Tiberius Group AG To Launch Metals-Backed CryptocurrencySeptember 28, 2018 0 By Austin Patel
Tiberius Group AG has officially announced its plan to release a metals-backed virtual currency. According to Bloomberg, the value of the new currency will be tied to the price of platinum, gold, tin, cobalt, nickel, aluminum, and copper. The Swiss-based asset management firm will be a pioneer in creating virtual currencies backed by several commodities. The latest move is an indicator of how Crypto developers are trying to address price volatility associated with most coins.
A Metals-Backed Coin To Be Released
Tiberius Group AG will soon launch a virtual currency backed various metals. Unlike most commodity-backed coins tied on the price of one item, Tiberius Coin will take a new approach. Using technology, the company will use platinum, gold, tin, cobalt, nickel, aluminum, and copper to back the virtual currency.
The news outlet added that the Cryptocurrency will be sold at $0.70 per coin. Tiberius Technology Ventures AG CEO Giuseppe Rapallo said the coin will be listed on the Estonian exchange LATOKEN. He said that the exchange meets their requirement. The coin will be sold under the current Swiss Cryptocurrency laws.
More Metals Means More Stability
Despite the many benefits that come with Cryptocurrencies, most of them lack price stability. Various attempts have been before to try to address this challenge. Recently, many commodity-backed coins have been introduced. When stability is achieved, people will be able to use the virtual currencies without the fear of their prices changing rapidly. Moreover, the move will help in making the coins more popular than they are today.
The use of various electric vehicle metals, stability metals, and technology metals in this project will bring many benefits according to Rapallo. Unlike most commodity-backed coins that only rely on one item, the use of various metals will allow the virtual currency to enjoy diversification, which will make it attractive for investors. Moreover, the digital asset will get much-needed stability.
The latest move by Tiberius Group AG is an indicator that more developers are working towards creating new coins that will address the main challenges in the sector. Nevertheless, the popularity of Cryptocurrencies is growing every day as more people are learning about their benefits. They are more efficient and cheap to transact with than fiat currencies. In international money transfer, the bounder-less currencies have reduced the cost and time taken to process a transaction.
Swiss Cryptocurrency Market
Since the emergence of Cryptocurrency about a decade ago, many countries have been undecided on how to respond to the technology. Only a few countries have allowed or banned the virtual currencies. Most countries are undecided adopting a wait-and-see approach.
Switzerland is among the few nations that have accepted Cryptocurrencies. The country has set up Cryptocurrency regulations that have encouraged the opening of various Crypto-related firms. Many Blockchain and Crypto firms such as Cryptocurrency exchanges have moved to the country to benefit from this opportunity.
Last month, a Swiss-based company announced that it will develop a blockchain-powered platform that will be used to boost agriculture and metals. According to the report, komg SA will use blockchain technology to digitize commodities and trade finance. The company is expected to go live before the end of this year.