Tiberius Group AG, a Switzerland-based commodities assets manager has delayed the sales of its commodity-backed cryptocurrency, Tiberius Coin.
Tiberius Group AG Delays Launch of Tiberius Coin
According to a news source, the metals-backed token was supposed to be issued in September but will be delayed until December 2018 based on the high cost of fees charged by credit-card companies.
The Tcoin was developed as a stable alternative to virtual currencies like Bitcoin, Ethereum, and others. Tiberius Group which manages $300 million of investments and trades and mines metals allows its users to gain coins in exchange to physically deliverable metals like aluminum, copper, and others.
Moreover , the chief executive officer, Giuseppe Rapallo revealed in an interview that the new coin will be offered at about $0.70 and will be sold under Swiss law, rather than the unregulated initial coin offering (ICO).
The company announced that it was unable to handle orders worth $15 million, due to “restrictions†due to restrictions placed on credit cards.
“As of now, we are investing heavily in our platform, improving it and working with notable credit-card processors to on-board new payment gateways for our client base to use. All investors who took part in the sale will have their money refunded within 30 days.â€Â
Credit companies have earlier shown their reluctance in collaborating with the crypto industry and working with digital asset trading.
US Banks Ban Buying Cryptos With Credit Cards
In June 2018, a San Francisco-based bank, Wells Fargo announced that their customer will no longer be able to purchase digital coins using its credit cards. The bank added that the decision was taken to prevent the numerous risks associated with the use of cryptocurrencies.
In February, US-based banks, Bank of America, Citigroup and J.P. Morgan Chase would no longer allow its customers to use its credit cards in the purchase or trade of cryptocurrencies.
J.P. Morgan Chase, the global banking giant discontinued the service stating that it was "due to the high volatility and risk involved,†whereas Citigroup stated that it would review its policy and implement the services as the crypto market develops.
Tiberius Group AG ventured into the $215 billion crypto market by offering a new token that is backed by seven metals. The Swiss company was founded in 2005 by Eibl.
Think we missed something? Let us know in the comments section below.
