Tiberius to offer cryptocurrency backed by Gold, Copper, and others
Tiberius Group AG will soon offer a new token backed by seven major metals in a sale to be held on October 1, according to a Bloomberg report. This will be the first time they are stepping into a $215 billion digital coin market.
To show its difference from other coins, Tiberius Coin plans to make a market in the asset to hold a value close to the price of a basket of copper, aluminum, nickel, cobalt, tin, gold, and platinum.
The investment company founded by Christoph Eibl thirteen years ago will enter a cryptocurrency overview consisting of failed projects giving assurances to buyers their coin value derives for more than just quasi-anonymity.
This project is led by Tiberius Technology Ventures AG in Baar, Switzerland.
“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,” said Giuseppe Rapallo, Chief Executive Officer, Tiberius Group in an interview.
He also mentioned that the availability of the coin will be limited to that of the metals. The coin, instead of being sold under an ICO, will be sold under the Swiss Law at about $0.70.
He further mentioned that the company will list its coin on the LATOKEN, an Estonian based exchange since it fulfills the necessary regulatory standards.
Since the price of the coin is stationery, ones with the coin can exchange it for physical commodities. If all goes well, it might provide traders or procurement departments of huge industries a rather latest way to buy and sell physical metals in the long term.
Also, since most commodities trade in tons rather than grams, the company asks for a minimum of at least $10,000 for exchanging the coin with the physical metals.
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