Redeem

The bundle token redemption procedures are similar to bundle token retirement procedures in that there are two ways to redeem a bundle token. Reminder, there is a standard 2% fee for redemption. A bundle token holder can directly redeem the bundle token for no additional fee or select an underlying BCO2 token to redeem for an additional dynamic fee. If a bundle token holder chooses the no additional fee option, the oldest carbon credit in the bundle will be sent to their registry account.

Important note: In order to redeem BCO2 or bundle tokens, the redeemer must be a permissoned BCO2 holder that has passed Buckmint's KYC process.

The bundle token holder initiates the redeem process by submitting a request to Buckmint through dApp. Upon approval of the request, Buckmint determines which underlying project credits to transfer to the requestor. When the project has been confirmed, Buckmint confirms the requestor has an account at the appropriate registering body. Then both the bundle tokens and the BCO2 tokens are sent to Buckmint and burned and the physical carbon credits are then transferred from the bankruptcy remote SPV to the requesting entity's account.