Tiberius Suffers Setback With New Commodity Coin, Delays Sale

(Bloomberg) -- Tiberius Group AG delayed the sale of its commodity-backed cryptocurrency until December, blaming the move on credit-card companies.

While the Switzerland-based asset manager and commodities trader received orders worth $1 million via its subsidiary Tiberius Technology Ventures AG, the fees from credit-card processors were unacceptably high, it said in a blog post Tuesday, ending more than a week of silence after the Oct. 1 offering. Tiberius estimates that it was unable to handle orders worth $15 million, 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,” the company said.

All investors who took part in the sale will have their money refunded within 30 days, the company said.

To contact the reporter on this story: Jan-Patrick Barnert in Frankfurt at jbarnert3@bloomberg.net

To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Todd White, Jon Menon

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