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Blockchain asset fund TaaS invests $1M in Bancor’s $150M token allocation event

Token-as-a-Service (TaaS), a tokenized closed-end fund dedicated to Blockchain assets, has invested $1 million in Bancor’s recently held Token Allocation Event, which raised over $150 million in less than three hours.

According to the official announcement, the terms and conditions of the strategic investment and a long-term partnership were finalized last week when the TaaS team met with Bancor’s founders at the 7th edition of d10e Conference, Tel Aviv. TaaS’ investment in Bancor marks its third since it raised $7.6 million through its own Token Allocation Event on April 27th. Prior investments include 500 ETH (equivalent to $185,000) in VPN Blockchain startup Mysterium and 70 BTC (equivalent to $200,000) in blockchain identity management startup Sphre.

”Cooperation between TaaS and Bancor brings a lot of advantages to both companies. TaaS’ financial portfolio management expertise and Bancor’s technical experience will allow the creation of a fundamentally new set of liquid smart tokens, powered by Bancor’s protocol,” said Ruslan Gavrilyuk, CEO of TaaS.

During its crowdsale on June 12, Bancor successfully raised 396,720 ETH (equivalent to $150 million) from over 10,000 individual investors. The fundraising drive also saw participation of notable investors including Blockchain Capital and Tim Draper, who recently joined the startup as advisor. TaaS said that it invested 352 BTC (equivalent to $1 million) in Bancor’s ICO, placing it among the list of prominent investors.

According to TaaS, its strategic partnership with Bancor will facilitate further development of its fund infrastructure through faster design of token baskets and other financial smart tokens. It concluded saying:

“This latest investment in Bancor is a good diversification of TaaS’ portfolio. TaaS will soon announce additional investments before the end of its first quarter since its Token Allocation Event ended. TaaS’ first profit-sharing is scheduled at the beginning of August."

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