BY CNA Team - September 28, 2018
Swiss asset manager offering token backed by seven metals
Zug, Switzerland-based Tiberius Group, an asset manager and commodities trader, will be offering for sale a token backed by seven metals on Oct 1.
Bloomberg says in a report that the firm is prepared to provide the necessary liquidity by becoming a market maker for the “Tiberius Coin” that will have copper, aluminium, nickel, cobalt, tin, gold and platinum as the underlying assets.
Tiberius will ensure that as a market maker, the token’s value will be as close to the price of the basket of seven metals to which it will be referenced to.
There will be no initial coin offering, instead the token will be offered at around 70 US cents and will be sold under Swiss law. It will be listed on the LATOKEN exchange for regulatory purposes.
The move into the crypto markets will be led by the firm’s technology ventures arm, Tiberius Technology Ventures.
According to Tiberius Technology CEO Giuseppe Rapallo, the supply of the tokens will be based purely on demand and limited by the availability of the underlying metals.
“Instead of underlying the digital currency with only one commodity, we have chosen a mix of technology metals, stability metals and electric vehicle metals,” he tells the news wire.
“This will give the coin diversification, making it more stable and attractive for investors”.
Investors of the token can either use it as a currency or they can swap the token for physical commodities for a minimum fee of US$10,000.
Tiberius was founded in 2005 by Christoph Eibl and now manages US$350mil in assets besides being a commodities trader.
Image courtesy of Tiberius Group website.