Tiberius to jump into cryptocurrencies with metals-backed digital coin.
LONDON (Reuters) – 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 aluminum and copper.
The fund, which manages $300 million 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.
