Nano copper: our first commodity tokenization at scale

How we structured verification, custody and fractional issuance for a physical copper position, and what we changed in the process after the first close.

The structure

The metal sits in a bankruptcy remote entity holding title on behalf of token holders. Tokens map one to one to verified value, and the entity cannot pledge the metal against anything else.

Custody is with a licensed commodity custodian. An independent firm attests quarterly that the physical position exists, matches token supply and is free of encumbrance, and every report is published to holders.

What we changed

Two things surprised us. First, valuation cadence mattered more than valuation precision: holders wanted a predictable schedule more than a tighter number. Second, transfer restrictions needed to be readable in the wallet, not buried in the offering document.

Both are now defaults. Every commodity issuance publishes its attestation calendar up front, and eligibility rules render as plain text in EcoWallet before a transfer is signed.

Why commodities first

Commodities are the cleanest test of a tokenization stack: the asset is fungible, independently priceable and physically verifiable. If verification and custody hold here, they hold for the harder classes.