Switzerland based asset management company, Tiberius Group AG, will launch a cryptocurrency sponsored by metals. Tiberius Group is founded in 2005 and now governs $350 million in assets. The company will publish blockchain-powered Tiberius Coin whose value will be determined by the price of copper, aluminum, nickel, cobalt, tin, gold and platinum. The CEO of Tiberius Technology Ventures AG, Giuseppe Rapallo, said that Tiberius selected mix of technology metals, stability metals and electric vehicle metals on behalf of digital currency commodities. He added that the new approach is more stable and attractive to investors.
Rapallo mentioned that the coin will be offered at about $0.70 and be sold in accordance with Swiss law. The supply will be based on demand and availability of unrevealed metals. The company chose Estonian exchange LATOKEN due to the fact that it satisfies the regulations.
According to Adrian Ash, the research director BullionVault Ltd in London, metal-based cryptocurrencies have not been successful that much but Tiberius is trying to bring solutions to problems without the cost of a distributed ledger.
Swiss-based venture dubbed komgo SA was reported for its digitalized trade and financial transactions through a blockchain platform. This platform is now planning to expand to agriculture and metals in the following year.
In July, Swiss online physical commodities exchange, Open Mineral, publicized plans to build partnerships of mining companies and financial organizations to boost a blockchain based mineral trading and it will simplify the process and bring better efficiency and profitability.
Author: Jieun Lee