Steelcoin
Key Data
- Trading Name: Steelcoin
- Legal Entity: SC STEELCOIN GmbH
- Activities: Security Token Issuer
- Location: Vienna, Austria
- Regulations: approved by the Austrian Financial Market Authority (FMA)
- Key People: Marcel Javor/Ronald Nagy/Daniel Sander/Karsten Wöckener
- Latest news: Steelcoin
- Latest update: October , 2024
Steelcoin is an investment platform that transforms steel into a digital asset, allowing investors across 30 European countries to participate in the steel market’s price developments.
Steelcoin operates in partnership with Frankstahl, a leading Austrian steel trading company. This partnership ensures a strong foundation for the project, supported by a company with over 700 employees and extensive steel inventory.
Investors can hold Steelcoin in either a blockchain-compatible wallet or a traditional securities account, making it versatile across investment preferences. Steelcoin offers a unique way to capitalize on steel, a critical material in global infrastructure, while also integrating modern financial technology.
Offering
It offers two main products:
- Steelcoin ERC-20 Token: The world’s first security token tied to real steel, which can be traded or redeemed for various steel products. It provides an alternative to speculative cryptocurrencies, with a focus on long-term value grounded in the steel industry.
- Steelcoin ETP (Exchange-Traded Product): A more traditional financial product that can be traded through banks or online brokers, making it accessible to both cryptocurrency enthusiasts and traditional investors.
Regulation
The prospectus for Steelcoin and Steelcoin ETP has been approved by the Austrian Financial Market Authority (FMA) in accordance with the EU Prospectus Regulation and the Capital Markets Act. However, this approval only confirms that the document meets the required standards of completeness, comprehensibility, and consistency. It does not serve as an endorsement of Steelcoin or the quality of the product. Investors are advised to assess the suitability of the investment independently.
Any significant updates or corrections to the information in the prospectus must be published in a supplementary document, which will also need to be approved by the FMA. Furthermore, this prospectus will be distributed across multiple European countries under the “passporting” procedure, which allows for cross-border financial offerings within the European Economic Area (EEA). Steelcoin, however, is not registered under the securities laws of any jurisdiction other than Austria.
Key People
- Marcel Javor
- Ronald Nagy
- Daniel Sander
- Karsten Wöckener
Steelcoin was founded by Marcel Javor, who also owns Frankstahl, a major Austrian steel trading company. The Steelcoin initiative is supported by Frankstahl, which provides substantial backing through its large steel inventory and presence in multiple European countries. The key individuals involved in the creation and expansion of Steelcoin include Marcel Javor, as well as external advisors from firms like White & Case LLP, which assisted in the legal and financial structuring of the Steelcoin ETP (Exchange Traded Product).
Additionally, the White & Case team working on the project is led by Karsten Wöckener and Daniel Sander, who are key figures in helping Steelcoin achieve its regulatory and market goals.
Bitpanda Connection
Steelcoin is the first security token listed on Bitpanda, providing retail investors with access to steel price performance through an ERC-20 token on the Ethereum blockchain. This partnership allows investors to trade Steelcoin, which is backed by real steel products, directly on Bitpanda’s platform. The collaboration supports Steelcoin’s goal of democratizing access to the steel market, traditionally difficult for smaller investors to enter.
Customer Review
There are no customer reviews for Steelcoin yet, as it was only launched on Bitpanda in October 2024. Since it’s still in its early stages, user feedback is limited.
Sustainability
Each Steelcoin initially represented the value of 1,814.39 kilograms of steel until January 1, 2023. After this date, the amount of steel linked to each Steelcoin decreases by 3% annually, calculated daily. This weight reduction mechanism is designed to account for risks and costs associated with maintaining the underlying steel value over time.
Conclusion and Rating
Steelcoin has shown strong compliance with sustainability principles, particularly through its weight reduction mechanism, which ensures long-term value preservation and mitigates risks associated with holding physical commodities. This forward-looking approach aligns with “green” practices, minimizing the environmental and economic impact over time. Additionally, Steelcoin operates on the Ethereum blockchain as an ERC-20 token, which benefits from Ethereum’s ongoing transition to a more energy-efficient, proof-of-stake model, further supporting green compliance.
On the customer technical side, Steelcoin satisfies the necessary criteria for transparency and security by leveraging blockchain technology. Its integration with Bitpanda, a user-friendly platform, provides easy access for retail investors. However, since it is newly launched (October 2024), there are no significant customer reviews yet, but its technical infrastructure appears robust, meeting all required standards for a seamless customer experience.
Rating:
- Compliance Rating: Green (Sustainability mechanisms in place, Ethereum’s greener protocol)
- Customer Rating: Green (Strong technical base with blockchain integration, accessible via Bitpanda)
