Tiberius Offering New Crypto Backed by Metals

| Publish date: 09/28/2018
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Tiberius Group AG, the Swiss commodities trader and asset manager is now entering the $225 billion cryptocurrency market with a digital asset of its own. Tiberius Group, founded in 2005, manages about $350 million in assets for its clients.

A Class Apart

This new crypto, called Tiberius Coin, is a Blockchain based cryptocurrency that will be backed by 7 different metals, making it different from thousands of other cryptocurrencies that have not reference value.

Tiberius is planning to make a market so that the value of Tiberius Coin will closely match the price of a basket of metals – aluminum, copper, cobalt, gold, nickel, platinum and tin.

Tiberius Group’s subsidiary, Tiberius Technology Ventures AG, based out of Baar in Switzerland, is going to lead this new project. Chief Executive Officer Giuseppe Rapallo stated that instead of backing the virtual currency with only one commodity (such as gold), the company has chosen to a range of technology related metals, thereby making this crypto more stable. It will also be a more attractive investment option for customers.

Rapallo also stated that this new crypto coin is going to be completely compliant with Swiss regulations and will be offered at about $0.70 instead of being launched through an unregulated ICO (Initial Coin Offering).

The supply of Tiberius Coin will be based on demand and its limits will be based on the availability of the metals that are backing it. Tiberius Coin will be listed on the Estonian crypto exchange LATOKEN since this platform complies with all necessary Swiss regulations.

Tiberius Coin is going to use its Blockchain to account for trades. It also will offer its investors the option of using this currency as a mode of payment. For example, a person could pay for coffee with a few grams of metal – which harks back to the age old barter system.

Other Metal Backed Cryptos

According to the research director of BullionVault Ltd., Adrian Ash, there are dozens of projects that launched stablecoins that were linked to various metals. However, so far, none of them have been successful because they have been trying to solve a problem that doesn’t exist. He said that trading in metals can be achieved without the added cost of a distributed ledger.

However, not everyone feels so negatively towards cryptos and its associated technology. Swiss venture komgo SA is creating a Blockchain based platform that will streamline trade and commodities finance processes.

Additionally, the online commodities exchange Open Mineral announced that it was creating a consortium of mining companies as well as financial organizations that will develop a trading system called Minerac.

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