Metals.io Launches Copper Token xCu After 24,968-Kilogram Hamburg Transfer

Metals.io launched its copper token xCu on Thursday, Oct. 29, representing ownership rights in stored copper and tying the digital asset to a 24,968-kilogram batch at C. Steinweg Hamburg. The batch entered custody on Oct. 23 in 10 bundles of Comika copper cathodes, six days before the launch. Metals.io lists bonded warehouses in Germany and the Netherlands; this batch was held at C. Steinweg Hamburg. Each xCu represents a right of ownership in copper held by Archax as trustee for tokenholders. The transaction ledger uses Tezos blockchain technology. Token ownership does not guarantee that a holder can take physical delivery.