Steelcoin X (SCX), a token redeemable for physical hot-rolled coil, has been listed on digital asset platform Bullish Exchange, Steelcoin announced on September 22.
Steelcoin is a wholly-owned subsidiary of Austrian steel distributor Frankstahl.
SCX can now be traded against the euro around the clock through Bullish Exchange’s central order book and automated market maker. Bullish is providing the trading venue and liquidity.
Each SCX token corresponds to one tonne of HRC and is issued on the Ethereum blockchain. Holders can redeem the tokens for physical steel under the conditions set out in the project’s white paper. The minimum redemption quantity is one complete coil, typically weighing 20-30 tonnes and therefore requiring 20-30 SCX.
Unlike steel-related futures and exchange-traded products that are settled in cash, SCX is intended to be settled through the delivery of steel.
The token is issued by Vienna-based SC Steelcoin GmbH. The company describes SCX as a utility token compliant with the EU Markets in Crypto-Assets Regulation (MiCAR) and says its crypto-asset white paper has been notified to Austria’s Financial Market Authority.
Bullish Exchange president Chris Tyrer said the listing reflected growing institutional interest in tokenised commodities. Marcel Javor, founder of Steelcoin and owner of Frankstahl, said the initiative was intended to bring steel trading onto an institutional digital order book.
Bullish Europe is regulated under MiCAR as a crypto-asset service provider. The exchange is part of Bullish, which is listed on the New York Stock Exchange and also owns digital asset information provider CoinDesk.
