Gold, divisible and transferable.
VNX Gold (VNXAU) is VNX’s own tokenization case: physical, LBMA-certified gold held in allocated vault storage, with ownership represented as transferable token units. It is the reference case for the technology framework offered to partners — the same token-generation and lifecycle framework, with custody of the underlying asset provided by an independent custodian.
VNXAU is an existing structure of tokenized ownership in gold. This case study describes its structure and technical implementation for information purposes only.
VNX Commodities AG does not offer VNXAU to the public and does not provide purchase, sale, exchange, custody or trading services in relation to VNXAU.
This page does not constitute an offer, solicitation or investment advice in relation to VNXAU.
The underlying asset.
The factual characteristics of the gold position underlying the existing VNXAU structure.
Allocated gold
Investment-grade physical gold is held in allocated vault storage, segregated from the own assets of the Token Generator.
LBMA Good Delivery standard
Bars are produced to a single internationally recognised specification, which makes the metal fungible and independently verifiable.
Independent custody
Custody of the underlying gold is provided by an independent custodian, with vault storage in Liechtenstein and Switzerland.
One gram per token
Each token unit corresponds to one gram of the allocated gold position under the existing structure.
Audit and verification
Holdings are audited and circulating supply is published, so the onchain figure can be reconciled against the recorded vault position.
Supported networks
Token units exist natively on several supported blockchain networks, with no change to the underlying gold position.
Physical metal, onchain ownership.
Nothing about the gold changes. It stays in the vault, fully allocated to holders. What changes is how a claim on it is held, split and moved.
Ticket size set by the bar
Investment-grade bars come in fixed weights. Below that weight, exposure has to be bought through a fund, a certificate or an unallocated account, none of which is the metal itself.
Transfer means logistics
Moving allocated metal between owners means moving or re-registering bars, with transport, insurance and re-assaying costs attached to every change of hands.
Transfers are slow
Ownership changes are reconciled between custodian, dealer and registrar on business days, not continuously.
No native onchain record
Vaulted metal has no onchain representation, so it cannot be referenced by onchain applications without an intermediary structure wrapped around it.
How VNXAU is built.
The token is one layer of the existing VNXAU structure, which also covers the Token Generator, the underlying gold, the custody arrangement for the underlying asset and the applicable token lifecycle.
Token Generator
VNX Commodities AG, a company incorporated under the laws of the Principality of Liechtenstein, registered in the Liechtenstein Company Register with register number FL0002.654.2718 and operating within Liechtenstein’s Blockchain Act framework.
Underlying
Investment-grade physical gold in LBMA-certified bars, held in allocated storage. Holders own the metal, not a claim on the balance sheet of the Token Generator.
Ratio
Each token corresponds to one gram of allocated LBMA gold. Supply moves only when metal is added or released — minting and burning are the only ways units enter or leave circulation.
Custody
Vault storage in Liechtenstein and Switzerland with an independent custodian, segregated from the own assets of the Token Generator and covered by insurance.
Verification
Holdings are audited and circulating supply is published, so the onchain figure can be reconciled against the vault position. See transparency →
Token cancellation
Under the existing VNXAU structure, tokens may be cancelled in accordance with the applicable contractual arrangement. Cancelled tokens are burned, and any corresponding action relating to the underlying gold position is handled in accordance with that arrangement.
Technical lifecycle of the existing structure.
How the four technical stages of the existing VNXAU structure relate to one another.
Underlying asset
Physical gold is held for owner in allocated vault storage with an independent custodian.
Token generation
Tokens are generated for the owner on the basis of confirmed data relating to the underlying gold position and transferred to the designated wallet in accordance with the existing structure.
Circulation
Existing token units may be transferred across supported networks, subject to the applicable technical controls.
Token cancellation
Tokens may be cancelled in accordance with the applicable contractual arrangement. Cancelled tokens are burned and any corresponding action relating to the underlying gold position is handled in accordance with that arrangement.
A model that transfers.
VNXAU is not a pilot. It runs end to end in production, and the same technical components are what a partner uses when tokenizing their own asset.
The structure works
A commodity can be represented as a token within a defined legal and regulatory perimeter, set before the first unit is minted.
Supply and underlying remain aligned
Minting and burning are linked to changes in the corresponding underlying gold position in accordance with the VNXAU structure.
Multi-network implementation
The same token structure is deployed across several blockchain networks without any change to the custody arrangement for the underlying gold.
This page describes the existing VNX Gold (VNXAU) structure for information and case-study purposes only. VNX Commodities AG does not offer VNXAU to the public and does not provide purchase, sale, exchange, custody or trading services in relation to VNXAU. Any rights relating to existing VNXAU tokens are governed exclusively by the applicable contractual arrangements.