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Submission declined on 5 June 2026 by ChrysGalley (talk). This draft appears to contain text generated by a large language model (such as ChatGPT). You cannot use LLMs to generate article content. LLM-generated pages with certain obvious signs of being machine generated may be deleted without notice. Instead, only summarize in your own words a range of independent, reliable, published sources that discuss the subject. See the advice page on large language models for more information. Declined by ChrysGalley 2 months ago.

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 is a structured product issued by ALCUM AG.^[3]

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]

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]