Metals.io issues tokens backed by 25 tonnes of physical copper stored in Germany

From the source

The company is starting with $366,000 worth of copper stored in Germany, hoping to build a market for investors to own and trade physical metal onchain. A company that already tokenized uranium, gold, cobalt and nickel is now testing the waters with 25 tonnes of copper stored in a warehouse in Hamburg, Germany. Metals.io launched 25,000 copper tokens, known as xCu, each backed by one kilogram of refined metal. The initial batch is worth about $366,000, a small start for a company hoping to tokenize millions of dollars worth of copper over the next year. “We’d like to reach the millions of dollars, but we’re deliberately starting small to test the water and build sustainably,” said Ben Elvidge, head of alternative assets at Trilitech, the London-based Tezos development company behind Metals.io's trading platform and technical infrastructure. Elvidge also leads Metals.io. Unlike investments in copper mining companies or futures contracts, xCu gives buyers ownership of physical copper…

BestAIBroker analysis

• Finance-aware sentiment: neutral (+0.00 on a -1 to +1 scale).
• Event classification: LAWSUIT.
• Market importance score: 37/100, weighting entity relevance, source credibility, multi-outlet coverage and recency.