Redemption for OLGCS
Delivery of OLGCS
Redemption from a Redemption Centre
Redemption for Fiat

Redemption of O Tokens.

The user may request through the OLegacy Platform to redeem his O Tokens for either fiat money or OLGCs in accordance with the Terms of Use. To the extent the number of O Tokens to be redeemed do not represent an exact number of OLGCs (1,000 O Tokens = 1 OLGC), the user must request for the redemption of those excess O Tokens in fiat.

For example, 2,500 O Tokens could be redeemed in the following ways:

  • 2 OLGCs and the value of 500 O Tokens in fiat money;
  • 1 OLGC and the value of 1,500 O Tokens in fiat money; or
  • The value of 2,500 O Tokens in fiat money.

Requests to redeem in OLGCs and fiat must be made separately. For example, if the user wants to redeem 2,500 O Tokens he would make:

  • One request to redeem all in fiat; or
  • One request to redeem 2 OLGCs and a second request to redeem 500 in fiat.

In order to make a redemption, the user must provide the requested information prior to making the redemption, including but not limited to any proof of identity; any QR Code certificate detailing his ownership of the O Tokens and the amount of O Tokens being redeemed. Applicable fees charged for redemption are as set out on the OLegacy Platform.

Redemption for OLGCS.

The user can either request to collect his OLGCs at a Redemption Centre that he selects via the OLegacy Platform, or to have his OLGCs delivered to an address whitelisted on his Account. The OLegacy Platform does not charge any fees for redemption of OLGCs. However, the Vault Company may charge courier fees if he chooses to have the OLGCs delivered.

If the user wants to collect his OLGCs from a Redemption Centre, he must check, via the OLegacy Platform, that the Redemption Centre he would like to collect from holds the required amount of OLGCs to fulfill his Redemption Request.

If the user would like to redeem a large volume of OLGCs from a single Redemption Centre which does not currently hold enough OLGCs to fulfill his redemption request OLegacy may arrange to transfer more OLGCs to the Redemption Centre of his choice. However, advance notice of such a request must be given via the OLegacy Platform and all requests are dealt with on a case by case basis.

OLegacy may use multiple checks to determine and make sure that if the user requests physical OLGC delivery he has the required amount of O Tokens needed in his Private Wallet and that everything is in order, for example, but not limited to, checking his trading history.

If the user wants to physically withdraw OLGC, OLegacy may require information to verify his identity and to comply with any obligations it may have, including but not limited anti-money laundering checks and sanctions checking.

Physical delivery is possible under certain circumstances but is not guaranteed, depending on the user’s geographical location and geopolitical situation within his area.

By requesting delivery of OLGC, the user accepts and agrees to pay any fees and charges associated to the delivery of OLGC and that these fees may vary depending on the amount of OLGCs he wants to have delivered and the location of delivery. The user acknowledges that all fees and charges needed for a physical delivery must be paid before a delivery can be arranged.

The user acknowledges that he cannot directly request OLGC withdrawal from the Vault Company itself. The right to withdraw his OLGCs is only effective by making a request though the OLegacy Platform.

The user acknowledges, by withdrawing OLGCs from the Vault that he may become liable to new taxes that he would not have had to pay whilst his OLGCs were held in bailment. The user is liable for payment of any such taxes.

The user acknowledges that if a physical OLGC withdrawal is deemed by OLegacy in its sole discretion as large in quantity, he may be asked to provide the address of local bank or equivalent to ensure safe delivery.

The user acknowledges that he is responsible for the accuracy of the delivery address he provides for the delivery of the OLGC. OLegacy and/or the Vault Company are not liable for loss as a result of delivery to an address he provided which is not correct.

The redeemed (burnt) O Tokens can be tracked publicly on Etherscan.io

Sample Transaction Hash (O Token Burning)

Every time O Tokens are redeemed for physical gold (OLegacy Gold Coins), the Total O Tokens’ Supply is reduced by an equivalent amount of the redeemed O Tokens, maintaining the balance of Total OLegacy Gold Coins (OLGCs) in Vaults equal to the Total “O Tokens” (OTs) in Circulation (at 1 OLGC = 1,000 OTs)

Delivery of OLGCS.

To request delivery of OLGCs, the user must apply for the delivery redemption option on the OLegacy Platform and choose the correct (whitelisted) address for delivery.

The user will be prompted to request the courier service fee quote and the Vault Company will inform him of the courier fee for delivery to his address. The user must either:

  • Accept the fee and make the required fiat payment in order for his delivery request to be actioned; or
  • Cancel the redemption request and either retain his O Tokens or request redemption via another method.

Once the application is made, the amount of O Tokens to be redeemed plus applicable fees will be deducted from the user’s Private Wallet and kept in the Central Suspense Wallet in preparation for destruction once OLGCs have been handed over to the courier service provider. O Tokens are burned at the same time as the audit record showing the number of OLGCs in the Vault is amended to reflect the redemption.

Upon delivery of OLGC:

  • The user must inspect any package prior to signing for receipt;
  • It is the user’s responsibility to be available at the address he specified to receive and sign for the goods; and
  • Government or customs agencies who have the authority by law to open and inspect packages might do so and then reseal the package in question.  If the package has been tampered with by any other party it is the user’s obligation to refuse to sign and receive the package.

In some cases, depending on the country, the user may be liable to pay taxes including, but not limited to, customs, delivery company taxes, local government tax, and release charges. By withdrawing physical OLGC from the Vault the user is liable for any such taxes.

The user acknowledges and accepts that:

  • A signature of receipt by anyone at his selected delivery address is regarded as evidence and confirmation that he has received the package and that everything in the package is in appropriate condition;
  • Any acts or omissions of anyone taking receipt at his selected delivery address will deems to be his acts and omissions;
  • There may be delays in delivery time, for example but not limited to as a result of the actions government agencies;
  • He has an obligation to sign a proof of receipt when he receives the package if contents are in an appropriate condition; and
  • If the user, or someone else at the delivery address he specified, signs for the receipt of the package and its contents, OLegacy is not obliged to accept any returns and any returns to OLegacy for whatever reason shall be at his expense.

Once the OLGCs have been redeemed, the OLGCs are no longer covered by the insurance procured by the Vaulting Company. It is the user’s responsibility to procure any insurance that he may require for the OLGCs.

Redemption from a Redemption Centre.

To redeem OLGCs from a Redemption Centre, the user must apply for the self-pickup redemption option on the OLegacy Platform and choose the desired Redemption Centre after checking the availability of OLGCs in that Redemption Centre via the OLegacy Platform.

Once the application is made, the amount of O Tokens to be redeemed will be deducted from his Private Wallet plus applicable fees (if any) and kept in the Central Suspense Wallet in preparation for destruction once he has collected the OLGCs.

The user will receive a notification via his Account and via email confirming the date, time, location and time limit for collection of his OLGCs. The Redemption Centre may charge additional fees if he dose not collect within the time limit stated.

When the user collects his OLGCs from the Redemption Centre, a Vault employee will scan a QR code confirming that the OLGCs have been redeemed by the user. At this point the O Tokens which represented the OLGCs which have been redeemed are burnt and the Vault records are updated to deduct the OLGCs which have been redeemed.

Once the OLGCs have been redeemed, the OLGCs are no longer covered by the insurance procured by the Vaulting Company. It is the user’s responsibility to procure any insurance that he may require for the OLGCs.

Redemption for Fiat.

The user can redeem his o tokens for fiat during business hours. The value of his O Tokens will be calculated based on information from a reputable metals exchange where the price of 1 O Token = Spot Price of 1 Troy Ounce of Gold / 1,000.

O Tokens are redeemed for fiat in US Dollars only. After redeeming for fiat, the user may transfer the fiat from his US Dollar currency account to another currency account, and a conversion fee may be charged in order to execute this change of currency.

The OLegacy Platform charges fees for redemption of OLGCs for fiat, as set out on the OLegacy Platform. these fees may be subject to change from time to time.

To request redemption of O Tokens for fiat, the user must apply for the fiat redemption option on the OLegacy Platform.

Before he may redeem O Tokens for fiat, OLegacy may request information that it requires to comply with policies on checking the user’s identity and complying with money laundering and sanctions requirements. Failure to provide information requested may prevent OLegacy from redeeming O Tokens.

Once the application for redemption is made, the amount of O Tokens to be redeemed will be deducted from the user’s Private Wallet, and he will receive fiat money in return. O Tokens will also be deducted from his Private Wallet to cover applicable fees charged by the OLegacy Platform for redemption, as well as GAS Fees.

If the user wants to withdraw the fiat from his currency account to his bank account, he must request this withdrawal and select the bank account to which he wants to make the withdrawal to. The user is responsible for the accuracy of the bank details that he has provided for these purposes.