Tiberius Stops Selling Metals-Backed Token
On Tuesday, Tiberius Tech Ventures stopped sales of its cryptocurrency, which made headlines recently after announcing it would be backed by metals.
The company will be making around $1 million in refunds to its investors after succumbing to high card fees, making the project implausible. The move is meant to be temporary, according to Tiberius.
Tiberius Coin, dubbed tcoin, had originally been pitched to be a highly stable alternative to the more known cryptos, like BTC, as it is backed by metals.
The project was initiated by Tiberius Group, a commodities fund based in Switzerland that is responsible for managing around over a quarter of a billion dollars worth in investments, and also is a miner and trader of metals.
As they give crypto-holders the capability to exchange coins for physically tangible metals like copper and aluminum, Tiberius thinks tcoins will maintain a guaranteed minimum worth.
The company released a statement at the start of this month saying that credit card payment processors are making the ease at which investors can purchase coins difficult due to high fees.
Tiberius refuses to accept these fees, which increased to 15%, meaning that many consumers could no longer buy the digital currency, forcing them to stop sales for the time being. ‘
The company also said that investors who already purchased tcoins at the presale price will be refunded of all costs.
According to Tiberius, $1 million was raised from over 650 investors since October 1st.