Swiss Assets Launches Metal-backed Cryptocurrency

It is reported that Swiss-based asset management company, Tiberius Group AG will introduce a metal-backed cryptocurrency. Founded in 2005, Tiberius Group is a commodity asset management company that currently manages approximately $350 million in assets. In 2010, the group opened its metal trading business, and in 2014 it opened trade and investment in mining.

 

There are several combinations of cases in the Swiss mineral and cryptocurrency industries, including bitcoin currency, eth coin and litecoin. Earlier this month, a Swiss venture capitalist called KomgoSA was trying to launch a blockchain-based open platform in the second half of this year to promote trade digitization and improve commodity financing. According to reports, the platform will be expanded to the agricultural and metal sectors next year.

 

In July, Swiss online physical commodity exchange Open Mineral announced plans to establish a coalition of mining companies and financial institutions to develop a blockchain-based mineral trading system called Minerac alike ripple blockchain. The company explained that the blockchain will streamline the transaction process and increase efficiency and profitability.

 

It is said that the Tiberius Group will issue a Tiberius coin based on blockchain. Giuseppe Rapallo, CEO of the company that led the product, said that compared to the digital currency that only anchors a commodity, we choose to mix technical metal, stabilized metal and automotive metal, which gives us a currency. Diversity makes it more stable and attractive to investors.

 

Rapallo also said that the cryptocurrency is priced at $0.70 and the distribution process is in accordance with Swiss law. The quantity supplied is based on demand and the mining of the corresponding metals. According to reports, the company chose the Estonian exchange LATOKEN for distribution, which also meets the necessary regulatory standards.

 

At present, there are trial cases of metal-based cryptocurrencies. For example, in July this year, cointelegraph reported a cryptocurrency called KAU and KAG, which is based on one-to-one anchoring of physical gold and silver. The direct ownership of these metals is held by those who own the cryptocurrency. It can be directly credited to the debit card’s books and can be converted directly into cash. The platform said that the reason for using gold and silver as assets behind this cryptocurrency is that it is large and stable, and has important status and investment value in world trade.

 

But according to Adrian Ash, there is currently no one that can gain a large market share. Adrian Ash is the research director of London-based BullionVault Ltd. He believes that these are all trying to solve a problem that does not exist, and all this can be achieved without the cost of distributing distributed ledgers.

 

These cryptocurrencies, which anchor metal prices, on the one hand can attract investors in the precious metals market, on the other hand can also attract cryptocurrency markets, a basket of metal combinations and a reliable exchange mechanism are also these metal cryptocurrencies to maintain currency stability and gain market access. The key to trust.