Issuance & Redemption

The processes & requirements for the issuance and redemption of mBTC.

Investors must meet the eligibility criteria applicable to the issuance or redemption method they choose. Please view the eligibility criteria under Eligibility.

The midas.app website prioritizes instant issuance and redemption when available, and defaults to a standard mode if instant processing is not possible. Investors are informed of the mode that will be used before transferring their tokens to the Midas smart contract.

The list of eligible tokens for acquiring or redeeming mBTC can be viewed and selected directly on the midas.app/mbtc page.

Instant Issuances and Redemptions via crypto

Investors looking to acquire or redeem mBTC using cryptocurrency, such as wBTC or cbBTC, can simply connect their wallet and complete the process with ease.

The amount of output tokens quoted on the website (and ultimately received) is determined by an oracle. Ankura Trust Company, a trust with fiduciary duties, independently verifies each price update by participating in the on-chain propagation process. This reduces centralization and increases confidence for both investors by minimizing reliance on Midas alone.

Instant Issuance via crypto

1. The investor connects their wallet.

2. If necessary, the investor switches their wallet to the Ethereum network.

3. The investor selects the cryptocurrency they wish to use to acquire mBTC.

4. The investor enters the desired amount.

5. The investor reviews and accepts the terms and conditions.

6. The investor approves the Midas smart contract to spend their tokens (requires on-chain transaction confirmation).

7. The investor invests their tokens and receives mBTC in return (requires on-chain transaction confirmation).

Instant Redemption via crypto

• The redemption process closely mirrors the issuance process, essentially functioning as its reverse.

Standard Issuance and Redemption via crypto

When using the standard mode, investors follow a two-step process: first submitting an issuance or redemption request, then having that request processed. They can track the status of their request through the "pending" tab on the mBTC product page. Once the request is processed, Midas will transfer tokens directly to the investor’s wallet.

Step 1: Request Transaction

This process mirrors the instant issuance via crypto, with the key difference that mBTC tokens are not received immediately.

Once the request transaction is confirmed on-chain, the investor will be prompted to check the request status in the "pending" tab, where they can view the expected timeline for receiving their tokens.

Step 2: Receive Tokens

Midas will acknowledge the request and process it as quickly as possible.

The tokens are airdropped directly to the investor's wallet, using the same wallet that was used to request the issuance or redemption.

For issuance, the investor is only exposed to price volatility once the tokens are delivered to their wallet, at the end of Step 2.

For redemption, the investor continues to benefit from potential price movements until the redemption request is processed.

Standard issuances and redemptions via FIAT

For investors preferring to use fiat, they must contact [e-mail] to initiate the process.