Cardano holders are being asked to bet $5 million on copper hitting a new record

Image for article Cardano holders are being asked to bet $5 million on copper hitting a new record
News Source : CoinDesk

News Summary

  • Toto Finance wants 22 million ADA from Cardano’s treasury to buy tokenized copper.
  • The metal would have to trade well above its all-time high for holders to get their money back.
  • About two-thirds of the money would buy exchange-grade copper stored in a COMEX-approved warehouse near New Orleans.
  • The other third covers storage, insurance, audits, oversight and Toto’S work.
  • The request lands with Cardano's spending room nearly used up.
The proposal assumes copper is bought at $6.73 a pound and sold at about $10.06. Lower spending would reduce that hurdle, while a stronger ADA would raise it.

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