Closed end fund dedicated to blockchain assets announces ICO
TaaS, billing itself as the first-ever tokenized closed end fund dedicated to blockchain assets, will hold an initial coin offering Mar. 27 to Apr. 27, according to a press release. Utilizing the Ethereum blockchain and Taas’ proprietary cryptographic audit technology, TaaS will offer a way to participate in and benefit from capital raising, fund management and cryptocurrency investing, all with full auditing transparency to investors.
Unlike traditional closed-end funds, TaaS will issue tokens built on a profit-sharing smart contract where token owners collect 50 percent of quarterly profits. To grow the fund’s capital pool without attracting additional investment, 25 percent of the profits will be reinvested in the fund.
As the net asset value of a token increases over time, TaaS tokens will have value explicitly tied to the performance of the parent project, thus introducing a "Token-as-a-Service" business model.
Cryptographic audit is a set of autonomous auditing techniques that track, record and timestamp trading activity. TaaS built the technology to ensure all profits are properly recorded, money flow is transparent, and the company is in possession of all declared funds. By design, it will simplify investors’ due diligence and provide tools for maximum transparency.
TaaS tokens are intended to be traded on all major virtual currency exchanges.