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Blockchain fund TaaS completes independent audit of $7.6M ICO
Token as a Service (TaaS), a tokenized closed-end fund dedicated to blockchain assets, has announced the completion of the independent audit of its Initial Coin Offering (ICO).
The month-long ICO, which concluded on April 27, 2017, raised the equivalent of $7,569,373.61 USD, stored in 3,536.674 BTC, 45,273.50 ETH, and 193,562.032 USDT. The current portfolio value is equivalent to $15,423,468.44 USD. A total of 8,146,001 TaaS tokens was issued during the ICO.
The audit has been completed by accounting and consulting company Grant Thornton LLC. TaaS tokens are currently trading on exchanges LiveCoin, Liqui, and HitBTC at $1.72, a 72% increase from the start of its ICO on March 27, 2017.
“TaaS selected Grant Thornton as its external auditor not only because of its reputation as one of the world’s top independent advisory firms, but also due to its in-depth knowledge of blockchain assets and the cryptocurrency market. With clients based in 130 countries worldwide, Grant Thornton has the requisite expertise in the global blockchain space to ensure that its findings are most valuable to TaaS investors and spectators”, TaaS President and Co-Founder Ruslan Gavrilyuk said. “The independent audit ensures investors have full transparency into the ICO results including the total number of tokens issued and in circulation, the exact capital amount raised, the use of proceeds, and the proper token listing on crypto exchanges LiveCoin and Kuna”.
TaaS tokens are built on a profit-sharing Ethereum smart contract which offers investors 50% of the fund’s quarterly earnings. TaaS reinvests 25% of profits back into the fund in order to increase the fund’s capital pool without requiring additional investments. The premise is that with the gradual increase in the Net Asset Value of a token, the value of TaaS tokens as the Net Asset Value of a token increases over time, the value of TaaS tokens will be explicitly tied to the performance of their parent structure. The first payouts are expected to be distributed in August 2017.
TaaS has launched a publicly-available technology called Cryptographic Audit to ensure that all profits are properly recorded, money flow is transparent, and the company is in possession of all declared funds. The technology lets anyone verify the fund's balances and trading history, providing real-time portfolio transparency which can help simplify investors’ due diligence.
“TaaS would like to thank all 3,942 of its investors, supporters, and contributors who joined our effort to bring this innovative fund structure to market,” he said.
In its official release, TaaS said that it plans to take mid-to-long term positions in order to take advantage of the explosive growth of the cryptocurrency space.
“Our team of experienced traders and analysts is constantly researching the most viable token crowdsales in order to deliver substantial results to the TaaS investor community”, he added.
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