Swiss-based fund Tiberius to Launch Metals-backed Coin

The Tiberius coin will be backed by industrial metals stored in London Metal Exchange warehouses and precious metals held at selected refineries
23 January 2018   1053

Swiss-based commodities fund Tiberius Group announced its plans to launch cryptocurrency the Tiberius coin, or tcoin, underpinned by physically deliverable metals including industrials such as aluminum and copper in July, its co-founder and chief executive Christoph Eibl said.

The coin will be backed by industrial metals stored in London Metal Exchange warehouses and precious metals held at selected refineries and will, like most other cryptocurrencies, be run on a blockchain platform, said Eibl.

We want to propose the idea of a cryptocurrency with real tangible net worth.

 

Christoph Eibl
Co-founder and chief executive, Tiberius Group

Some experts believe that the tcoin may have a higher chance of success than previous digital coin offerings which have struggled to take off because Tiberius is an established player in the metals' industry.

Tiberius plans to register its currency with regulators, first in Switzerland and then more widely, in an effort to minimize the risk of shutdown or restriction by authorities.

More coins backed by either a single metal or a combination could be launched at a later date, Eibl said.

However, Tiberius coin will not be the first cryptocurrency underpinned by assets. Gold-backed currencies such as DigixGlobal in Singapore and Goldmint in Russia are already in place. Others backed by real estate and diamonds are in development and Venezuela plans a cryptocurrency backed by oil, gas, gold and diamond reserves.

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   83

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.