On September 22, Steelcoin announced the placement of the Steelcoin X (SCX) token on the Bullish Exchange digital asset platform. The asset is provided with physical hot-rolled steel and can be exchanged for it according to the conditions specified in the project documentation.
Steelcoin is a subsidiary of the Austrian steel distributor Frankstahl and is wholly owned by it.
SCX is now available for trading in pairs with the euro through the central Bullish Exchange order book and an automated market maker. Bullish also provides a trading platform and liquidity.
Each SCX token corresponds to one ton of hot-rolled roll and is issued on the Ethereum blockchain. Owners can exchange tokens for physical steel in accordance with the technical description of the project. The minimum volume for redemption is one full roll, usually weighing 20-30 tons, meaning it takes 20 to 30 SCX to redeem.
Like steel futures and some commodity instruments with monetary settlements, SCX is focused on the supply of physical goods.
The token was issued by the Vienna-based company SC Steelcoin GmbH. The company claims that SCX meets the requirements of the European regulation of the MiCAR crypto asset markets, and a technical document on the crypto asset has been sent to the Austrian Financial Market Authority.
Bullish Exchange President Chris Tyrer stated that the listing reflects the growing interest of institutional investors in tokenized goods. Marcel Javor, founder of Steelcoin and owner of Frankstahl, noted that the initiative aims to integrate steel trading into an institutional digital ordering system.
Bullish Europe operates as a service provider in the field of crypto assets in accordance with MiCAR. The exchange is part of Bullish, whose shares are traded on the New York Stock Exchange. The company also owns the digital asset information provider CoinDesk.