TaaS, the first-ever tokenized closed-end fund dedicated to blockchain assets today launched its Initial Coin Offering (ICO), which will conclude on April 27th, 2017, and already, over $650,000 USD has been raised. TaaS offers a new way for investors to participate in and benefit from cryptocurrencies, a new paradigm in capital raising and fund management. The TaaS platform enables investors to enter the vast cryptocurrency market with complete auditing transparency for the first time.
Unlike traditional closed-end funds, TaaS will issue tokens built on a profit-sharing smart contract where token owners receive 50% of quarterly profits. The smart contracts guarantee that investors will receive any profits earned. To increase the fund’s capital pool without requiring additional investment, 25% of profits will be reinvested back into the fund.
The model functions in such a way that as the net asset value of tokens increase, TaaS tokens will have their value tied to the performance of the parent project, thus introducing a Token-as-a-Service (TaaS) business model.
In addition to its fund, the TaaS team is developing Kepler, the first Bloomberg-like portfolio management and analytics platform for cryptocurrencies. Kepler will cover the entire spectrum of the investment process, providing market research, due diligence and order management as well as risk exposure and performance forecasting.
TaaS Co-founder Dimitri Chupryna said:
“TaaS’ model solves the major problems faced by early adopters of cryptocurrencies, issues that make it impossible for institutional or traditional investors to access the world’s fastest growing market. We have designed the TaaS platform to reduce the risks and barriers faced by investors when entering the surging blockchain and cryptocurrency space. Experts from across the world have declared that blockchain technology will shake up many industries in the coming years, and those looking for a trusted access to this extraordinary market will be able to invest through TaaS during our crowdsale.”
“TaaS hopes to deliver significant and long-term changes in the blockchain industry and cryptocurrency market. We believe the vision and technology underpinning TaaS and Kepler will transform digital currency investments and we are eager to see its progress.”
To provide TaaS token owners with maximum transparency into non-Ethereum token investments, TaaS built an in-house Cryptographic Audit technology, which is a set of autonomous auditing techniques that track, record and timestamp trading activity. The technology ensures that all profits are properly recorded, money flow is transparent, and the company is in possession of all declared funds. Its design simplifies investors’ due diligence and provides deep insights into their investment.
TaaS will be open for investment exclusively during its month-long ICO. TaaS is offering a 25% bonus for the first 1,000 BTC raised, with the bonus system decreasing progressively up to 9,000 BTC. TaaS will reserve 2% of the collected funds for bounty programs related to the crowdsale.
TaaS board members include fund management expert John Wong; serial entrepreneur and investor Mike Costache; blockchain technology and digital currency trading expert Marshall Swatt; and legal expert Arnold Spencer.
- Wong, previously an investment banker at Lehman Brothers, has more than 25 years of experience taking companies public and managing funds.
- Costache is the co-founder and managing partner of KrowdMentor, a strategic crowdfunding advisory and investment firm with a roster of 20 startups. Costache was formerly President of Leo & Leo, a management and franchise representation service with clients such as Maserati, Miss Universe, and Rockstar Energy. He will serve as a TaaS advisor covering the venture capital and investment sectors, providing assistance in fundraising and negotiations.
- Swatt is the founder and major investor at ATS Inc., a leader in algorithmic trading systems focused on strategies in niche financial instruments such as cryptocurrencies. As the former CTO of Coinsetter and Cavirtex, two of North America’s leading VC-backed bitcoin exchanges, Swatt has more than 20 years’ experience in strategy, operations, business development, and technology. He will serve as TaaS technology and trading advisor.
- Spencer is Managing Director of Spencer & Associates, a corporate criminal defense firm, and General Counsel at Coinsource, the world’s largest bitcoin ATM network. Spencer will serve as TaaS’ US legal expert, bringing experience and insight in compliance, U.S. federal criminal law, securities, and financial fraud, anti-money laundering, asset forfeiture, and federal trials.