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Toto Finance asks for 22 million ADA from Cardano treasury to buy copper
Toto Finance has asked for 22 million ADA from the Cardano treasury to buy tokenized copper, according to CoinDesk. Holders would only get their money back if the metal traded well above its all-time high.
What the request involves
Toto Finance is seeking 22 million ADA drawn from the Cardano treasury. The funds would be used to acquire tokenized copper, a representation of the metal as a tradable entry on a blockchain.
CoinDesk presents the outcome as tied to how copper prices move, because the treasury would be committed to an asset linked to that metal.
Price condition for holders
According to the report, the money would come back to holders only if copper climbed well past its all-time high. The reporting does not give the price level that would be needed or a time frame for reaching it.
Open questions
- Will the Cardano community vote on the proposal, and through which process?
- What copper price would holders need to see to recover their funds?