# What is in-kind remap?

In traditional finance, **"in-kind"** refers to the transfer, payment, or settlement of assets in their **original form** rather than converting them into cash or another medium. It emphasises preserving the **nature** of the asset being exchanged. In ETF vocabulary, in-kind redemptions allows authorised participants to redeem shares in-kind rather than in cash. 

BitDSM is an on-chain effort to allow BTC stakers create and redeem their stake "in-kind" and put it to use in Ethereum's playground, without minting another asset. 

The table below outlines similarities between in-kind shares and in-kind remap. 

| Feature           | In-Kind shares                                | In-Kind Remap                                               |
| ----------------- | --------------------------------------------- | ----------------------------------------------------------- |
| Mechanism         | Transfer of ETF shares for Native assets      | Non-custodial redirection of asset control, aka, delegation |
| Tax implications  | Avoid liquidations. Minimising tax event.     | Remaps native bitcoin. Avoids conversion to a new asset     |
| Redemptions       | Orders redemptions via authorized participant | self-created/redeeemed. No intermediaries.                  |
| Applicability     | ETF share redemption for underlying asset     | Remap can be redeemed for underlying asset/stake            |
| Counterparty Risk | Funds remain with custodian                   | Funds remain with custodian                                 |


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