Madison Metals is considering another attempt at tokenizing their uranium holdings in a bid to profit more off the commodity
Madison Metals, a mining company based in Toronto, Canada, is said to be exploring a launch of uranium-backed NFTs and fungible tokens.
The company first attempted to do this in April but had to postpone the project. Despite the setback, Madison’s CEO Duane Parnham said that a revised offering is fast approaching.
“We’re probably weeks away from making an official announcement. We’re that close,” Parnham told Mining Weekly in an article published Friday.
Parnham further explained that Madison’s development team will be able to list a token backed by the company’s uranium.
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Essentially, Parnham said, this allows retail investors to get involved in commodities trading.
“Other than buying uranium directly from a miner like Madison on a sales contract basis, the only other way ‘Joe Retail’ could play in uranium as a commodity was through either a participation agreement or through the purchase of futures,” Parnham said.
Madison Metals is a publicly traded company with a market cap of about $6 million. The projects it lists on its website are mining operations in Kenora, Canada, and Namibia.
Blockworks reached out to Madison Metals to acquire more details about its planned foray into digital assets. The company responded but didn’t offer the requested information by the time of publication.
Tokenization of various assets has been getting a lot more attention as of late. Tokenized real estate and tokenized bank deposits are all the rage among traditional finance participants. Even a Picasso painting was brought onto the blockchain.
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