TaaS closes ICO, raises $7.7 million

TaaS, the world’s first-ever closed-end fund dedicated entirely to blockchain assets, announced in a press release CoinReport received the close of its Initial Coin Offering (ICO) on April 27, 2017, with $7.7 million raised. Nearly 4000 investors from across the globe participated in the ICO.

The fund, which is incorporated in Singapore with operational and development offices in San Francisco and Kiev, has reserved 2% of the raised funds for bounty programs. Moreover, the token, TaaS, is now available on exchanges Livecoin and Kuna.

TaaS co-founder and president Ruslan Gavrilyuk

“TaaS is extremely pleased with the successful crowdsale result, which garnered a high degree of public interest well before the ICO opened,” said TaaS co-founder and president Ruslan Gavrilyuk. “The investment rate reflects the strong market demand for a platform that reduces the barriers to entry for investing in cryptocurrencies, a niche that TaaS has now filled.”

He added, “TaaS would like to thank the community for the enormous show of support it received and reaffirm its commitment obtaining the highest yields possible for its investors. As the token is integrated with exchanges Kuna and Livecoin today, with further exchanges becoming available soon, investors can benefit from easy, fully transparent and convenient access to the vast cryptocurrency market.”

During the ICO, a variety of currencies were accepted, including cryptocurrencies bitcoin, ether and tether directly on the platform and U.S. dollars through exchanges. In total, 3,424 BTC, 45,180 ETH, 192,562 USDT and $43,368 USD were invested.

The token owners will receive 50% of quarterly profits in ETH via an Ethereum smart contract. The company will reinvest 25% of earnings back into the fund in order to grow the capital pool without attracting more investment, allowing the Net Asset Value of a token to increase over time. This will make TaaS the first blockchain token to have its value precisely attached to the performance of a parent project.

The company has outlined plans to utilize the funds raised to speed up the development of its in-house Cryptographic Audit technology. A set of autonomous auditing techniques that track, record and timestamp trading activity, Cryptographic Audit was built by TaaS to ensure all profits are correctly recorded, money flow is transparent and the firm is in possession of all declared funds. By design, it will provide tools for maximum transparency and simplify investors’ due diligence.

TaaS is also developing a platform called Kepler with a percentage of the money raised. Kepler will be similar to a Bloomberg terminal. It will assist digital currency investors with market research and offer them performance predictions. The platform will include an audit of each digital currency, including a measurement of its likelihood to do well. Its quantitative tools will, in particular, offer data into the cryptocurrency market, such as measurement and volatility, price indexes and performance and hashrate graphs.

“TaaS is proud to launch the token into the market and offer investors a new way to participate and benefit from the growing blockchain space. We trust the high degree of transparency and user-friendly experience provided by the Cryptographic Audit feature will set a new standard for future ICOs,” said Gavrilyuk.

Image credits:

TaaS logo – Via their presentation

Gavrilyuk’s photo – Via his LinkedIn profile