Tiberius Temporarily Stops Metal-Backed Cryptocurrency Coin Sales Due to High Fees
Tiberius Stops Sales Of its Metal-Backed Cryptos
Tiberius Technology Ventures, a crypto company that has created a cryptocurrency backed by precious metals, has decided to temporarily halt the sales of its tokens to refund $1 million USD for its investors. The reason? High credit card fees have made the project “unworkable”, according to the company.
The reports are that Tiberius Coin (TCOIN) was pitched as a stable alternative to cryptos but its value was greatly diminished. Because of this, the Tiberius Group, which is a Swiss commodities fund that manages over $300 million USD in investments and also works with the mining and trading of precious metals, has decided to halt the sales of the tokens.
According to the reports, the problems of value will be fixed by giving the holders of TCOIN the ability od redeeming their coins for metals that include copper and aluminum, so this could have the tokens have a reliable minimum value in the market and would make the prices more stable.
Tiberius Group cites additional fees of 15% as the main reason why these measures had to be taken. The company has refused to accept the fees that would be charged by the credit card companies and this has made some investors unable to buy the tokens, which is why the sales are halted until further orders.
The company has affirmed that it has only temporarily stopped to sell the tokens and that all the investors who took part in the pre-sale of the tokens are going to get their money refunded in due time.
The Initial Coin Offering of the company has just begun on October 1.