Swiss commodity investor and manager, Tiberius is entering the cryptocurrency market by launching a token that will be backed by commodities – seven metals, to be exact. The main sale of the coin will start on October 1st.
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Metal Backed Coin
Tiberius Technology Ventures AG, a subsidiary of the Tiberius group of Switzerland is launching a token that will be supported by seven metals making the token fungible. The metals include copper, aluminum, nickel, cobalt, tin, gold and platinum. The owner of the token will be able to take the physical delivery of the underlying metals on request.
As per details available on the company’s website, unlike other cryptocurrencies that have no intrinsic value, Tiberius aims to create a coin that is relatively stable in value. Owning the TCX tokens will grant its holder direct ownership of a basket of metals. Apparently, the metals chosen, have unique industrial applications in future technologies. The value of the tokens, even in a meltdown, will not drop below a limited threshold as claimed by the firm, as the token price is supported by the intrinsic value of the underlying metal.
The token will use the ERC-20 based smart contract using a Proof of Work algorithm. However, the company plans to move over to the Zilliqa blockchain later and use the practical Byzantine Fault tolerance algorithm (Given its better scalability).
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The company as per its white paper prefers to use the acronym IMS (Initial Metal Sale) instead of ICO (Initial Coin Offering). There is no pre-determined supply of coins. Tokens, as per the white paper, will be minted, only after the company acquires the underlying metals and they are inspected by a third party.
The token sale goes live at 12.00 UTC on 1st October and will close at 12.00 UTC on 21st October. The price of the Tiberius token which will be listed with the ticker TCX will be CHF 0.7 with a minimum investment of Euro 100. Participants can pay by ETH, BTC, BCH or Fiat. Participants need to whitelist themselves and complete the KYC before participating in the main sale. The coin will list on the exchanges on November 1st. Residents of the US cannot take part in the token sale.
The Switzerland based company has been in the commodity investing and trading business since the year 2005. The company is based in Zug valley, which has become a hotspot of blockchain and cryptocurrency activity. Since 2010 the company has made investments in natural resource assets and recently into commodity technology business. The firm also runs metal merchant and mining operations.
The “Initial Metal Sale” by Tiberius gives the company the opportunity to reach out to retail customers around the world through the digital currency route. For the IMS participants, it is an opportunity to invest in the metals that technologies like solar, electric vehicles, robotics, and AI need in the future and earn a share of the profits.
Do you think a crypto-financial product like Tiberius coin will have a good future? Would it make a good investment for crypto-investors? Let us know in the comments below.
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