RATE Group | Tiberius Forced to Halt Token Sale for Commodity-Backed Cryptocurrency
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Tiberius Forced to Halt Token Sale for Commodity-Backed Cryptocurrency

11 Oct Tiberius Forced to Halt Token Sale for Commodity-Backed Cryptocurrency

Posted at 07:15h in Cryptocurrency News by

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The Switzerland-based company, Tiberius Group AG, moved its token sale to December, citing high fees from credit card companies. This is against an earlier announcement made by the company to start sales on October 1

Credit Card Companies Prevent Cryptocurrency Sales

Tiberius Group AG earlier announced the sale of its new token, Tiberius coin, slated for October 1. But things seemed to have taken a new turn, as the Swiss company would halt the sale of its Tiberius coins till December.

According to Bloomberg, the company initially got orders worth $1 million through Tiberius Technology Ventures AG, its subsidiary. However, fees from credit card companies were high, thereby canceling its initial plans. The company stated that orders worth $15 million was too much too handle, because of restrictions on credit cards.

Commenting on the recent development, the company said:

As of now, we are investing heavily in our platform, improving it and working with notable credit-card processors…

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