SCX
Steelcoin X
Steelcoin X
SCX
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About Steelcoin X
Steelcoin X (SCX) is an ERC-20 utility token issued by SC STEELCOIN GmbH, an Austrian company within the FRANKSTAHL Group. SCX gives holders the right to acquire and collect physical Hot Rolled Coil steel supplied by the issuer. One SCX corresponds to one metric tonne of HRC, but redemption is only available for whole coils, which usually require 20 to 30 SCX. SCX cannot be redeemed for cash and does not give holders ownership of steel before redemption, shareholder rights or profit rights. Holders become owners of the HRC only once the redemption process is completed and the steel is handed over. SCX can be transferred on Ethereum, subject to applicable laws and restrictions, and may be traded where market access is available. Redemption depends on HRC availability, the issuer’s ability to supply the steel and the collection process.
Steelcoin X (SCX) is a utility token issued by SC STEELCOIN GmbH, an Austrian company based in Vienna and part of the FRANKSTAHL Group.
SCX is issued as an ERC-20 token on Ethereum. It is classified as a crypto-asset other than an asset-referenced token or e-money token, and as a utility token under Article 3(1)(9) MiCAR.
Steelcoin X gives holders the right to acquire and collect physical Hot Rolled Coil steel, also known as HRC, supplied by the issuer. One SCX corresponds to one metric tonne of HRC. Since HRC can only be collected as a whole coil, and a coil usually weighs between 20 and 30 tonnes, holders normally need 20 to 30 SCX to redeem for one coil.
SCX cannot be redeemed for cash. It does not give holders ownership of steel before redemption, nor does it provide shareholder rights, voting rights, profit rights or rights to liquidation proceeds. The holder becomes the owner of the HRC only once the redemption process has been completed and the steel is handed over.
Steelcoin X is available to investors located in Austria and other countries in the European Economic Area. The token can be transferred on Ethereum, subject to applicable laws and transfer restrictions.
SCX is used to acquire physical Hot Rolled Coil steel from SC STEELCOIN GmbH. It represents a right to collect HRC at a later stage, rather than direct ownership of stored steel.
To redeem SCX, holders must contact the issuer and specify the number of whole HRC coils they wish to receive. The issuer then confirms which HRC can be collected, the collection location in the EEA and the number of SCX required based on the exact weight of the coil.
The HRC available through redemption follows defined specifications. It is physically settled, collected from an EEA location chosen by the issuer and generally consists of S235 or equivalent steel. The HRC may have a thickness of 4 mm, 5 mm or 6 mm, a width between 1,200 mm and 1,600 mm and a weight between 20 and 30 metric tonnes.
Once the required SCX has been transferred to the issuer’s redemption address, the HRC is expected to be made available for collection within 12 months. Collection may take longer or may not be possible in some cases, including supply shortages, market disruption, force majeure or issues affecting the issuer’s ability to obtain HRC.
SCX may also be traded or transferred, subject to legal restrictions and available market access. However, there is no guarantee that holders will be able to sell SCX or sell it at a specific price.
Steelcoin X was created by SC STEELCOIN GmbH. The company is registered in Austria and is wholly owned by FRANKSTAHL Rohr- und Stahlhandelsgesellschaft m.b.H., a steel trading company.
SC STEELCOIN GmbH is managed by Marcel Javor and Ronald Nagy. Marcel Javor is also connected to FRANKSTAHL, while Ronald Nagy holds senior finance and management roles within the FRANKSTAHL group.
FRANKSTAHL supports the project with personnel, IT resources, cyber security and blockchain-related assistance. Fireblocks provides digital asset infrastructure used for custody and transaction processes.
