Blockchain is a world-changing technology, but it still has a long way to go before becoming the de-facto way of managing wealth around the globe. Today, Token-as-a-Service announces the launch of a newly-established TaaS Capital Fund, which aims to bring us a step closer to that future.
TaaS Capital Fund is an open-end investment fund which exclusively operates in the blockchain environment, but accepts contributions in both blockchain and non-blockchain funds. What this means is that TCF could be a great opportunity for traditional investors to participate in the rise of distributed ledger technology (DLT) markets, minimizing risks and challenges associated with it.
TCF is established on the success of Token-as-a-Service, the world’s first tokenized closed-end blockchain fund, that has started operating in 2017 and since then provides owners of the TAAS token with a safe and easy way to participate in blockchain markets. The newly launched TaaS Capital Fund is built on the same principles of blockchain wealth management, but on a much larger scale due to its accessibility for traditional investors.
TaaS has recently reported a 780% annual growth in assets. The TAAS token, which is currently listed on Bancor, Livecoin, CoinExchange and other platforms, is outperforming both Bitcoin and Bitcoin/Ethereum benchmarks. During this time Token-as-a-Service has participated in 35 token sales and executed over 50 thousand sales. As the owners of the TAAS token are entitled to quarterly payouts, Token-as-a-Service has distributed more than 16M USD(T) to its contributors in the last 12 months.
Ruslan Gavrilyuk, the President of TaaS Capital Fund, says that the newly launched fund will attract institutional and individual investors who are seeking to diversify into the blockchain markets and build on the success of Token-as-a-Service:
Established by an international team of experienced traders and investment professionals, TaaS Capital Fund is opening subscriptions to provide a secure, transparent and efficient gateway to institutional and individual investors seeking to diversify into the DLT markets.
How TaaS Capital Fund plans to deliver a transparent, secure and efficient way of participating in the DLT markets? It will utilize its in-house techniques and expertise that allowed Token-as-a-Service achieve high performance.
The fund’s mission is ‘to lift various financial and technical challenges’ associated with blockchain markets. Token-as-a-Service cites lack of transparency and reliable market data, immature infrastructure and high volatility as reasons for traditional investors to ignore blockchain opportunities — even though DLT assets can replace traditional finance in the future.
To solve this, TaaS Capital Fund offers its stakeholders a significant amount of wealth management tools. For example, TCF investors will be able to take advantage of active portfolio management, hedging instruments, broadened investment latitude and algorithmic trading. The fund focuses on spot trading of tokens, algorithmic trading and investing in DLT assets with high network growth.
An in-house asset validation tool called Cryptographic Audit will ensure transparency by providing both stakeholders and members of general public with snapshots of trading history and portfolio balances. As for the analytics, they will be taken care of by the Kepler intelligence platform, which offers market research and risk management tools.
The team behind TaaS Capital Fund aims to achieve a high standard of security with its multi-layer and multi-signature security protocols. The fund will provide a two-factor and a three-factor authentication, support of multi-signature wallets and continuous maintenance.
TaaS Capital Fund will be monitored by GPMP, a blockchain investment platform based in Luxembourg. This way the Fund will take advantage of various legal procedures that will ensure security and trust for the participants, including KYC/AML compliance.
TaaS Capital Fund aims to attract diverse types of investors, as it offers subscriptions in distributing and accumulating share classes, in fiat currencies, as well as digital assets. The minimum investment amount is currently set at EUR 100,000 (or its equivalent in blockchain assets).
You’ll be able to find more information on the fund and subscribe to its mailing list on TaaS Capital Fund website. The team will start to accept subscriptions starting July 1, 2018, so don’t forget to check this date in your calendar app.
Waves Founder Sells Blockchain Startup to Russian Financial Consultant
A startup founded by the Waves platform team, Vostok, has been sold to one of the project’s earliest investors.
According to a report by Gazeta.ru, Waves CEO Alexander Ivanov “sold his stake” in the data management and smart city oriented project to Mark Garber of the financial consultancy GHP Group.
The Waves platform has developed blockchain solutions through partnering with some of Russia’s largest private and state-owned enterprises, as well as global firms, for institutional, industrial, and military use.
Vostok, in particular, aligned with the Russian state-owned conglomerate Rostec in 2018 to securely manage data for the firm’s 700 industrial entities. Additionally, the startup was instrumental in roadmapping the “digital economy” as part of the “Strategic Development Objectives of the Russian Federation up to 2024,” announced by President Vladimir Putin.
Ivanov told Gazeta:
“I would like to focus on the international development of the Waves Platform. The tasks of building a decentralized Internet of the new generation based on the blockchain (the so-called Web3), which we implement in Waves, require my one hundred percent concentration.”
Though details of the deal have not been disclosed, Garber plans to integrate Vostok’s digitalization solutions in GHP’s mining, production, and logistics projects.
Gazeta also reports that Garber holds a stake in the container transporting company Fesco and serves on the board of another trade logistics company, called TransContainer.
Vostok was formed in 2018. Its”Gorod N” project saw a partnership with Nizhny Novgorod region administrators to develop a civic voting and public budgeting solution, which reportedly enables citizens to vote on where tax dollars are spent.
Garber intends to keep the startup’s development team aboard, but will elect a new supervisory board. As part of their initiative to strike larger international deals, Waves will open a Berlin office.
Tether Stablecoin to Launch on 5th Blockchain
The popular and sometimes controversial stablecoin tether (USDT) is to launch on a fifth blockchain.
Announced by the (mostly) U.S. dollar-backed token’s issuer on its website, the news means traders will have a USD stablecoin option on omni, ethereum, tron, EOS and, soon, algorand.
“Extending Tether into the Algorand ecosystem is a fantastic opportunity for us to further contribute to blockchain interoperability and collaboration. … We are very excited about the potential this enables for other projects in the decentralised ecosystem and we eagerly await working closely with many of them in the future,” said Tether CTO Paolo Ardoino.
Tether is widely used by traders to move money in and out of cryptocurrencies like bitcoin without needing to exchange back into dollars with each trade. Crypto exchanges also use the token to transfer funds between each other to avoid having to move lots of bucks through not always cooperative banks.
Despite its widespread use in the crypto markets, the stablecoin has had its issues – including accidentally minting $5 billion USDT during a chain swap process last weekend.
Long a concern to users and regulators, Tether has never released a full accounting audit to prove its coin is backed by USD, as it claimed for years. Its lawyer recently acknowledged that, in fact, USDT was only about 74 percent backed by fiat equivalents as of April 30.
Tether’s relationship with its sister firm, crypto exchange Bitfinex, has also come under the spotlight, with claims the token has been used to prop up the price of bitcoin.
New York’s Attorney General’s office has further alleged that Bitfinex lost $850 million and subsequently used funds from Tether to secretly cover the shortfall, and said that Bitfinex had operated in the state without a license.
40-Strong Blockchain Insurance Group B3i Appoints CEO
Insurance industry blockchain group B3i, which is now building DLT solutions for some 40 member firms, has appointed John Carolin as chief executive officer.
Carolin, who joined B3i as chief financial officer in March 2018, had served as interim CEO since March of this year.
B3i began life back in October 2016 as a blockchain consortium and later became an independent company owned by 17 insurance and reinsurance industry big hitters like Allianz, Munich Re, Swiss Re, Tokio Marine, XL Catlin and Zurich.
The company added $16 million to its coffers back in March 2019, after suggestions it was trying to raise as much as $200 million, according to some reports.
Last month B3i, which aims to use distributed ledgers to streamline back-office processes and claims handling, held a hackathon to let industry members test its platform.
Speaking about the B3i hackathon, Carolin said:
“Our team of subject matter experts is highly motivated, especially following the very positive feedback received last month at our Hackathon to test the initial product.”
Last year, B3i decided to switch from Hyperledger Fabric to R3’s Corda platform. The move was followed soon after by another blockchain insurance consortium, RiskBlock, also moving to Corda.
“I look forward to leading the B3i team as we execute on a bold vision to enable better insurance through frictionless risk transfer,” Carolin added.