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BY CNA team - October 10, 2018

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Tiberius halts sales of metals-backed crypto

Swiss commodities trader Tiberius calls off metals-backed crypto sales
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Tiberius Group, the Zug-based asset manager and commodities trader, has halted temporarily sales of the metals-backed crypto that began on Oct 1.

The company, whose tech ventures arm, Tiberius Technology Ventures, spearheaded the project, cited high credit card fees making the project untenable, according to news wire reports.

“At the beginning of October, we received news that our credit card processors were going to make investing in Tiberius Coin difficult,” Tiberius Technology was quoted by Reuters as saying.

Tiberius Technology, citing additional fees of 15%, refused to accept such fees, which meant some investors were unable to buy the “Tiberius Coin” or “tcoin”, that will have copper, aluminium, nickel, cobalt, tin, gold and platinum as the underlying assets.

According to Bloomberg, Tiberius Technology received orders worth US$1mil and estimated that orders worth US$15mil did not go through in total because of “restrictions” placed on credit cards.

“As of now, we are investing heavily in our platform, improving it and working with notable credit-card processors to on-board new payment gateways for our client base to use,” holding company Tiberius says, adding that all investors who took part in the sale will have their money refunded within 30 days.

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