Switzerland-based asset management company Tiberius Group AG is about to introduce a cryptocurrency reversed by metals, Bloomberg prescribed September 27. Founded in 2005 as a commodities asset management firm, Tiberius Group manages around $350 million in assets.
The company will release a blockchain-forced Tiberius Coin, the price which will be stagnant to the price of copper, aluminum, nickel, cobalt, tin, gold and platinum. Giuseppe Rapallo, CEO at Tiberius Technology Ventures AG, which will lead the product, described 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 also cited that the coin will be presented at about $0.70 and sold in compliance with Swiss law, while its supply will be based on demand and limited by the availability of the underlying metals. The company reportedly chose Estonian exchange LATOKEN to list the coin as, per Rapallo, it meets the necessary regulatory standards.
Other metals-based cryptocurrencies have been committed in the past although “so far none of them have achieved sustaining power,” according to Adrian Ash, the research director at London-based BullionVault Ltd. Ash told Bloomberg, “They’re trying to solve a problem that doesn’t seem to be real — all of this can be got without the additional cost of a distributed ledger.”
Earlier this month, Cointelegraph stated that a Swiss-based venture dubbed komgo SA — which is placed in particular position to go live later this year — is about to perform in numbering way trade and commodities finance processes through a blockchain-based open platform. Next year, the platform reportedly plans to make greater in range to agriculture and metals.
In July, Swiss online physical tradeable assets exchange announced to open mineral plans to build a consortium of mining companies and financial organizations to build a blockchain-based mineral trading system dubbed Minerac. The company briefed more that blockchain will “make simple the trading system, and enhance efficiency and profitability.”
Mark Peter is a full-time member of the reporting team at Bitconews. He is a finance major with one five of writing experience. He has not held any value in Bitcoin or other currencies. He joins Bitconews as a freelance journalist, blogger and forex trader.
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