Tiberius Group AG To Introduce Cryptocurrency Pegged To Seven Metals
The representatives of Tiberius Group AG, a Swiss company that manages about $350 million in assets, are planning to create a cryptocurrency pegged to various metals on the market, Bloomberg reports.
The company’s management is going to launch its own Tiberius Coin, a blockchain-based token tied to the price of platinum, gold, copper, aluminum, cobalt, nickel, and tin. Thus, Tiberius Group AG seeks to create an asset that will differ from thousands of other tokens.
To prevent correlation of its cryptocurrency with one certain asset, the firm decided to find an original way and chose a combination of technology metals, stable metals and metals that are used in electric vehicles production. Therefore, the token will have an option of diversification, hence becoming more stable and attractive to investors, according to Giuseppe Rapallo, the company's executive director.
Token Tiberius Coin will be traded at about $0.7 on the market and in strict accordance with all Swiss regulatory laws. The supply of the cryptocurrency will be solely contingent on demand. LATOKEN, an Estonian crypto trading platform, has been chosen for cryptocurrency trading. According to Rapallo, it operates under the existing regulations.
Many companies are launching cryptocurrencies pegged to metals, but so far none of them could achieve positive outcomes, the head of research at British BullionVault Ltd Adrian Ash said.
As previously reported, Eidoo, a Switzerland-based blockchain project, decided to launch its own stablecoin pegged to gold.