The asset management company based in Switzerland, Tiberius Group AG, will introduce a metal-backed cryptocurrency, Bloomberg reported on 27 September. Founded in 2005 as a commodity management company, the Tiberius Group manages approximately $ 350 million in assets.
The company will issue a Tiberius a blockchain coin, the value of which will be linked to the price of copper, aluminum, nickel, cobalt, tin, gold and platinum. Giuseppe Rapallo, CEO of Tiberius Technology Ventures AG, who will lead the product, told Bloomberg:
"Instead of undergoing the digital currency with just one commodity, we have chosen a mix of technological metals, stability metals and metals for electric vehicles, which will allow the diversification of currencies, making it more stable and attractive for investors".
Rapallo also said that the currency will be offered at around $ 0.70 and sold in accordance with Swiss law, while its supply will be based on demand and limited by the availability of the underlying metals. Apparently, the company chose the Estonian LATOKEN exchange to list the currency because, for Rapallo, it meets the necessary regulatory standards.
Other metal-based cryptocurrencies have been tried in the past although "so far none of them has gained traction," according to Adrian Ash, director of research at BullionVault Ltd. London headquarters Ash told Bloomberg: "They are trying to solve a problem problem that does not exist: all this can be achieved without the additional cost of a distributed ledger. "
Earlier this month, Cointelegraph reported that a Swiss joint venture dubbed komgo SA, scheduled for publication at the end of this year, will digitize its commercial and commodity finance processes through an open platform. based on blockchain. Next year, the platform aims to expand to agriculture and metals.
In July, Open Mineral announced plans to build a consortium of mining companies and financial organizations to develop a mining trading system based on the blockchain called Minerac. The company explained that blockchain "will simplify the negotiation process and increase efficiency and profitability".