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Blockchain Asset Fund TaaS Raises $7.7 Million Through ICO

Last Updated March 4, 2021 4:56 PM
Lester Coleman
Last Updated March 4, 2021 4:56 PM

TaaS, a closed-end fund dedicated solely to blockchain assets, recently completed an ICO, raising $7.7 million from 3,761 investors. The platform plans to use the funds to develop cryptographic audit technology and other features.

TaaS plans to use the funds to develop its in-house cryptographic audit technology, autonomous auditing techniques to track, record, and timestamp trading activity. TaaS developed the technology to ensure profits are properly recorded, money flow is transparent, and the company maintains control of all declared funds.

Assistance For Investors

TaaS is also creating a platform called Kepler to provide assistance to cryptocurrency investors, including market research and performance predictions. The platform will include an audit of every cryptocurrency and token, including a reading of its likeliness to succeed. The platform’s quantitative tools will provide data for the cryptocurrency market, including hash rate graphs, indexes, price performance, and volatility measurement.

“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 Ruslan Gavrilyuk, TaaS president and co-founder.

A quarter of the earnings will be reinvested in the fund to build the capital pool without having to attract additional investment. This allows the net asset value (NAV) to increase over time.

Earnings Via Smart Contract

Token owners will collect half of their quarterly earnings via an Ethereum smart contract. TaaS token-owners will collect half of the quarterly earnings in ETH via an Ethereum smart contract. TaaS has reserved 2% of the collected funds for bounty programs.

“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,” said Gavrilyuk.

Various currencies were accepted during the ICO: 3,424 BTC, 45,180 ETH, 192,562 USDT and $43,368.

The Kuna and Livecoin exchanges are selling the Taas token.

TaaS becomes one of the first blockchain tokens to have its value tied directly to the performance of a parent project.

Featured image from Shutterstock.