Tuesday, January 23, 2018

Swiss commodities firm ready to forge a cryptocurrency backed by industrial metals

The list is long and growing for gold backed cryptocurrencies ever since the beginning of 2017 saw the explosion of blockchain based finance.  But on Jan. 23 we can now add what appears to be the first industrial metal backed crypto as a Swiss commodities firm plans on digitizing aluminum and copper on the blockchain.

Swiss-based commodities fund Tiberius Group plans to make a foray into cryptocurrencies with the launch of what may be the first digital money underpinned by physically deliverable metals including industrials such as aluminium and copper. 
The fund, which manages $300 million (215.81 million pounds) of investments and also mines and trades metals, aims to launch the Tiberius coin, or tcoin, in July, its co-founder and chief executive Christoph Eibl said. 
Allowing buyers to redeem tcoin for metal would give the currency a minimum value and avoid the extreme volatility of other cryptocurrencies such as Bitcoin, Eibl believes.
“We want to propose the idea of a cryptocurrency with real tangible net worth,” he told Reuters. - Reuters

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