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    Metals.io cobalt and nickel tokens: market access and offtake lens for miners

    June 26, 2026|

    Reviewed by Joe Ashwell

    Metals.io cobalt and nickel tokens: market access and offtake lens for miners

    First reported on MINING.com

    30 Second Briefing

    London-based metals.io has tokenised 7 tonnes of cobalt and nickel on its Tezos-based platform, issuing xCo and xNi tokens that confer ownership of metal stored in secure facilities via a trust structure and smart contracts. By stripping out warehousing, financing and minimum lot-size constraints typical of London Metal Exchange-style physical trade, the model opens battery and stainless steel feedstocks to smaller investors while creating alternative offtake routes for suppliers. Existing products include xU3O8 tokenised uranium, VNX Gold-backed digital gold and Noemon Tech’s RARE basket of strategic metals, with palladium tokens due within weeks.

    Technical Brief

    • Platform is built on the Tezos blockchain, so settlement and ownership transfer are handled on-chain.
    • Metals.io initially acquired 7 tonnes of combined cobalt and nickel before issuing xCo and xNi.
    • Custody relies on a trust structure holding title to metal stored in third‑party secure facilities.
    • Smart contracts encode ownership units and trading rules, replacing conventional warehousing and financing documentation.
    • Cobalt exposure targets demand from EV batteries, consumer electronics and aerospace battery chemistries.
    • Nickel exposure links directly to stainless steel production and emerging high‑energy‑density battery cathodes.
    • Existing xU3O8 tokens provide uranium exposure, complementing VNX Gold and Noemon Tech’s RARE basket.
    • Palladium tokens, focused on catalytic converter and industrial demand, are scheduled for launch within weeks.

    Our Take

    The 7 tonnes of cobalt and nickel already purchased and tokenised is small in physical terms but operationally significant, as it is enough inventory to test custody, audit and redemption mechanics before Metals.io scales into higher-liquidity metals like gold and palladium that dominate existing products such as VNX Gold.

    The $250 million US investment into I-Pulse Inc., which also appears in this article’s fact set, signals that Washington is backing enabling technologies for critical minerals; tokenised access to cobalt and nickel could complement that by broadening capital access for upstream projects that feed those same critical mineral chains.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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