Tiberius Group AG to Issue New Metals-Backed Tiberius Coin Cryptocurrency
Tiberius Group AG Plans To Issue New Cryptocurrency With Metals To Back It Up
Tiberius Group AG is based out of Switzerland as an asset management company, but they are upgrading their services to bring in a cryptocurrency of their own. Metals will support the digital asset, according to a report from Bloomberg on September 27th. Tiberius Group was originally founded in 2005 when it was just a firm for commodities asset management, and now is responsible for about $350 million in assets.
The new asset will be called the Tiberius Coin, which will be issued on the blockchain. The value directly correlates with copper, aluminum, nickel, cobalt, tin, gold, and platinum. The CEO of Tiberius Technology Ventures AG, Giuseppe Rapallo, said, “Instead of underlying the digital currency with only one commodity, we have chosen a mix of technology metals, stability metals and electric vehicle metals. This will give the coin diversification, making it more stable and attractive for investors.”
According to Rapallo, this coin will have a value that starts at $0.70, and it will follow the compliance regulations under Swiss law. The actual supply will center around how valuable and available the corresponding metals are. LATOKEN will be the exchange listing the Tiberius Con, which is located in Estonia and complies with the regulatory standards.
There have been other cryptocurrencies that have tried to coordinate with metal values in the past, but Adrian Ash, the research director of BullionVault Ltd., put it best – “So far, none of them have gained traction.” He continued, saying, “They’re trying to solve a problem that doesn’t exist – all of this can be achieved without the additional cost of a distributed ledger.”
Towards the beginning of September, Swiss venture komgo SA decided to use a blockchain-based open platform to digitize processes involving trading and commodities. This platform is not scheduled to go live until the end of the year, but they also strive to widen their range of benefits to include both agriculture and metals.
Earlier this year, in July, Open Mineral announced that they would be building a group of mining companies and financial organizations. This would be the start of a complete mineral trading system called Minerac. Open Mineral commented that blockchain technology ““simplify the trading process and increase efficiency and profitability.”