Tiberius Technology Ventures announced a temporary halt in sales of its metals-backed digital currency. The company will return $1 million to its investors.
Tiberius reports that the project was frozen due to high credit card fees. Tiberius, or Tcoin, was released as a more stable alternative to Bitcoin, which rate is changing wildly.
“At the beginning of October we received news that our credit card processors were going to make investing in Tiberius Coin difficult,” Tiberius Technology Ventures said.
The project was created by Tiberius Group, a Swiss commodities fund that manages $300 million of investments and trades metals. Tiberius claimed that Tcoin would have a reliable minimum value and could be redeemed for physically supplied metals, including aluminum and copper.
The initial coin sale began on October 1. The project attracted $1 million from 700 investors.
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