After Australia’s Gold based Cryptocurrency, it’s time for Switzerland’s Metal backed coin. Following the recent trend of attracting investors back to traditional investments, Tiberius Group os Switzerland has launched its own cryptocurrency. Tiberius Groups aims to become one of the several traditional finance firms to launch its own coin. It actively manages investments in “Energy, Industrial Metals, Precious Metals and Agricultural derivatives.” They are planning to launch their own coin named Tiberius coin.
Tiberius Coin of Switzerland
According to the reports, Tiberius Group is trying to stabilize the extreme volatility that comes from traditional cryptocurrencies. They aim to use commodities that are known for their stability. Tiberius Group aims to launch several different coins based on the uses of underlying metal. Rare metals such as palladium, platinum, and Gold will back one coin. Another will contain Copper, Zinc, and Tin which are common industrial metals. And lastly, Aluminium, Nickel, and Cobalt which are very common in the automobile industry will back the third coin.
Tiberius Group has been the latest entrant in the list of Financial Firms who are trying to attract investors back into traditional investments using Cryptocurrency. After Kotak’s own cryptocurrency and Perth’s gold backed cryptocurrency, this company is a new entrant following the trend. Like most traditional commodities, the warehouses and refineries around the world will store the metals underpinning the assets. And Tiberius is not the first company to launch metal based coins. Russian behemoth Goldmint and Singapore’s DigixGlobal had also launched similar product offerings. What differentiates Tiberius Group is the firms’ trustworthiness among institutional investors. Unlike many cryptocurrency start-ups, Tiberius is a mature company with institutional clients, versatile investments, and experienced management.
Finally, the Tiberius Group is planning on meeting all the regulatory requirements of Switzerland before launching. And will likely expand their legal coverage to other countries in the coming months. The firm also nodded at launching more currencies backed by single metals, or multiple metals in the near future.