Description
XLBTC is issued by Excellar International SAC Ltd., a Bermuda-regulated digital asset business. The token represents an interest in the Excellar International XLBTC Segregated Account, whose assets are held separately from Excellar’s general account. The account may pursue yield through delta-neutral strategies including DeFi lending and borrowing, liquidity provision, market making, arbitrage, derivatives, staking, and inter-account lending. Approved Primary Users who complete KYC/AML requirements and meet eligibility restrictions may purchase and redeem XLBTC through Excellar’s Platform; secondary-market holders have limited rights until onboarding. The Platform also provides hosted wallet and API access. XLBTC and the Platform are described as being in a test phase, with aggregate issuance capped at $800,000 across the relevant segregated accounts.