Redemption
A physical-redemption workflow is being built so that, if it is ever activated, identified containers or coils could be released against tokens under controlled conditions.
Intended process
The workflow has been implemented end to end and kept behind a feature flag. If activated, it is intended to run in the following order.
- Wallet verification and eligibility re-check, including KYC, AML and sanctions screening
- Jurisdiction check and confirmation of any applicable threshold
- Selection of the specific lot, container or coil to be redeemed
- Disclosure of fees, taxes, shipping, insurance, custody and packaging costs
- Acceptance of redemption terms and electronic signature
- Internal review with maker-checker approval
- Token lock and burn, followed by custodian release and delivery tracking
- Update of the registry, reserve reporting and supply records, with a full audit trail
Eligibility
Redemption would be available only to holders who pass eligibility screening at the time of the request, in jurisdictions where the transaction is permitted. Passing screening once would not create a continuing entitlement.
Costs and logistics
Industrial metals in commercial quantities carry handling, transport, customs and insurance requirements. Any redemption would be subject to those costs and to applicable dangerous-goods and export rules, which have not yet been determined.
Current status
The redemption module is inactive. No redemption right exists, none is offered, and activation would require the underlying legal, custody and token arrangements to be finalized and authorized in writing.