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Uranium3o8 tokenizes uranium to democratize commodity access and ownership
$U is the first token to be physically backed by uranium The goal is to create a global, 24/7 spot market, and to enable frictionless physical delivery for qual
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[{"type":"text","content":" $U is the first token to be physically backed by uranium The goal is to create a global, 24/7 spot market, and to enable frictionless physical delivery for qualified entities NASSAU, Bahamas, Sept. 14, 2023 /PRNewswire/ -- Sanmiguel Capital Investment (Bahamas) Ltd., a financial advisory firm assisting in the tokenization of real world assets, announced today Uranium3o8 ($U), a token physically-backed by uranium. This is the first such token to enable the purchase of uranium and represents a significant step forward in the movement to better secure supplies of the valuable commodity. As the world continues to shift towards clean energy sources, experts believe that nuclear power is \"a firm generation bedrock to underpin more intermittent solar and wind\" and that \"it would be a big stretch for renewables to fill all of the gap\" left when fossil fuel plants eventually go offline. To that point, there are currently 60 nuclear reactors under construction around the world, and many countries including Switzerland, Spain, and Japan are working to increase capacity at currently operating reactors; while the UK parliament has urged officials to triple nuclear capacity by 2050. Uranium3o8 is now possible due to the support of Madison Metals Inc., a leading mining firm with several decades of experience extracting resources from the earth. Each $U token is physically backed by one pound of uranium through a forward sales agreement between Madison and Sanmiguel Capital Investment. The aim is to meet the rising demand by simplifying access to uranium price movements for individuals and providing utilities with transparent pricing and traceability from mine to plant. \"Our goal is to democratize ownership of this vitally important resource,\" said Ryan Gorman, head of strategy at Uranium3o8. \"Utilities are seeking easier ways to obtain uranium, and individuals are starting to view it as an emerging asset class worth inclusion in their portfolios; and to enable mining firms to better finance operations for extracting previously illiquid resources from the earth.\" Historically, in order to buy uranium, utilities have had to negotiate prices over-the-counter and go through a number of logistical hurdles and middlemen that added layers of cost and uncertainty to the process, as it relates to reliable pricing of the product because no...