Tiberius

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Tiberius Crypto AG
Tiberius-logo.jpg
Founded 2017
Headquarters Baar, Switzerland
Key People Giuseppe Rapallo, CEO
Products TiberiusCoin (tokenized trading asset for metals market)
Twitter @TiberiusCoin
LinkedIn Profile
Facebook tiberiuscoin
Website Tiberius Home
Blog Tiberius Coin blog

Tiberius Crypto AG is an asset management company that makes a cryptocurrency called TiberiusCoin (TCX).[1]

Overview

Tiberius Crypto AG created a digital token called TiberiusCoin (TCX) to serve as a fungible digital asset based on a "basket," or supply, of precious metals. In this way, Tiberius seeks to develop a trading asset backed by objects of physical, stable value - unlike many digital assets (such as bitcoin), whose prices are extremely volatile and determined mostly by trader speculation and market demand.[2]

According to the company's whitepaper, the purchase of TCX "is equivalent to the purchase of physical metal." In other words, TCX is a security token representing a share of a commodity - in this case, a quantity of precious metals held in a secure warehouse.[3]

The company plans to use blockchain technology to manage trades using TCX. It also plans to use ERC-20 tokens in the initial sale, as well as a proof-of-work model to initially power its blockchain, with the eventual goal of transitioning the system to a proof-of-stake model after the initial sale.[4][5]

Background

Tiberius Crypto AG announced in September 2018 that the company would begin an initial coin offering on October 1, 2018. According to the company's CEO, Giuseppe Rapallo, the starting price of TCX will be set at $0.70, and sold based on Swiss trade laws. He also said the sale will be held through the Estonian LATOKEN exchange for regulatory reasons, and that the supply of the coin will be based on demand and on the physical quantity of the metals held by the company.[6]

ICO halt

Just nine days into the initial sale of Tiberius' "tcoins," the company announced that the sale would be put on hold. In an official statement to investors, the company released a statement that said, "At the beginning of October we received news that our credit card processors were going to make investing in Tiberius Coin difficult." They said that their credit card processors were demanding additional processing fees of 15 percent, which Tiberius refused to pay. This led to many investors being unable to buy tcoins. Tiberius announced that the sale would be halted temporarily, and that investors that had already paid the company would be reimbursed. At this time, Tiberius had raised $1 million between 700 investors.[7]

Key People

  • Giuseppe Rapallo - CEO
  • Rafael Torreblanca - Managing Director
  • Nicolas Cutler - Chief Technical Officer
  • Simon Rahme - Head of Development
  • Christophe Eibl - Commodity Advisor[8]

References