Tiberius Group, a Swiss based management company is set to launch a cryptocurrency that is backed by metals. Established in 2005, The Tiberius Group has been lauded for managing around $350 million in assets.
Following this move, the asset management company will launch a blockchain powered Tiberius Coin, whose value will be closely tied to the price of metals such as copper, aluminum, nickel, cobalt, tin, gold and platinum. CEO of Tiberius Technology Ventures, Rapallo, stated that:
“Instead of underlying the cryptocurrency 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.”
Speaking further, Rapallo noted that the Tiberius Coin will be offered at about $0.70 and sold to investors in compliance with Swiss law. More so, he reiterated that the total supply of Tiberius Coin will be based on demand and limited by the availability of the underlying metals. For now, the company has made plans to launch its coin on Estonian exchange LATOKEN as the exchange meets its necessary regulatory standards.
While other cryptocurrencies that are backed by metal have been launched in the past, none of them have been quite successful so far. And as Adrian Ash, a research director at London-based BullionVault Ltd will put it, these crytocurrency projects that are backed by metal are trying to solve a problem that doesn’t exists.
Elsewhere, a Swiss based venture called komgo SA, has also announced plans to digitize trade and commodities finance process using a blockchain based open process. Also, the platform intends to expand into agriculture and metal in the future.
In July, Open Mineral, a Swiss online physical commodities exchange announced its plans to launch a consortium of mining companies and financial organizations that would allow it develop a blockchain-based mineral trading system dubbed Minerac. The company stated that blockchain will make trading easy while increasing efficiency and profitability.