Why in the World Does First Crypto ETF Insist on Working With a Big Four Auditor?
Think about all the ICO stories we’ve heard in recent months. Many share some interesting similarities.
I’m sure you’ve noticed it: ICO advertising here, ICO advertising there. Everyone seems to be promising instant miracles. But they’re speaking a language you don’t understand. You have no idea what they are trying to say, no clue whether their plan is going to work — or whether there’s even a use for what they propose.
What’s their business model? You better not ask, as you probably won’t get an answer. Is there an end user? Is there a demand or a market for such a service? And hey, wait a minute — how are the resources going to be used? Who is in charge of the accounting and paperwork?
The fact is that a number of these projects are very obscure, and it’s unclear whether they will ever see the light of day.
First Crypto ETF is different. Our business model is clear. On the one side, there is a basket of cryptocurrencies. On the other side, a token representing that basket of cryptocurrencies, traded in crypto exchanges. We simplify your entry into the crypto world, saving you the time you’d normally need for analysing and making difficult decisions. Add to that the portfolio management technology used to issue and redeem tokens — the Authorize Engine. This is a technology with its own software solution coded by a great team of people from Vacuumlabs, plus an excellent hardware infrastructure.
Why, then, a Big Four auditor? Well, because we want to guarantee to all involved parties that the contents of the currency basket match the number of coins in our portfolio.
As if that were not enough, First Crypto ETF will also publish a portfolio composition file outlining the precise contents of its portfolio, verified by an auditor.
That way, we can all sleep well at night.
Originally published at medium.com on February 26, 2018.