Swiss Firm Tiberius To Launch Metal Backed Cryptocurrency
Switzerland-based investment management firm Tiberius Group AG is preparing to launch a cryptocurrency backed by metals, according to news report by Bloomberg September 27.
Established in 2005 as a commodities asset supervision firm, Tiberius Group administers roughly $350 million in assets.
The company will deliver a blockchain-backed Tiberius Coin, the worth of which will be attached to the value of copper, nickel, aluminum, tin, gold, cobalt and platinum.
Giuseppe Rapallo, CEO at Tiberius Technology Ventures AG, which will guide the product, told Bloomberg:
“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.”
Rapallo in addition stated that the coin will be presented at about $0.70 and offered in compliance with Swiss law, while its inventory will be on the basis of requirement and constrained by the accessibility of the principal metals. The company supposedly chose Estonian exchange LATOKEN to register the coin. As per Rapallo, it meets the needed administrative measures.
Several metals-based cryptos were tried in the previously. However, “so far none of them have gained traction,” as per Adrian Ash, the investigation director at London-based Bullion Vault Ltd. Ash said to Bloomberg, “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.”
Notably, early this month, a Swiss-based venture named komgo SA, which is anticipated to become active later this year, is planning to digitize commodities and trade financing formalities via a blockchain-based open platform.
In 2019, the platform apparently plans to expand to metals and agriculture. In July, online physical commodities exchange based out of Switzerland, Open Mineral, revealed plans to establish a association of mining firms and financial enterprises to build a blockchain-based mineral trading system named Minerac. The company clarified that blockchain will “simplify the trading process, and improve productivity and profitability.”