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Tiberius Delays Sale of Commodities Backed “Tiberius Coin”

Tiberius Group AG breaks their week long silence to blame credit card companies for the delay of commodity-backed cryptocurrency.

Swiss asset manager and commodities trader under Tiberius Group AG planned to launch Tiberius Coin, backed by seven commodities on October 1, 2018.  The company received orders worth more than $1 million via its subsidiary Tiberius Technology Ventures AG. The company said,

As of now, we are investing heavily in our platform, improving it and working with notable credit-card processors to onboard new payment gateways for our client base to use.

The company added saying it couldn’t handle orders worth $15 million due to “restrictions” on the credit cards. And all the investors that took part in the sales would get their money refunded within 30 days.

Tiberius Coin

Tiberius Coin

Moreover, to distinguish itself from other coins backed by fiat currencies, Tiberius coin has been backed by seven commodities, namely, copper, aluminum, nickel, cobalt, tin, gold, and platinum. However, the amount of each commodity as decided by the company is:

  • Copper – 25gm
  • Tin – 5gm
  • Aluminium – 25gm
  • Nickel – 6gm
  • Cobalt – 1gm
  • Gold – 0.003gm
  • Platinum – 0.0015gm

Chief Executive Officer Giuseppe Rapallo says, 

Instead of underlying the digital currency with only one commodity, we have chosen a mix of technology metals, stability metals, and electric vehicle metals. Further, adds, This will give the coin diversification, making it more stable and attractive for investors.

Were you among the people who invested during the sale? 

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Kerin

Kerin is active blogger and guest writer at Coinpedia. She loves writing new updates, price fluctuations and possible insights. Kerin frequently search, review and share her views among large audience via crypto media firms.

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