Swiss asset management company will introduce cryptocurrency backed by metals
Swiss asset management company Tiberius Group AG will introduce a metal-backed cryptocurrency, Bloomberg reported on September 27. Founded in 2005 as a commodities asset management company, Tiberius Group manages about 350 million dollars in assets.
The company will issue a Tiberius Coin currency driven by a chain of blocks whose value will be linked to the price of copper, aluminum, nickel, cobalt, tin, gold and platinum. Giuseppe Rapallo, CEO of Tiberius Technology Ventures AG, which will lead the product, told Bloomberg
“Instead of underlining the digital currency with a single commodity, we have chosen a combination of technological metals, stability metals and metals for electric vehicles, which will give the currency diversification, making it more stable and attractive to investors.”
Rapallo also said that the currency will be offered at around $ 0.70 and will be sold in accordance with Swiss legislation, while its offer will be based on demand and will be limited by the availability of the underlying metals. The company reportedly chose the LATOKEN bag from Estonia to include the currency, since, according to Rapallo, it meets the necessary regulatory standards.
Other metal-based cryptocurrencies have been tried in the past, although “until now none of them has gained traction,” according to Adrian Ash, research director at BullionVault Ltd., based in London. Ash told Bloomberg, “They are trying to solve a problem that does not exist – all this can be achieved without the additional cost of a distributed accounting book.”
Earlier this month, Cointelegraph reported that a company based in Switzerland, called komgo SA – which will be launched later this year – will digitize the processes of financing trade and commodities through a Open platform based on a chain of blocks. Reportedly, next year, the platform will be expanded to agriculture and metals.
In July, the Swiss online physical products exchange Open Mineral announced plans to build a consortium of mining companies and financial organizations to develop a mineral trading system based on block chains called Minerac. The company explained that the block chain “will simplify the negotiation process and increase efficiency and profitability.”
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