Redemption Requirements
-
Minimum Redemption Amount: 5 kg (i.e., 5,000 BGOLD tokens)
-
Redemption Location: Authorized Haobao compliant retail location in Singapore
-
Gold Standard: The redeemed gold will be LBMA-standard investment-grade gold bars
Redemption Process
A four-step closed-loop process combining on-chain token burning and offline physical delivery:
-
Submit a Request in the App
-
Go to the BGOLD asset page in the BenPay App and click “Redeem.”
-
Enter the amount you wish to redeem (must be ≥ 5 kg).
-
After submission, the corresponding amount of BGOLD is locked and burned by a smart contract, and the on-chain supply is reduced accordingly. The process is publicly verifiable on-chain.
-
-
Information Confirmation and Compliance Verification
-
Confirm the appointment time, store location, and pickup method.
-
-
Schedule Offline Pickup
-
Visit the designated Haobao store in Singapore at the scheduled time.
-
After completing identity verification, you can collect LBMA-standard physical gold bars.
-
-
Status Synchronization and Closed Loop
-
Once the physical delivery is completed, the confirmation signal is recorded on-chain, forming a fully verifiable and irreversible redemption process.
-
Redemption Fees and Processing Time
-
Processing Time: Typically 5–10 business days from application to pickup.
-
Fees: Reasonable minting/processing and insurance fees may apply. The exact fees will be shown on the redemption page at the time of the request.
Frequently Asked Questions About Redemption
Q: Why is there a minimum redemption requirement of 5kg? A: This requirement is determined by the operational cost structure of the physical gold industry and by the issuer Haobao. 5kg is a commonly used standard trading unit in the international gold market.
Q: If I don’t reach the minimum threshold, does that mean I will never be able to redeem physical gold? A: No. You have two options:
-
Sell BGOLD in Swap to realize its value (more suitable for investment purposes).
-
Continue accumulating BGOLD until reaching 5 kg and then redeeming it.
For most users, physical delivery is not necessary—the primary needs are store of value, cross-border transferability, and potential future yield, all of which can be fully achieved on-chain.