Home Cryptocurrency Tiberius Pressured to Halt Token Sale for Commodity-Backed Cryptocurrency

Tiberius Pressured to Halt Token Sale for Commodity-Backed Cryptocurrency

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The Switzerland-based firm, Tiberius Group AG, moved its token sale to December, citing excessive charges from bank card firms. That is in opposition to an earlier announcement made by the corporate to start out gross sales on October 1

Credit score Card Corporations Forestall Cryptocurrency Gross sales

Tiberius Group AG earlier introduced the sale of its new token, Tiberius coin, slated for October 1. However issues appeared to have taken a brand new flip, because the Swiss firm would halt the sale of its Tiberius cash until December.

In response to Bloomberg, the corporate initially obtained orders price $1 million by way of Tiberius Know-how Ventures AG, its subsidiary. Nevertheless, charges from bank card firms had been excessive, thereby canceling its preliminary plans. The corporate said that orders price $15 million was an excessive amount of too deal with, due to restrictions on bank cards.

Commenting on the latest improvement, the corporate said:

As of now, we’re investing closely in our platform, enhancing it and dealing with notable credit-card processors to onboard new fee gateways for our shopper base to make use of.

In a blog post, the corporate said that it initially obtained data in early October, saying that its proposed credit-card processors would make Tiberius Coin funding tough. Moreover, Tiberius mentioned that the exorbitant charges charged by the bank card firms had been unfavorable for enterprise. In response to Tiberius, lots of its shoppers couldn’t get the Tiberius cash due to credit-card restrictions.

Tiberius additionally mentioned that many fraudsters posed as a workers of Tiberius, in an try to rip-off victims, with some victims falling into their entice. The corporate opined that the supply of bank cards funds would have thwarted the efforts of scammers.

Moreover, the Tiberius Group AG promised to return the funds of those that partook within the presale. The corporate added that shoppers’ funds couldn’t be legally held past 30 days.

The Emergence of Commodity-Collateralized Cryptocurrency

Commodity-backed cryptocurrency is changing into prevalent within the digital foreign money trade. Digital foreign money is tethered to property like gold and oil, to supply stability and worth.

In late September, Tiberius Group AG announced its new commodity-backed cryptocurrency token, Tiberius Token. In response to the corporate, the token is pegged to seven treasured metals, together with gold, aluminum, and platinum.

The Tiberius Coin, nonetheless, just isn’t the primary coin backed by a commodity. OZcoinGold pegged its next-gen digital foreign money with 100,000 ounces of 24 karat gold. OZcoinnGold grew to become the primary on the earth to launch a cryptocurrency backed 100% by 24 karat gold.

In a world first, additionally, Venezuela grew to become the primary nation to launch its cryptocurrency, the Petro. Backed by oil, the commodity-backed cryptocurrency started its presale in February 2018.

Cowl picture courtesy of Tiberiuscoin.com.

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