Tiberius Group from Switzerland to Launch Metals-Backed Cryptocurrency

A lot many firms have stepped forward towards blockchain technology in the last few years. One more name is added to that. Tiberius Group AG is a Swiss-based asset management company, established in 2005 as a commodities asset management firm. Tiberius Group manages approx $350 million in assets, as of now.

As reported by Bloomberg, Tiberius Group is planning to develop a cryptocurrency that is backed by metals. The company will offer a blockchain enforced Tiberius Coin. The value of Tiberius Coin will be related to the price of copper, nickel, aluminium, cobalt, tin, gold and platinum.

On this note, Giuseppe Rapallo who is the CEO at Tiberius Technology Ventures AG spoke to 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.” Here, Tiberius Technology Ventures is leading the product.

Rapallo further added to the matter by saying that, the supply of coin will rely upon demand and limited by the availability of the underlying metals. The coin will be issued at about $0.70 and sold in compliance with Swiss law, reportedly. According to Rapallo, The firm decided Estonian exchange LATOKEN to list the coin because it satisfies the required regulatory standards.

Amid this, Adrian Ash, the research director at London-based BullionVault Ltd. Ash also had a conversation with Bloomberg. He said, “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.” He added that other metal-based digital currencies had been ventured in the past although “so far none of them have gained traction”.

Apart from that, earlier in this September, Swiss-based venture dubbed Komgo SA is introducing digitize trade and commodities finance processes with the help of blockchain-based open platform. The platform is intended to expand to agriculture and metals. Komgo SA will go live later this year, according the reports.

Moreover, in July, Swiss-based online physical commodities exchange Open Mineral declared plans to create a consortium of mining companies and financial organizations to evolve a blockchain-based mineral trading system dubbed Minerac. The firm described that blockchain would “simplify the trading process, and increase efficiency and profitability.”

It proves the optimistic perception of these firms towards blockchain technology.