable storage account, identity and anti-money-laundering checks and a minimum of about 125 kilograms, equal to one copper sheet.
Metals.io already offers five other tokenized metals products, including uranium at roughly a $9.2 million market cap and gold at about $4.1 million. The article cites S&P Global, which projects that copper demand could rise 50% by 2040.
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