Tiberius Group AG, which is a Swiss asset management company that also engages in commodities trading, announced that it has postponed the launch of its new cryptocurrency until December, due to high fees from credit card companies. The currency, which was announced last month and will be called the Tiberius Coin, is said to be tied to various precious and industrial metals, including gold, platinum, copper, aluminum, nickel, cobalt and tin. The company believes that, by tying the currency to a wide range of metals, the currency will be more stable and therefore more attractive to investors. The Tiberius Coin officially launched on October 1, and the company — through its Tiberius Technology Ventures AG subsidiary — actually processed $1 million worth of sales. But the credit card fees on these transactions were unexpectedly high. They were so high, in fact, that the company says that it would be unable to process an order of $15 million. In a blog post on Tuesday, the company said that they are currently negotiating with a variety of credit card processors to create acceptable payment gateways for their customers, and in the meantime they are working on improving their platform. They also indicated that any customer who purchased the cryptocurrency during the initial launch would receive a full refund within the next 30 days. This is not the first time that credit card companies and cryptocurrencies have clashed. This past February, a number of U.S. banks — including Citigroup, Bank of America and J. P. Morgan Chase — announced that their credit card customers would no longer be able to purchase cryptocurrencies with their cards, due to a variety of reasons. Though Citigroup indicated that it was willing to review this policy in the future. Then, in June, U.S. bank Wells Fargo announced that they also would not allow their customers to buy digital currencies with their credit cards. They said that they were doing this so that they could avoid a number of particular risks related to cryptocurrency use.
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