Draft:ALCUM
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Submission declined on 5 June 2026 by ChrysGalley (talk).
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| URL | https://alcum.com/ |
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ALCUM is a Swiss financial services company headquartered in Zug, Switzerland.[1] It operates a structured product program built around the secondary copper processing industry and combines physical commodity operations with blockchain-based accounting infrastructure.[1]
ALCUM works in the tokenized real-world assets (RWA) category. RWAs are digital structures that represent or track the economic performance of physical or financial assets via blockchain infrastructure.[2][3] ALCUM applies a similar approach to industrial commodity processing (specifically the secondary copper market).[2][3]
xCUP
[edit]xCUP is a structured product issued by ALCUM AG.[3]
Operational structure
[edit]The xCUP program operates in cycles (called Epochs). Each of them lasts approximately 30 calendar days.[2] Epochs encompass the procurement of secondary copper materials, industrial processing, the sale of the refined output to verified buyers, and the calculation of the token's net asset value (NAV) update.[2]
At the start of each Epoch, capital deposited by eligible professional and institutional investors (Art. 4 para. 3 and 4 FinSA) in USDC is converted and used to procure secondary copper materials.[2] Physical processing is conducted by Mirada Levante S.L., a licensed Spanish waste recovery operator based in Alacuás, Valencia, Spain, authorized under the EU Waste Framework Directive R12/R13 classifications for storage and processing of metallic secondary materials.[2]
At the close of each Epoch, the refined copper is sold to verified buyers, and the NAV of xCUP is recalculated.[2]The NAV reflects the accumulated operational margin in USD or EUR and does not revalue with movements in the London Metal Exchange (LME) spot price.[2] Copper price exposure is hedged throughout each Epoch via StoneX Group Inc. (NASDAQ: SNEX), mitigating exposure to processing margin from directional copper price movements.[2] Returns to xCUP holders derive from the operational margin generated by the industrial recycling cycle.[2][3]
Verification and audit framework
[edit]ALCUM employs a multi-layer verification structure.
- Physical audits: SGS, an independent inspection and testing company, performs physical audits at each Epoch boundary covering copper weight, purity grade, warehouse custody, and lot-level traceability.[3]
- On-chain/ERP reconciliation: Accountable Capital performs third-party reconciliation between ALCUM's reported on-chain data and the underlying ERP-recorded accounting of operational counterparties (Mirada Levante, MGS Trade, and ALCUM), and publishes this reconciliation on its dashboard without exposing counterparty books.[3]
- Smart contract audit: The xCUP smart contracts were audited by Halborn. There were zero critical and zero high findings; all medium and low findings were remediated prior to deployment.[3]
References
[edit]- ^ a b Mäder, Christian (2026-05-13). "Von spekulativen DeFi-Renditen zu realwirtschaftlichen Erträgen: Warum Kupfer und tokenisierte Rohstoffe die nächste Phase des Marktes prägen - Bitcoin Switzerland News" (in German). Retrieved 2026-06-05.
- ^ a b c d e f g h i j "Factors and Firms Backing Copper's Breakout into $30B Asset Tokenization Market - FinanceFeeds". 2026-05-26. Retrieved 2026-06-05.
- ^ a b c d e f g "'Not a storage token' — Vytautas Mackonis on ALCUM's industrial approach to copper, yield and the future of RWA". crypto.news. 2026-04-23. Retrieved 2026-06-05.
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