Swiss-Based Asset Management Firm to Introduce Metals-Backed Cryptocurrency

Published at: Sept. 28, 2018

Switzerland-based asset management company Tiberius Group AG is going to introduce a cryptocurrency backed by metals, Bloomberg reported September 27. Founded in 2005 as a commodities asset management firm, Tiberius Group manages around $350 million in assets.

The company will issue a blockchain-powered Tiberius Coin, the value of which will be tied to the price of copper, aluminum, nickel, cobalt, tin, gold and platinum. Giuseppe Rapallo, CEO at Tiberius Technology Ventures AG, which will lead the product, told Bloomberg:

“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.”

Rapallo also said that the coin will be offered at about $0.70 and sold in compliance with Swiss law, while its supply will be based on demand and limited by the availability of the underlying metals. The company reportedly chose Estonian exchange LATOKEN to list the coin as, per Rapallo, it meets the necessary regulatory standards.

Other metals-based cryptocurrencies have been attempted in the past although “so far none of them have gained traction,” according to Adrian Ash, the research director at London-based BullionVault Ltd. Ash told Bloomberg, “They’re trying to solve a problem that doesn’t exist — all of this can be achieved without the additional cost of a distributed ledger.”

Earlier this month, Cointelegraph reported that a Swiss-based venture dubbed komgo SA — which is set to go live later this year — is going to digitize trade and commodities finance processes through a blockchain-based open platform. Next year, the platform reportedly aims to widen to agriculture and metals.

In July, Swiss online physical commodities exchange Open Mineral announced plans to build a consortium of mining companies and financial organizations to develop a blockchain-based mineral trading system dubbed Minerac. The company explained that blockchain will “simplify the trading process, and increase efficiency and profitability.”

Tags
Altcoin
Cryptocurrencies
Stablecoin
Switzerland
Gold
Related Posts
Facebook’s Libra Has Failed in Current Form, Says Swiss President
The basket of assets backing Facebook’s Libra stablecoin needs to change in order for the project to be accepted by regulators, according to Switzerland’s President. “Central banks will not accept the basket of currencies underpinning it” Reuters reported on Dec. 27 that Swiss finance minister and outgoing president Ueli Maurer said that Libra won’t be approved because central banks won’t accept the basket of currencies behind it. He concluded: “The project, in this form, has thus failed.” Libra’s conflict with regulators Earlier this month, Libra’s whitepaper was updated to remove dividends payable to those investors, aside from eliminating a potential …
Regulation / Dec. 28, 2019
PAX Gold Can Now Be Traded Against Swiss Franc and British Pound
While global stock markets are experiencing extreme turmoil, cryptocurrency projects keep introducing more ways to trade gold-backed assets twenty-four hours a day. PAX Gold (PAXG), a major cryptocurrency pegged to physical gold, has now rolled out for trading against two European fiat currencies — the Swiss franc (CHF) and the British pound (GBP). The new trading pairs became available when Switzerland-based digital asset exchange Smart Valor listed PAXG on its platform on March 19. As announced by Paxos, the New York-based company that launched the gold-backed token in late 2019, PAX Gold can now be traded on Smart Valor against …
Trading / March 20, 2020
Swiss Crypto Bank Dukascopy to Introduce Its Own Cryptocurrency
Switzerland-based online bank Dukascopy is developing its own Ethereum blockchain-based stablecoin, according to the white paper published on June 27 Per the document, Dukascopy intends to issue ERC-20 stablecoins dubbed “Dukascash” pegged to the euro, Swiss franc, and U.S. dollar, and gradually increasing the list of Dukascash tokens’ base currencies depending upon customer demand. The bank further specified: “The initial Dukascash tokens tranches of roughly CHF 10 million or equivalent in each base currency will be issued and initially kept by the Bank as ‘unreleased’ tokens. Additional Dukascash tokens will be issued in tranches, depending upon client demand. Small portions …
Altcoin / June 28, 2019
Facebook Registers New Fintech Firm in Switzerland
Social media giant Facebook has apparently formed a new financial tech firm, Libra Networks LLC, according to a filing on the Geneva Commercial Register. Libra Networks was registered in Geneva on May 2 by Facebook Global Holdings II LLC. Per the official filing the firm provides: “...services in the fields of finance and technology, as well as the development and production of software and related infrastructure, in particular in connection with investment activities, the operation of payments, financing, identity management, data analysis, big data, blockchain and other technologies.” Facebook registered the trademark “Libra” with the United States Patent and Trademark …
Blockchain / May 17, 2019
Paxos’ Precious Metal-Backed Cryptocurrency to Launch This Year, CEO Says
Blockchain trust company Paxos’ digital token backed by precious metals will be launched "definitely this year," said Paxos CEO, Chad Cascarilla in an interview with Fortune’s Balancing the Ledger on March 11. During the interview, Cascarilla was asked whether Paxos is working on a gold-backed coin, wherein he replied that “it is something we will see definitely this year.” “We are excited about the concept of being able to take a commodity, and I think precious metals are really obvious ones, and gold is probably the most obvious and being able to tokenize it,” Cascarilla added. In order to implement …
Altcoin / March 12, 2019