TaaS, the first ever tokenized closed end fund (CEF) dedicated to blockchain assets, today announced the latest additions to their…
Utilizing the Ethereum blockchain and its pioneering Cryptographic Audit technology, TaaS will offer a new way to participate in and benefit from capital raising, fund management, and cryptocurrency investing, all with full auditing transparency to investors.
Swiss-based Financial Risk and Fund Specialist Patrick Salm has more than four years’ experience in blockchain technology and a track record of more than 10 years of success with large, global banks where he took leading roles. Salm is currently Strategic Risk Manager and Business Analyst at BANK-now AG, a Credit Suisse Group subsidiary, where he provides analysis and optimization of risk-relevant business processes and applications. Prior to this role, Salm was Head of the Pre-Legal Recovery Team at BANK-now, responsible for monitoring risks and progress of loss-bearing positions for more than $150m in assets. Salm has also held leadership positions at credit card bonus company Jelmoli Bonus Card and at Intrum Justitia, Europe’s leading credit management services company.
Salm holds a Bachelor of Science in Business Law from the Zurich University of Applied Sciences, a Bachelor of Science in Business Administration (Finance & Banking) from Lucerne University of Applied Sciences and Arts, and a Master of Science in Banking and Finance from the Institute of Financial Services Zug at Lucerne University of Applied Sciences and Arts.
TaaS also welcomes Pascal M Bommeli, a Swiss-based entrepreneur, to the Board of Advisors. Bommeli brings vast experience in the creation, development and selling of several startups within the software development and applications sector, including HO Designer LLC, Silver Brain LLC, Design & Desktop Team LTD, educApps, and The Localised Community – LOCO. Bommeli is currently Marketing and Communications Manager at reputable Swiss IT company, ABO Storage Distribution, where he is responsible for public relations, partner enablement, channel presence, and supporting sales and advertising. In addition, Bommeli has served as Chief Marketing Officer and Executive Board Member at Point Software AG.
Involved with the cryptocurrency industry for the last three years, Bommeli has deep insights in marketing, design, and communications fields. Bommeli holds a professional Master’s degree in publication management, a federal certification, from »gib« Management School for Print, Media and Communications in Zurich. He also holds a print specialist federal certificate (EFA) from »gib« Management School for Print, Media and Communications.
Ruslan Gavrilyuk, Co-Founder and President of TaaS said: “TaaS is extremely pleased to be bringing an additional two high caliber advisors of to the Board. Mr. Salm and Mr. Bommeli are well equipped to make significant contributions to the company and bring with them a wealth of industry experience and knowledge to the board.”
Patrick Salm said: “I am proud to bring my extensive experience in finance to the advisory board of TaaS, which I believe represents a unique opportunity for investors to capitalize on capital raising, fund management and cryptocurrency in a new way.”
Additional board members include fund management expert John Wong and legal consultant Sergey Rabenko. Wong, formerly an investment banker at Lehman Brothers, has more than 25 years’ experience taking companies public and managing funds. Rabenko is a legal consultant at the International Finance Corporation (a member of the World Bank Group) with more than 12 years’ experience advising on legal, mergers and acquisitions, and tax issues.
Unlike traditional closed-end funds, TaaS will issue tokens built on a profit-sharing smart contract where token owners collect 50% of quarterly profits. To grow the fund’s capital pool without attracting additional investment, 25% of profits will be reinvested back into the fund. The premise is, as the Net Asset Value of a token increases over time, TaaS tokens will have its value explicitly tied to the performance of its parent project, thus introducing a Token-as-a-Service (TaaS) business model.
With a focus on overcoming the current industry problem of transparency in investing in non-Ethereum tokens, TasS has built an in-house Cryptographic Audit, a set of autonomous auditing techniques that track, record, and timestamp trading activity. This technology was built by TaaS 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 will be open for investment exclusively during their month-long ICO, launching on March 27, 2017. By incorporating a bonus system for early investors, TaaS will offer 25% bonus for the first 1000 BTC raised with the bonus system decreasing progressively all way up to 9000 BTC. TaaS will reserve 2% of the collected funds for bounty programs.
“With the board of advisors stronger than ever, TaaS expects not only to run a highly successful ICO, but deliver substantial returns to our investor community,” concluded Ruslan Gavrilyuk.
TaaS tokens are intended to be traded on all major exchanges. For more information, the TaaS white paper is available on taas.fund