TaaS contributes 1 million USD(T) to Bancor’s $153 million Token Generation Event
Token-as-a-Service (TaaS), the first-ever tokenized closed-end fund dedicated to Blockchain assets, announces its contribution to Bancor’s Token Genereation Event (TGE) or as the media has been referring to as ICOs or Initial Coin Offerings. After three months of due diligence, the management of TaaS met last week in Tel Aviv with Bancor’s founders at the 7th edition of d10e Conference to finalize the terms and conditions of a strategic investment and a long-term partnership.
During its crowdsale on June 12, which lasted less than three hours, Bancor successfully raised 396,720 ETH (equivalent to $153 million) from 10,885 individual investors (over 13,600 wallet transactions). TaaS contributed 352 BTC (equivalent to 1 million USD(T)) to Bancor, establishing itself as a prominent institutional investor in this year’s most talked-about crowdsale.
This marks the third investment since TaaS raised $7.6 million through its own Token Allocation Event on April 27th. The first contribution TaaS made was of 500 ETH (equivalent to 185,000 USD(T)) to VPN Blockchain startup Mysterium, that raised 68,629 ETH (equivalent to $14.4 million) in under 45 minutes on May 30. The second contribution TaaS made was of 70 BTC (equivalent to 200,000 USD(T)) in Blockchain identity management startup Sphre, that started its Token Allocation Event on June 1 and has so far raised 1370 BTC (equivalent to $4 million).
”Cooperation between TaaS and Bancor brings a lot of advantages to both companies. TaaS’ financial portfolio management expertise and Bancor’s technical experience will allow the creation of a fundamentally new set of liquid smart tokens, powered by Bancor’s protocol,” said Ruslan Gavrilyuk, CEO of TaaS.
The strategic partnership between Bancor and TaaS allows for further development of TaaS’ fund infrastructure through faster design of token baskets and other financial smart tokens. As a major supporter of Bancor’s protocol in Eastern Europe and in the Russian-speaking community, TaaS will invest in other Blockchain ventures pursuing financial instruments that bring efficiency to crypto trading.
This latest investment in Bancor is a good diversification of TaaS’ portfolio. TaaS will soon announce additional investments before the end of its first quarter since its Token Allocation Event ended. TaaS’ first profit-sharing is scheduled at the beginning of August.