Switzerland will release a cryptocurrency backed by metals

Swiss asset management company Tiberius Group AG will introduce a metal-backed cryptocurrency to the market

The asset that the company will issue will be called Tiberius Coin, which will be driven by a blockchain and its value will be anchored to the price of copper, aluminum, nickel, cobalt, tin, gold and platinum. The consortium selected the Latoken Estonian exchange to launch the currency.

The aforementioned token will be offered at about $ 0.70 and will be sold in accordance with the provisions of Swiss legislation. For its part, the offer will be based on demand and will be limited by the availability of metals.

Giuseppe Rapallo, CEO of Tiberius Technology Ventures AG, who will lead the product, said: “Instead of underlining the digital currency with just one basic product, we have chosen a combination of technological metals, stability metals and metals for electric vehicles. This will give the currency diversification, making it more stable and attractive for investors.”

Various attempts have been made to create other cryptocurrencies based on metals, although up to now none of them have been embedded in the preference of the clients. However, the blockchain is expected to simplify the negotiation process and increase efficiency and profitability.

Meanwhile, Open Mineral, the Swiss online physical products exchange, unveiled plans to develop a consortium of mining companies and financial organizations to create a mineral trading system based on blockchains called Minerac.


Source: InfoCoin 

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