Token-as-a-Service (TASS) – Quarterly Report April 27th, 2017 to August 1st, 2017
- TaaS Fund – Brief Info
- Summary of Operations
TaaS Fund – Brief Info
Incorporated in Singapore in February 2017, TaaS is a closed-end tokenized investment fund actively operating in blockchain ecosystem. TaaS token owners capitalize on the rise of blockchain markets without dealing with hurdles, risks and technical barriers associated with owning, transferring and trading cryptocurrencies and tokens.
TaaS developed a team of experienced traders and developers and as of August 1st, 2017, comprises of 15 people.
TaaS encourages members of public to join its official information channels:
Summary of Operations
1. Transparency and Security
- Cryptographic Audit
In order to provide transparency and visibility of its activities the Fund deployed the in-house built Cryptographic Audit technology, a set of monitoring tools accessible by any member of public holding or considering purchase of TaaS tokens to easily validate trading history and portfolio balances.
The continuously updated CA is available at https://ca.taas.fund/, providing among other solutions regular blockchain snapshots, Proof-of-Reserves, trading history and view-only API keys.
In order to ensure safety of funds managed by TaaS, secure wallets including multi-signature hardware cold storages are utilized, and software solutions provided by MyEtherWallet and Electrum.
Secure processing of quarterly payouts is covered by operating the relevant Ethereum-based smart-contracts.
2. TaaS Token Sale Event
The Fund successfully concluded the token sale on April 27th, 2017, and had its results independently audited by Grant Thornton. The event attracted almost 4 thousand participants raising over 7.5 million USD(T).
As a result of the sale 8,146,000.78 tokens were distributed, while the rest of the initially issued 101 million tokens were burnt. The price of the tokens (including bonuses) during the sale ranged from 0.8 to 1.0 USD(T)/TAAS.
In accordance with the white paper the funds raised were utilized for the TaaS Active Portfolio (75% of contributions), Development and Operations (15%) and the Reserve Fund (10%).
3. Active Portfolio Operations
TaaS Active Portfolio operations during the reporting period comprised participation in token generation events (TGEs) / initial coin offerings, trading crypto assets and cryptocurrencies at major exchanges and fixed income operations in cryptocurrency.
Compared to the initial figures TaaS indicated an over 110% quarterly growth in total assets value.
- TaaS Contributions to TGEs and Token Sales Events
Since May 2017 TaaS participated in 11 TGEs/token sales with the total amount contributed of 3 million USD(T): Mysterium Network, Bancor Network, Sphre Air, TenX, dao.casino, Digital Developers Fund, SALT, Coindash, InvestFeed, SingularityNet and Stox. Each selected project underwent the Fund’s internal evaluation procedures, including economic/financial, technical and legal due diligence.
As of reporting date 7 projects remain at early contribution stage, and the relevant tokens are not yet listed at exchanges.
- Trading Operations
Aimed at maintaining a well-balanced portfolio of mid-to-long term contributions, during the reporting period TaaS was effectively diversifying in strategically important assets, as well as taking swing positions on exchanges. The current share of altcoins (tradeable cryptocurrencies excluding Bitcoin, Ethereum and Tether) portfolio comprises around 16% including Ripple, Ethereum Classic, Litecoin, Dash, Decred, Syscoin, Clams and others.
Estimated total value of tradeable altcoins in the portfolio exceeds 2.4 million USD(T), with a total of over 10 thousand trading transactions concluded during the reporting period.
More details on trading is available at https://ca.taas.fund/exchanges/.
A minor part of the Active Portfolio was utilized in lending activities at cryptocurrency exchanges to bring secure fixed income and increase TaaS profits.
4. TaaS Token
TaaS tokens are built on a profit-sharing Ethereum smart contract offering the token owners 50% of the quarterly earnings. TaaS reinvests 25% of profits in order to increase the capital pool without requiring additional token sales. 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 is explicitly tied to the performance of their parent structure.Taas Token (Source: https://coinmarketcap.com/assets/taas/)
Total circulating supply of TaaS tokens equals 8,146,000.78 with market capitalization over USD(T) 20 million. The tokens are currently traded on the following exchanges: Liqui, COSS, Livecoin and HitBTC.
As August 1st, 2017, the token price exceeded 2.6 USD(T)/TAAS, providing on average an over 150% ROI to the Token Sale participants.
TaaS Financial Statements – Balance Sheet
TaaS Financial Statements – Profits & Losses
TAASFUND Pte. LTD // Robinson Road 80 | #08–01 // Singapore