On September 27, 2018, Tiberius Group AG announced that it has plans to introduce its own cryptocurrency supported by metals. Switzerland-based Tiberius Asset Management AG specializes in active commodity management. It was found in 2005, and at the moment, volume of its assets comprises about 350 million USD.

The company will issue a Tiberius Coin on blockchain. The cost of the coin will depend on the price of aluminum, copper, cobalt, nickel, tin, platinum and gold. So, this digital currency will be tied to a mix of valuable metals. This diversification will make the coin much more stable and attract more investors, according to Giuseppe Rapallo, CEO at Tiberius Technology Ventures AG.

G. Rapallo has also told that the Tiberius Coin will be sold at about 0.70 USD, and its availability will be restricted by the supply of the underlying metals. Sales will comply with Swiss law. Also, Tiberius Group AG reported that the coin will be listed at Estonian exchange LATOKEN that meet all regulatory standards.

Previously, several other digital currencies backed in metal have been issued. However, “so far none of them have get traction in the market,” according to Adrian Ash, the research director at BullionVault Ltd. A. Ash has reported that such cryptocurrencies are trying to solve a non-existing problem and there is no need for the additional cost of a distributed ledger.

Source: https://cointelegraph.com/news/swiss-based-asset-management-firm-to-introduce-metals-backed-cryptocurrency