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   1343

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.

Santander to Deny XRP Token Usage Info

It turned out that bank uses xCurrent in One Pay FX instead of XRP token for international payments, as it stated earlier
25 March 2019   71

Santander, a large Spanish bank, in its Twitter spread incorrect information about cooperation with Ripple.

And although the majority of cryptocurrency holders reacted positively to the statement of Santander, some of them drew attention to the fact that this news had no effect on the growth of XRP trading volume.

It soon became clear that the bank provided incorrect information.

xCurrent allows Ripple customers to make payments using Fiat as well as digital currencies. A similar product, the operations in which are carried out using XRP cryptocurrency, is called xRapid.

Despite the official apology, some commentators suspected the bank of manipulating the market.