TaaS, a new tokenized closed end fund (CEF) dedicated to blockchain assets, has announced that it is launching an Initial Coin Offering on March 27, and that the fund will be open for investment only during the month-long ICO. Utilizing the Ethereum blockchain, TaaS will offer a way to participate in capital raising, fund management, and cryptocurrency investing, with auditing transparency.
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“Blockchain technology and cryptocurrencies have risen exponentially over the last 12 months with little doubt for its ability to disrupt and revolutionize major industries over the coming years. Therefore, we believe there is a unique window of opportunity for early adopters, enthusiasts, and professional investors to join this phenomenon,” said Konstantin Pysarenko, co-founder of Taas.“With so many barriers to entry, TaaS aims to reduce risks and technical barriers associated with investing in the blockchain space and trading cryptocurrencies.”
TaaS will issue tokens built on a profit-sharing smart contract where token owners collect 50% of quarterly profits. And 25% of the profits will be reinvested back into the fund. The premise is, as the Net Asset Value of a token increases over time, the TaaS token will have its value explicitly tied to the performance of its parent project, thus introducing a Token-as-a- Service (TaaS) business model.
“While smart contracts can guarantee payout distribution, it does not contribute to the problem of transparency of investing in non-Ethereum tokens. To solve this, we have built an in-house Cryptographic Audit technology,” said Pysarenko.
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The developers explain that their Cryptographic Audit is a set of autonomous auditing techniques that track, record, and timestamp trading activity. This technology was built by TaaS to ensure all profits are properly recorded, money flow is transparent, and the company is in possession of all declared funds. It is designed to simplify investors’ due diligence and provide tools for maximum transparency.
In addition to its fund, TaaS has announced that it is building Kepler, a Bloomberg-like cryptocurrency portfolio management and analytics platform. 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.
Board members include fund management expert John Wong and legal consultant Sergey Rabenko. Wong, formerly an investment banker at Lehman Brothers, has more than 25 years’ experience taking companies public and managing funds. Rabenko is a legal consultant at the International Finance Corporation (a member of the World Bank Group) with more than 12 years’ experience advising on legal, mergers and acquisitions, and tax issues.
“It is the overall aim of TaaS to deliver long-lasting innovations in the blockchain industry. We believe TaaS and Kepler are on track to revolutionize the journey of investing in cryptocurrencies and tokens forever and we are excited to watch it all unfold,” concluded Pysarenko.
TaaS tokens are intended to be traded on all major cryptocurrency exchanges including Kraken, Poloniex and Bittrex.