Oct 11, 2018 at 09:45
Oct 11, 2018 at 09:45 UTC
Switzerland-Based Company Tiberius Group AG Forced To Halt Its Token Sale
Tiberius Group AG prior reported the sale of its new token, Tiberius Coin, is slated for October 1st. However, things appeared to have taken another turn, as the Swiss organisation would stop the offer of its Tiberius coins till December.
As indicated by Bloomberg, the organization at first got orders worth $1 million through Tiberius Technology Ventures AG, its auxiliary. However, charges from credit card companies were very high, consequently dropping its underlying plans. The company expressed that orders worth $15 million were too much to handle, in light of confinements on credit cards.
Remarking on the latest development, the company stated:
“As of now, we are investing heavily in our platform, improving it and working with notable credit-card processors to onboard new payment gateways for our client base to use.”
In a blog post, the company expressed that it at first got data in early October, saying that its proposed credit card processors would make Tiberius Coin investment troublesome. Besides, Tiberius said that the extravagant fees charged by the credit card companies were ominous for business. As indicated by Tiberius, a significant number of its customers couldn’t get the Tiberius Coins due to credit card restrictions.
Tiberius likewise said that numerous fraudsters acted like a staff of Tiberius, trying to trick victims, with a few unfortunate casualties falling into their snare. The company opined that the accessibility of credit cards payments would have thwarted the endeavors of con artists.
Moreover, the Tiberius Group AG guaranteed to return the assets of the individuals who took part in the presale. The company further included that customers’ assets couldn’t be legitimately held beyond 30 days.
The Emanation of Commodity-Backed Cryptocurrency
Commodity-collateralized Cryptocurrency is getting to be predominant in the virtual currency industry. Digital currency is fastened to assets like oil and gold to give stability as well as value.
In late September, Tiberius Group AG declared its new commodity-collateralized cryptocurrency token, Tiberius Token. As indicated by the company itself, the token is pegged to seven valuable metals, including platinum, aluminum and gold.
However, the Tiberius Coin isn’t the first coin upheld by a commodity. OZcoinGold pegged its cutting edge virtual currency with 100,000 ounces of 24 karat gold. OZcoinGold turned into the first on the planet to launch a digital currency backed 100% by 24 karat gold.
Likewise, Venezuela became the first nation to launch its cryptocurrency, the Petro. Backed by oil, the commodity-collateralized cryptocurrency started its presale in February 2018.