Native Tokens of Investment Funds

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NATIVE TOKENS OF INVESTMENT FUNDS

Native Tokens of Investment Funds

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NATIVE TOKENS OF CRYPTO FUNDS

Disclaimer: The goal of this report is to conduct a review of the native tokens of selected crypto funds, and

compare their benefits and trading features. It is not, and should not be regarded as “investment advice” or as a

“recommendation” regarding any course of action.

Based on our analysis of token features and fund performance, it is worth saying that holding an ICO, its results

and benefits for token holders cannot be treated as a sign of a fund’s success. Native tokens of crypto funds

could be considered as a source of additional privileges (voting rights, rewards, etc.) and possible passive income

in the event of listing, but don’t guarantee the profitability of an investment strategy.

Despite the Bitcoin price decline and bear market having a negative effect on profit projections for crypto

investors, blockchain technology and cryptocurrencies became a significant target for hedge funds, venture

capitalists and private investors in 2018.

Private institutional investors are now a major driver for pre-sales. The reason for this interest is an average yield

that exceeds 3000% across 24 sampled crypto funds, compared to the 8% return offered by traditional hedge

funds.

According to ICORating’s internal analytics, the number of cryptocurrency funds reached 209 by the first half of

2018. 17% of them are tokenized.

The majority of funds focus their investment strategies on cryptocurrencies and blockchain start-ups.

There are not as many new funds being founded in 2018 as in 2017, but it may be assumed that 2018 results will

exceed values for 2016.

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This increased number of crypto funds can be considered from two points of view.

On the one hand, this increase in funds provides investors with a wider array of investment options, but can also

perhaps be treated as a sign that the industry is maturing.

From another point of view, this increase leads to a jump in trading activity, a surge in algorithmic trading and

an increase in volatility.

While all crypto asset hedge funds aim to benefit from the booking crypto asset space, different funds apply

different strategies to generate returns for their investors. Below is an overview and a comparison of crypto

funds that have issued their own tokens to attract assets under management.

The volatility and lucrative nature of the crypto market has led to the creation of adaptive financial institutions

that focus on this market (that combine investments in crypto assets and traditional instruments).

We note that based on our study, most funds with tokens have some or all of the following problems:

• A lack of transparency

• Lack of reporting

• Unclear fund and token economics

• Poor performance against the market, especially in declining markets

• A focus on ICOs, thus limiting investment opportunities

• Only one strategy claimed

• Unclear current status (maybe even liquidated)

• The token is not listed anywhere, so no there is opportunity for a holder to sell it

Based on the above, we conclude that investing in funds’ tokens (existing as well as upcoming funds) bears very

high risks for investors and lacks evident benefits, especially in the currently volatile and highly unpredictable

crypto market.

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FUNDS: PROFIT DISTRIBUTION

Fund Strategy Investment focus Profit distribution Fee

AxionV Algorithmic Cryptocurrencies 55% - management fee - 7%

Digital Developers

Fund Market performance

Cryptocurrencies;

Domain names 50%

- management fee - 2.5%;

- performance fee - up to 15%

Value Coin Value investing Stock market Share in the fund - operations fee - 1.5%

- performance fee - 9%

Algo Algorithmic Forex pairs and

indices 80% - performance fee - 20%

BB Fund Due diligence Start-ups within IT;

ICO projects

Share in the fund - redeem up to

25% after 1 year of investments

- management fee - 2%;

- performance fee - 20%;

- entry fee - 5%

Elpis Algorithmic Cryptocurrencies;

Traditional market

Share in the fund - exchange 20

million tokens for a share

certificate

- management fee - 0%;

- performance fee - market average

First Crypto ETF Indexing Cryptocurrencies n/d - management fee - 2%

Iconiq Lab Due diligence ICO projects Depends on the selected ICO

performance - service fee - 4-9%

PentaCore Trading techniques Cryptocurrencies 80% - management fee - 2%;

- performance fee - 20%

Satoshi Fund Market performance Cryptocurrencies

Share in the fund - exchange 20

million tokens for a share

certificate

- entry and exit fee - 5%;

- trading fee - 1.5%;

- management fee - 0.2%

Swarm Market place Real assets n/d - gas

Teoz

Synergy of

traditional

instruments of the

financial market and

IT-technologies

Cryptocurrencies;

Native tokens of

crypto exchanges;

ICO projects

70-85% - infrastructure fee - 5%;

- performance fee - 15-30%

TMT Blockchain

Fund n/d

Blockchain, FinTach

and dApps projects n/d n/d

AlCoin n/d Cryptocurrencies;

ICO projects Share in the fund n/d

Astronaut Algorithmic Cryptocurrencies;

ICO projects 50% - performance fee - 10%

Bit20 Indexing Cryptocurrencies Share in the fund - trading fee - 0.2%

Blackmoon Platform for

investors

Cryptocurrencies;

Fiat

Up to 50% of the investment

solution;

Distribution of creation and

redemption fees among

deposited tokens

- creation of the investment

solution - 10%;

- redemption - defined by the fund;

- fees within the solution - defined

by the creator;

- performance fee to the platform -

25%

Bullcoin Market performance Cryptocurrencies n/d n/d

Triaconta Market performance Cryptocurrencies 50% n/d

CryptoBazar Due diligence ICO projects 65%

- entry fee - 4%;

- exit fee - 0%;

- performance fee - 35%

CryptoFund n/d

Cryptocurrencies;

ICO projects;

Crypto assets,

crypto features and

options

20% - management fee - 5%;

- performance fee - 20%

FinShi n/d ICO projects 80% - performance fee - 20%

Crypto20 Indexing Cryptocurrencies Share in the fund - operations fee - 0.5%;

- exit fee - 0.5%

Authorito Capital n/d Cryptocurrencies;

ICO projects Share in the fund

- management fee - 1%;

- performance fee - 20%

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Fund Strategy Investment focus Profit distribution Fee

Lunar Fund AI and machine

learning n/d Share in the fund - performance fee - 40%

Bitcoin Growth

Fund Algorithmic

Mining of Bitcoin;

ICO projects Share in the fund n/d

NapoleonX Algorithmic

Investment

solutions via

Decentralized

Autonomous Funds

85% of rental fee - performance fee of DAF - 25%

Numerai Auction platform

Forecast model

platform for a

hedge fund

Fixed, depends on the stake n/d

Science Inc. Incubator for ICOs ICO projects 25% of ICO tokens n/d

TaaS Audit technology Cryptocurrencies;

ICO projects 50% - performance fee - 25%

Target Coin Algorithmic Cryptocurrencies 85% - operations fee - 10%;

- performance fee - 15%

The Token Fund Indexing Cryptocurrencies Share in the fund - management fee - 5%

The Hedge Coin

Capital

Platform for

investors

Cryptocurrencies;

ICO projects;

Derivatives;

Hedge Funds

15-20%

- entry fee - 5%;

- management fee - 2.5%;

- performance fee - 20%

Befund Platform for

investors

Solutions to launch

dApps, token sale,

etc.

n/d n/d

BitBose Crypto exchange

Portfolio

management;

Mining;

Trading solutions

n/d n/d

According to the table above, it can be concluded that crypto funds are trying to adapt traditional market

strategies to the crypto market, such as indexing and algorithmic trading.

The majority of funds offer a 2/20 scheme, where the investor can get up to 80% of revenue generated, and

focus on cryptocurrencies and blockchain projects within their portfolio.

All the features mentioned above are not directly connected to native tokens, but affect their attractiveness for

investors.

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FUNDS: MARKET PERFORMANCE

Token Project Platform Listing

Initial

price,

USD

Price as of

August 9th,

2018

Hard cap,

USD

Raised

funds,

USD

Market

cap, USD

AXION AxionX Ethereum no 0,3000 - 8 000 000 5 312 630 -

DDF Digital Developers Fund Ethereum yes 0,2953 0,0253 90 000 000 2 000 000 129 739

VALUE COIN Value Coin Ethereum no 0,0130 - 50 000 000 1 343 308 -

ALGO Algo Ethereum no 4,4650 - - - -

BB BB Fund Ethereum no 200,0000 - 200 000 000 2 694 000 -

ELP Elpis Ethereum no 0,1697 - 20 000 000 1 300 000 -

FCTF First Crypto ETF Ethereum no 0,3000 - 65 000 000 1 770 540 -

ICNQ Iconiq Lab Ethereum no 1,2300 - 11 660 000 8 856 000 -

PENT PentaCore Ethereum no 1,0000 - 50 000 000 - -

SPIES Satoshi Fund BitShares no - - - - -

SWM Swarm Ethereum yes 1,0000 0,1751 55 000 000 5 500 000 8 948 569

TEOZ Teoz - no - - - - -

TMT TMT Blockchain Fund Waves no 1,0000 - 15 000 000 - -

XAI AlCoin Ethereum no 0,0540 - - 3 000 000 -

ASTRO Astronaut Ethereum yes 1,0000 0,7999 26 400 000 2 448 520 2 650 870

BTWTY Bit20 BitShares yes 1103,47 201 097,0000 - - 204 315

BMC Blackmoon Ethereum yes 1,0000 0,4866 30 000 000 30 000 000 10 664 061

BCG Bullcoin Waves no 1,0000 - 5 000 000 - -

TRIA Triaconta Ethereum no 10,0000 - 10 000 000 2 100 000 -

CBT CryptoBazar Waves no 10,0000 - - 1 700 000 -

DACF CryptoFund Ethereum no 1,0000 - 250 000 - -

FINS FinShi Ethereum no 1,0000 - 50 000 000 21 420 275 -

C20 Crypto20 Ethereum yes 1,0000 0,7969 - 37 698 373 32 139 875

PIE Autorito Capital Ethereum no 1,0000 - - - -

LNR Lunar Fund Ethereum no 1,8000 - - - -

MCAP Bitcoin Growth Fund Ethereum yes 1,0000 0,0195 - 44 287 318 204 468

NPX NapoleonX Ethereum yes 0,8700 0,1949 18 300 000 13 951 967 4 938 868

NMR Numerai Ethereum yes - 7,4900 - - 10 101 943

SCI Science Inc. Ethereum no 1,0000 - 100 000 000 12 298 073 -

TAAS TaaS Ethereum yes 1,0000 1,1000 101 000 000 7 700 000 8 966 863

TGT Target Coin Ethereum yes 0,0400 0,0025 53 600 000 20 711 412 2 419 579

TKN The Token Fund Ethereum no 10,0000 - - - -

HCL The Hedge Coin Capital Ethereum no 0,8000 - 60 500 000 - -

BFDT BeFubd Ethereum no 0,0700 - 22 500 000 3 000 000 -

BOSE BitBose Ethereum no 0,0700 - 45 000 000 - -

To evaluate the success of a fund, listing of its native token could be taken into account. As at the beginning of

August 2018 there are the following results:

• 11 of 35 tokens are listed

• Two tokens grew relative to their initial price – TAAS (TaaS) and BTWTY (Bit20)

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• Market capitalization of 3 of the tokens exceeds the funds raised – TAAS (TaaS), ASTRO (Astronaut) and SWM

(Swarm)

• The average hardcap for funds under consideration amounted to USD 42.7 million (only non-zero hardcaps

have been taken into account)

• The average funds raised amounted to USD 9.8 million, way below the average hardcap.

• The total amount raised by the crypto funds above was USD 204.8 million

Listing should not be treated as a success indicator for a crypto fund, as the presence of the token on exchanges

or its trading activity do not correspond to the objectives of such an investment fund.

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TOKEN & FUNDS OVERVIEW

AXIONV CRYPTO FUND: AXION TOKEN

AxionV is an agile AI crypto fund that uses proprietary algorithms and complex trading strategies to consistently

outperform the crypto market.

• Token: AXION

• Platform: Ethereum

• ICO dates: September 16th – 30th, 2017

• ICO price: 1 AXION = 0.3000 USD

• ICO token supply: 27,182,818 tokens

• Total supply: 29,228,836 tokens

• Hard cap / Raised funds: 8,000,000 USD / 5,312,630 USD

Platform features:

• Strategic: uses analytics and algorithms to make the correct decisions at key critical moments.

• Top-side momentum trading: Buying only cryptocurrencies that were previously top performers.

• Fees: management fee – 7%.

In June 2018 the project released the RoninAi project – a SaaS (software as a service) crypto trading tool that uses

machine learning AI to give independent investors access to the predictive and analytical capabilities of AI when

making decisions on trading and investing in crypto.

Up to July 16th, 2018 the project is inviting investors via its pre-sale campaign (no ICO) offering two solutions:

• Basic – Investor terminal: provides an access to RSI signals, relative performance indicator, market cap

and trade patterns. Pre-launch cost is 49 USD per month.

• Advanced – Pro Terminal: provides additional metrics, such as exchange arbitrage patterns, bid ask spread

etc. Pre-launch cost is 199 USD per month.

Token features:

• Private ownership: assumes that tokens can't be traded on exchanges, available only through ICO.

• Distribution of income: performance fees to be distributed to team and investors every six month, when

investors receive 55% of the profit.

SUMMARY: AxionV positions itself as a crypto fund that will help investors constantly testing strategies and

analyzing the market to find the optimal strategy for every critical moment. A good idea and completed tests

with 8,662%-15,844% portfolio growth didn’t help the project to reach its hard cap, and there is almost no activity

on main resources. In the beginning of July AxionV announced a pre-sale for its new trading tool – RoninAI. The

tool doesn’t require tokens as a method of payment, and looks like a web solution for trading, secondarily a

blockchain solution. We note that investing only in cryptocurrencies that have previously been top performers

may lead to unpredictable outcomes, as past performance does not guarantee future results.

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DIGITAL DEVELOPERS FUND: DDF TOKEN

Digital Developers Fund is a fund focused on investing in high growth digital assets such as domain names and

cryptocurrency. DDF holds over 1,540 premium domains such as Swords.com, Audits.com, Exhibitions.com or

PR.uk.

DDF tokens are a “proof-of-membership” in the fund.

• Token: DDF

• Platform: Ethereum

• ICO dates: July 10th – August 9th, 2017

• ICO price: 1 DDF = 0.2953 USD

• ICO token supply: 247,500,000 tokens (3,929,700 tokens were sold)

• Total supply: 249,000,000 tokens

• Hard cap / Raised funds: 90,000,000 USD / 2,000,000 USD

Platform features:

• Investment focus: 70% of funds raised (1.4 million USD vs 63 million USD expected) are to be invested in

cryptocurrencies – 45% in premium domain names – 27.5%, etc. Trading decisions are made between the

funds director and asset manager, based on input from a research team.

• Strategy: invests only currencies with at least 100 million USD market cap.

• Reserve fund: 15% of funds to be reserved

• Fees: performance fee - up to 15%, management fee - 2.5%

Token features:

• Distribution of profit: 50% of net profit to be distributed to investors on a quarterly basis.

SUMMARY: Digital assets like cryptocurrencies have high barriers to entry and risks arising due to lack of

regulations, technical hurdles and lack of investment instruments. Investments via experienced managers like

the Digital Developers Fund, look less risky and therefore more attractive. The ICO held in August 2017 raised

less than 1% of the project’s hard cap, which highlights investors’ uncertainty about the project. There was no

clarity regarding how they are going to support ICOs and the cryptocurrency ecosystem as a whole, nor how they

plan to achieve qualitative depth of investments. It is also worth mentioning that the project planned only a 15%

reserve; this seems insufficient for high-volatility crypto coins.

VALUE COIN FUND: VALUE COINTOKEN

Value Coin is a value-investing crypto fund that invests cryptocurrency in the stock market, with the goal of

limiting volatility and risk whilst generating double-digit returns.

The Value Coin Fund claims 29% annual returns since 2008.

• Token: VALUE COIN

• Platform: Ethereum

• ICO dates: September 15th – October 31st, 2017

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• ICO price: ~0.013 USD

• ICO token supply: 90,000,000 tokens

• Total supply: 100,000,000 tokens

• Hard cap / Raised funds: 50,000,000 USD / 1,343,308 USD

Platform features:

• Strategy: Invest in the stock market with the proceeds from the ICO. The token’s value will be backed by

real assets (shares in public companies).

• Investment focus: Assumes purchasing small to mid-size company shares to obtain returns, each position

to be held from 3 to 5 years

• Use of proceeds: 90% will be invested in the fund, 10% - in the platform development

• Fees: 1.5% operations fee and 9% performance fee from the net profit.

Token features:

• Share: Value Coin token represents a portion of the total amount in the fund upon launch (planned for

November 2017). These coins will have the underlying value of a real asset (for example, investments in

Amazon stock, gold mining companies, etc.)

SUMMARY: The idea of the project is similar to backed-up investments. Value Coins are to be backed up by a

real asset that should maintain the lower bond. Although the fund claimed a 29% annual return since 2008, it

should be pointed out that this figure refers to the private investment management of its founder. We also note

that 29% in such a volatile market is a significantly below-average result, as many cryptocurrency investors and

day traders have made rather more than 29% on their investment. The ICO held in October 2017 raised less than

1% of the project’s hard cap, highlighting investors’ uncertainty about the project. Also, according to the

announced budget plan only ~140k USD went to development (10% of funds raised). These points could lead to

tokens not being listed. There are no product-related announcements on the site or on Twitter; this may suggest

that the project is not operational from the perspective of blockchain.

ALGO LAND FUND: ALGO TOKEN

Algo is a fund that facilitates participation in trading real assets (fiat pairs) whilst giving token holders power over

the pool.

• Token: ALGO

• Platform: Ethereum

• ICO dates: November 1st – December 10th, 2017

• ICO price: 1 ALGO = 4.4650 USD

• ICO token supply: 1885.1 tokens

• Total supply: 1885.1 tokens

• Hard cap / Raised funds: n/d / n/d

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Platform features:

• Strategy: Assumes trading of securities and their derivatives (the pairs EUR / USD, AUD / JPY were provided

as examples) through programmed rules – algorithmic trading.

• Investment focus: Forex pairs and indices.

• Backed by USD: ALGO tokens are fully backed by USD.

• Use of proceeds: 100% of funds will be used for trading equity.

• Fees: Performance fee - 20%.

Token features:

• Voting: Provides a facility for interaction with participants, i.e. the possibility of voting (no further details).

• Profit distribution: 80% of profit.

SUMMARY: Algo.Land introduced an algorithmic trading method which is basically a bot pre-programmed to

invest based on set rules. ALGO is fully backed by USD and provides a share in profits. After the ICO held in

December 2017, tokens were not listed; there is no information on funds raised or any on-going activity. This

underachievement could be caused by lack of ICO details, poor information disclosure on the site, as well as a

lack of information on how the project plans to achieve qualitative depth of investments. We also note that fund

performance is very poor.

BB FUND: ALGO TOKEN

BB Fund (Banking on Blockchain fund) is an investment fund that offers start-up capital for early stage blockchain

companies that have use cases relevant to banks. The objective of the fund is to nurture those companies based

upon detailed due diligence of the technical, managerial and business capabilities. The fund assumes 3 closures

and 3 years’ investment period.

BB fund is a project from Life.SREDA, a FinTech venture company with 2 funds under its management with

25 deals executed and 7 successful exits - supported by Chris Skinner, one of the top 40 FinTech leaders

according to the Wall Street Journal’s Financial News.

• Token: BB

• Platform: Ethereum

• ICO dates: October 1st – December 31st, 2017

• ICO price: 1 BB = 200 USD

• ICO token supply: 1,000,000 tokens

• Total supply: 1,000,000 tokens

• Hard cap / Raised funds: 200,000,000 USD / 2,694,000 USD

Platform features:

• Web platform: Provides a real-time performance dashboard, results of due diligence and investment

analysis, trading desk, etc.

• Regulatory compliance: Confirms compliance with Singapore / Cayman laws and acting accordingly.

• Investment focus: Includes startups, big data and deep analytics projects, SME-serving SaaS companies.

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• Strategy: assumes Multi-step underwriting and due diligence procedure, including sourcing and initial

research, reception of documents, financial and technological due diligence, legal and management check.

• Fees: Management fee – 2%, performance fee – 20%, entry fee – 5%

Token features:

• Voting: Provides voting on fund investment proposals such as strategic decisions, the annual investment

plan, fundraising terms.

• Profit share: Represents the share of investor ownership in the BB Fund. A token holder could redeem a

share. The first redeem will be limited to 25% of investor share in the BB Fund. Upon an investor’s request

to redeem, the fund liquidates a share and provides payments in fiat currency and/or coin from a list of

supported coins (currently BTC, ETH and BCH).

• Trading within the system: Offers buying and selling BB tokens on the BB fund trading desk.

• Backed by underlying assets: Initially raised cryptocurrencies such as ETH and BTC.

SUMMARY: Although the BB fund is backed up by an experienced venture capital company, with a stated 37%

IRR and provides a comprehensive whitepaper, since the ICO held in December 2017 there has been no news

related to investment activities. Amounts raised are not announced, and the token is not listed. BB tokens should

provide a share in the company’s profit with 3 closures each year. Any news will probably be announced in

December 2018. We note that proper due diligence procedures are very difficult to put in place, as there are no

relevant disclosure requirements and projects may wish to maintain silence about important matters.

ELPIS INVESTMENT FUND: ELP TOKEN

Elpis is a crypto-asset investment fund powered by its artificial intelligence tech that assumes the trading of both

traditional assets and cryptocurrencies.

• Token: ELP

• Platform: Ethereum

• ICO dates: probably March 2nd – April 30th, 2018

• ICO price: 1 ELP = 0.1100 – 0.1697 USD (for every 14.5 million token sold, the price will increase

exponentially)

• ICO token supply: 145,000,000 tokens

• Total supply: 250,000,000 tokens

• Hard cap / Raised funds: 20,000,000 USD / probably 1,300,000 USD

Platform features:

• Investment focus: Uses a proprietary AI-based system to effectively anticipate market moves when

executing investment strategies both in traditional assets and in cryptocurrencies.

• Strategy: Assumes live algorithmic trading signals that can also be automatically integrated with other

trading platforms through the API.

• Use of proceeds: 80% of funds raised will be allocated to Asset Under Management through the dashboard,

where clients will be able to follow trading activity.

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• Client split: assumes a split of investors into two categories – retail, with holdings from 5,000 USD to 100,000

USD and institutional, with holdings over 100,000 USD.

• Regulatory compliant: Register the fund in accordance with regulatory requirements defined by FINMA.

• Buy back: Periodically, 20% of profit generated from operations will be used to buy back tokens from token

holders, generating artificial demand.

• Fees: Management fee – 0%, performance fee – aligns with the market average.

Token features:

• Share: Neither represents an equity/share/participation right nor a right to rewards. Holding ELP tokens

means being part of the fund.

• Payment of fees: ELP tokens used to pay fees for services (there is no disclosure regarding fees except

payments for trading signals).

• Trading signals: Assumes that holders will receive trading signals for the crypto market, equities and

traditional markets (a premium feature after 1 year and available for purchase using ELP tokens). ICO

investors will have a 1-year free subscription plan to trading signals, while traders will be able to purchase

signals for a fee between 200 USD and 750 USD. ELP holders will receive a 50% discount.

• Redemption: States that a single token holder with 20,000,000 tokens is eligible to exchange tokens for

shares certificates after a vesting period of 3 years.

SUMMARY: Elpis, based on statistical and other strategies with strong mathematical orientations, looks like

one more algorithmic trading bot.

There is a lack of official information about the ICO on the site, and the team didn’t reply in chat. Based on

information from two public channels, the project raised less than 1% of its hard cap. Technical details and

performance attribution data shows a lack of transparency. The project makes announcements on short term

positions, however, which confirms ongoing activity.

The ELP token is stated to be a utility that neither confers an equity/share/participation right nor a right to

rewards; it does not guarantee any repayment obligation either. Based on the data above it relies more on trust

in the project.

Typically, funds charge a management fee and a performance fee – which means investors have the right to

receive profits. However, Elpis doesn’t pay out profits to investors, as they are only distributing a miniscule

amount of equity (2.5%) to investors.

FIRST CRYPTO ETF FUND: FCTF TOKEN

First Crypto ETF is an exchange trading fund that includes the management of digital assets in portfolios as well

as a strong emphasis on the development of safe cryptocurrency storage.

• Token: FCTF

• Platform: Ethereum

• ICO dates: ended on June 30th, 2018

• ICO price: 1 FCTF = 0.2 EUR or 0.3 USD

• ICO token supply: 59,500,000 tokens

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• Total supply: 65,000,000 tokens

• Hard cap / Raised funds: 65,000,000 / ~1 770 540 USD

Platform features:

• Investment focus: Represents a basket of top-traded high-demand coins, such as Bitcoin, Ethereum,

Bitcoin Cash, Ripple, Litecoin, Ethereum Classic, Lisk, Monero, Dash and ZCash.

• Strategy: Indexing takes into account the valuation of individual currencies on the market, their history and

fundamentals, but also their daily liquidity, volume of trades, and market availability.

• Use of proceeds: 99% of funds raised will be used for portfolio creation.

• Price trend chart: Current price of tokens from the portfolio are to be displayed on the site.

• Black card: Includes a pre-defined quantity of ETFs, representing a basket of crypto-currencies. Can be

bought on site for fiat.

• Fees: Management fee – 2%

Token features:

• Value of the portfolio: Represents the portfolio; token price is primarily determined by the current value

of the portfolio.

SUMMARY: First Crypto ETF fund presented its project as a simple way to participate in the crypto market,

including an option for buying a black card with a predefined amount of native token (this amount is not

specified). Taking into account that for the last half-year the price for all tokens mentioned in the portfolio is

decreasing, the reason to hold FCTF tokens is not obvious. Moreover, the project has not disclosed the role of

tokens in the system, nor any information on how profit is to be distributed (management and performance fee,

buy back, etc.). All mentioned points could have contributed to the ICO’s failure; the project has sold less than

1% of its tokens. The latest news on community channels reported that the network is overloaded. We also note

that ETFs on the traditional market demandable as shares are indivisible and sometimes hard to buy (e.g. AMZN

= circa 1,900 USD). The need for an ETF based on crypto is questionable because of high volatility, divisibility and

ability to be bought anywhere.

ICONIC LAB FUND: ICNQ TOKEN

Iconiq Lab is an investment fund and accelerator that enables start-ups to issue tokens, launch marketing

campaigns and receive funding through an ICO.

• Token: ICNQ

• Platform: Ethereum

• ICO dates: April 15th – May 30th, 2018

• ICO price: 1 FCTF = 1.23 USD

• ICO token supply: 15,000,000 tokens

• Total supply: 20,000,000 tokens

• Hard cap / Raised funds: 10,000,000 EUR or 11,660,000 USD as of May 30th, 2018 / 8,856,000 USD

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Platform features:

• Investment focus: ICO and start-ups.

• Strategy: Includes due diligence of startups and exclusive presale rights on accelerator graduates.

• Use of proceeds: 50% to be used to cover the expenses of program participants.

• Iconiq Lab Accelerator: Provides a due diligence solution for start-ups interested in launching their ICO,

including expert services for tokenization and tokenomics, legal guidance, ICO marketing and business

development.

• Funding: Grants 25,000 EUR in ETH to fund operations and launch an ICO and up to 200,000 EUR in ETH to

cover ICO-related expenses

• Service fee: 4-9% of tokens raised from a successful ICO with a lock-up period for 1 year for half of them.

Token features:

• Membership rights: Assumes membership rights such as exclusive access to presales on accelerator

graduate ICOs, the ability to provide feedback on program applicants and the right to help program

participants design unique tokens to create the most interesting ICO participation opportunities. As

mentioned before, due diligence on startups and venture projects is very difficult to perform when not

targeted properly.

SUMMARY: Iconiq Lab offers solutions based on blockchain and tokens for companies that want to run an

ICO. The project is already operational and is overseeing 5 start-ups; it continues to make announcements of

upcoming ICOs on community channels. Iconiq provides investors with exclusive offers from startups, including

pre-sale and discounts. Although the project raised only 10% of its announced hard cap and tokens are not listed,

its on-going activity permits an evaluation of the project as relatively promising.

PENTACORE FUND: PENT TOKEN

PentaCore is an investment fund that enables investors to gain exposure to the cryptocurrency market through

a tokenized fund designed to deliver superior risk-adjusted returns.

• Token: PENT

• Platform: Ethereum

• ICO dates: April 9th – May 9th, 2018

• ICO price: 1 PENT = 1 USD (value will be determined by the equivalent value of USD to ETH at the time of a

purchase)

• ICO token supply: 50,000,000 tokens

• Total supply: 50,000,000 tokens

• Hard cap / Raised funds: 50,000,000 USD / n/d

Platform features:

• Investment focus: Cryptocurrencies.

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• Strategy: Includes short selling, arbitrage, leverage, and the use of derivatives.

• Redemption: Assumes that all profits from the buying and selling of coins/tokens net of fees will be

reinvested in the fund. PentaFund will allow up to 10% of all tokens to be redeemed each quarter, with the

price being determined by the prevailing Net Asset Value (NAV).

• Fees: Management fee – 2% and performance fee – 20%.

• Trading expense: Include all expenses related to the trading of cryptocurrency assets such as exchange

fees, trading commissions, and subscriptions related to the day-to-day trading of cryptocurrency assets. It

is expected that these fees won’t exceed 1% of fund assets per year.

Token features:

• Profit share: 80% of earned revenue will be distributed among participants.

SUMMARY: PentaFund offers a trading mechanism based on short selling, arbitrage and hedging. It is

assumed that all profit generated will be reinvested in the fund, and token holders won’t receive any payment

from this profit. The white paper doesn’t provide a comprehensive overview of the process of trading, and there

is no clarity regarding how they plan to achieve qualitative depth of investments. All these points could have

caused the failure of the ICO. Since May 2018 there have been no announcements on main community channels,

and information about funds raised is not disclosed.

SATOSHI FUND: SPIES TOKEN

Satoshi Fund is a crypto fund on blockchain launched by Cyber Fund, that invests in and develops blockchain

projects capable of significantly changing the crypto world.

The main product of the Satoshi Fund is a Satoshi Pie founded in May 2016, with its token SPIES.

• Token: SPIES

• Platform: BitShares

• ICO dates: no ICO

• Token price: Every time a purchaser sends Bitcoin to Satoshi Pie’s Bitcoin address, Satoshi Fund issues

SPIES tokens based on a price which is calculated at 12.00 GMT each day. Token Price = Value of Assets /

Supply

• Total supply: Depends on income and outcomes for the fund’s capital

Platform features:

• Investment focus: Invests in blockchain assets mid- and long-term

• Strategy: Assumes investment decisions based on the analysis of fundamental factors such as compound

monthly growth rate, adoption rate, development status, and team dynamics.

• Fees: Entry fee to motivate investment agents – 5%, exit fee to create incentives for selling SPIES to the

market – 5%, trading fee – 1.5%. During the transformation period the fund set a management fee – 0.2%.

Token features:

• Share: Represents fractional ownership of the stake in the fund.

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SUMMARY: Launched in 2016, Satoshi Fund (Satoshi Pie) is an investment fund with assets under

management (AUM) making significant progress. Starting with a portfolio value of ~47,000 USD (~102 BTC) and

a price for SPIES of 1 USD in May 2016, within the year the project reached its peak in August 2017 with a portfolio

value of ~32,168,000 USD (~7,094 BTC) and the price of SPIES being ~45 USD.

On July 19th, 2017 due to a vulnerability in the Ethereum wallet Parity, about 32.4% of the fund’s assets, about 7

million USD were withdrawn. Although the project could get the funds back, it was decided to stop registering

new accounts and accepting funds. According to the transformation plan, Satoshi Pie will be liquidated on

January 31st, 2019. Until that time, a weekly redemption of tokens will take place.

All activities of the fund are open and verifiable with the help of the blockchain, and the portfolio is available as

of now. The latest report was published for March 2018.

According to the transformation plan, the team intends to create a new product in the area of investment asset

management, where every managerial action will be 100% verified and every customer will hold the assets

themselves.

We also note that fundamental factors do not always drive the price of a cryptocurrency. Moreover, in terms of

market-making and imperfect market, they are very hard to predict.

SWARM FUND: SWM TOKEN

Swarm is a capital market place that enables investing crypto assets in real assets, and deploying traditional

capital into real markets in a new way.

• Token: SWM

• Platform: Ethereum

• ICO dates: October 21st – October 28th, 2017

• ICO price: 1 SWM = 1 USD (the price varies on different sources, up to 27.42 USD)

• ICO token supply: 33,000,000 tokens, near 8,200,000 tokens were sold

• Total supply: 100,000,000 tokens

• Hard cap / Raised funds: 55,000,000 USD / 5,500,000 USD

Platform features:

• Investment focus: Includes real estate, renewables, agriculture, tech companies, crypto hedge funds,

impact investments, infrastructure, and any asset or project that the community of SWM token holders

approves.

• Self-management: Provides exposure to a wide variety of security tokens with different risk/reward levels,

but doesn’t offer advice or an AUM option.

Token features:

• Payment method: Used to directly invest in opportunities offered on the Swarm Invest platform.

• Voting: Confers voting rights on issues regarding the activities and regulations of the Swarm Foundation, a

non-profit organization which administers the SWM token.

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• Reward: SWM token holders can earn SWM for participating in voting, and application developers can earn

SWM in return for providing services and operations to the Swarm blockchain.

• “Gas”: To pay for transactions and operations.

SUMMARY: Swarm is using blockchain technology to democratize investment in real world businesses &

projects. The project looks more like a market place than an investment fund. It doesn’t offer an asset under

management option and investors make decisions on their own. So there is no standard for investment fund

options like profit share; instead of this, holders govern the platform and are granted additional tokens to invest

in various sub-funds that represent real assets. Token holders will have a ‘stake’ in each project that they will be

able to use to vote on decisions governing the project. The SWM token is listed on several exchanges.

It is worth mentioning that there are many other projects that aim to tokenize real world assets, and there is no

guarantee that Swarm will attain success. In addition to that, tokenized assets currently lack a regulatory

framework in most countries.

TEOZ FUND: TEOZ TOKEN

Teoz is a cryptocurrency fund with no minimum investment threshold.

• Token: TEOZ

• Platform: n/d

• ICO dates: no ICO

• Token price: Depends on capitalization of the fund's portfolio and the quantity of already-issued tokens,

recalculated once a day.

• Total supply: Issued at the moment of an investor's deposit of ETH/BTC to the wallet

Platform features:

• Investment focus: Includes cryptocurrencies, native tokens of crypto exchanges and ICO projects, offers

three investment options - 1, 3 and 6 months.

• Strategy: A synergy of traditional instruments of the financial market with advanced IT technologies.

• Fees: Infrastructure fee used for management fee calculation – 5%, performance fee – from 15 to 30%.

Token features:

• Profit share: Between 70 to 85% of earned profit is distributed to participants, depending on the strategy.

• Accounting unit: Provides a digital balance in the TEOZ fund.

• Membership rights: An investor purchases the fund's tokens, fixing the fund's index for the deposit at the

moment of entering the portfolio and receiving from the fund the obligation to buy these tokens after the

fulfilment of conditions for the chosen investment product.

SUMMARY: Teoz, launched in 2017, offers a trading mechanism that takes into account the fundamental

prospects of assets and their quantitative indicators of price movement. The project is an asset management

solution with no clarity regarding investment strategy, token economy or portfolio valuation. Despite quarterly

reports bewing announced, as of July 2018 there is no information regarding the value of the portfolio. On the

site, the current price of the TEOZ token is displayed, but it is not possible to check its validity as tokens reflecting

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a deposit to the fund are not listed. It is also worth mentioning the high performance fee – up to 30%, meaning

that the project does not offer very attractive investment opportunities.

TMT BLOCKCHAIN FUND: TMT TOKEN

TMT Blockchain Fund is an investment fund that offers a synergy between blockchain and venture capital with

exponential effects.

• Token: TMT

• Platform: Waves

• ICO dates: planned in June 2018

• ICO price: 1 SWM = 1 USD

• ICO token supply: 15,000,000 tokens (as a proportion of hard cap and token price)

• Total supply: 18,750,000 tokens

• Hard cap / Raised funds: 15,000,000 USD / ICO not held

Platform features:

• Investment focus: Includes companies at the intersection of blockchain and FinTech, large decentralized

applications (dApps), and various private blockchain infrastructure opportunities.

• Regulatory compliant: Compliant with SEC regulations and other relevant regulatory requirements

Token features:

• Security like: Plans for it to be treated like a traditional security, thus only sold to officially-accredited

investors.

• Profit share: Provides two types of return for its investors. Capital gains for traditional equity investments

and a portion of portfolio company tokens for ICO projects. When the fund’s portfolio companies exit, the

fund will repurchase its tokens from crypto investors in exchange for payment in crypto.

SUMMARY: TMT Blockchain Fund is led by TMT Investments Plc, which is a publicly-traded venture capital

company (LON: TMT), with an announced 17% revenue growth. The project plans to build a 60+ million USD fund

with a focus on traditional equity and ICO projects.

Taking into account that as of July 2018, the whitepaper and roadmap are not published and the ICO has not

been held, as well as an unclear investment strategy and token utility, the project can be evaluated as non-

promising as of now.

AICOIN FUND: XAI TOKEN

AiCoin is an investment collective dedicated to build wealth through the power of Artificial Intelligence and the

blockchain.

• Token: XAI

• Platform: Ethereum

• ICO dates: July 17th – August 28th, 2017

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• ICO price: 1 XAI = 0.0540 USD

• ICO token supply: n/d

• Total supply: 77,000,000 tokens

• Hard cap / Raised funds: n/d / 3,000,000 USD

Platform features:

• Investment focus: Assumes a two-stage strategy. Trading cryptocurrencies using artificial intelligence to

provide short-term gains and the fuel to drive AI and public blockchain space. Every week 50% of profits

generated by the AI models will be funneled into the investment pool for investment in early stage, seed

companies.

• Regulatory compliant: A Singapore-based company with an associated bank account. The Singapore

company’s purpose is to manage assets on behalf of AICOIN token holders and safeguard those assets, as

well as to pay tax on all profits generated.

• Profit share: Assumes that every week, the profit generated from trading will be divided as follows: 10%

will go to development, 40% will be reinvested in the trading pool and 50% will go to seed investments. All

calculations are carried out in SGD (Singapore Dollars) using midnight UTC rates every Friday.

Token features:

• Share: Gives holders ownership of a proportional share of the tokenized investment pool.

• Voting: Assumes that token holders vote on investment proposals and other issues that influence the

direction of the investment overall.

• Tradeable asset: Assumes listing on a number of exchanges, including First Global Credit, Poloniex and

Bittrex. It is expected that the value of AICOIN will reflect both trading profit from the AI models and a

premium reflecting the anticipated value of the seed investments.

SUMMARY: The AICoin fund offers a two-tiered investment strategy based on AI models and First Global

Credit’s proprietary technology. Operating since September 2017, the project discloses information on current

performance. The latest data shows about 5,720,000 valuations as of July 6th, 2018, and 90% growth of the

portfolio since the ICO. Based on the information disclosed it may be concluded that the current portfolio

includes USD and several crypto currencies, as well as two blockchain start-ups. As of July 2018 the XAI token is

not listed, so token holders can’t realize their gain targets.

Disclosure of project information is not user friendly; the website is quite strange for a blockchain project. It is

also worth mentioning that EtherDelta is listed on the project’s website, and the reliability of this exchange is

questionable according to many in the community.

ASTRONAUT FUND: ASTRO TOKEN

Astronaut is a publicly-available asset management service which leverages the infrastructure and technological

expertise of some of the industry's leading blockchain analysts.

Astronaut owns and operates Picolo Research, a research and investment analysis firm focusing on upcoming

and active ICOs.

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• Token: ASTRO

• Platform: Ethereum

• ICO dates: September 20th – October 25th, 2017

• ICO price: 1 ASTRO = 1 USD

• ICO token supply: 26,400,000 tokens

• Total supply: 30,000,000 tokens

• Hard cap / Raised funds: 26,400,000 USD (calculated based on token price and token supply) / ~2,200,000

USD

Platform features:

• Investment focus: Provides access to a basket of researched and verified ICOs. The target projects include

active listed cryptocurrencies, pre-ICO and active ICO companies, and companies targeted for M&A.

• Strategy: utilizes research analysis based on a number of algorithms and API feeds as well as a shortlist of

ICO projects.

• Fees: 10% will be used to cover ongoing operations and investment activities like legal, audit and analysis –

performance.

• Portfolio tracker: includes an App and Web App, which were intended to be released in December 2017

and Q1 2018 respectively.

Token features:

• Profit distribution: assumes a quarterly distribution of income, where 50% of profit will be credited

back to the token holder, 40% will be reinvested, 10% will be used to cover ongoing operations

and investment activities like legal, audit, analysis – performance. The first dividend distribution

was announced in December 2017.

• Tradeable asset: assumes listing on several exchanges. Token appreciation aligned with the Net

Asset Value (NAV) of the fund.

SUMMARY: Astronaut is an investment company that focuses on cryptocurrencies, ICO projects and

exchange-listed altcoins. It is based on a comprehensive analysis of ICO projects by its partner company, Picolo

Research. As of July 2018 only one announced application has been launched – the Google one. The project does

not evidence their platform algorithms, although it is claimed they have been implemented. On main social

media platforms the project continues to publish investment reports on upcoming ICOs; the state of the current

portfolio is disclosed via quarterly reports. In the Q1 2018 report the project’s portfolio included ~20 crypto

currencies and 6 ICO projects with a total valuation of ~2,400,000 USD (-13% since the Q12018 report and +12%

for funds raised during ICO). Dividends were distributed only for Q4 2017 to the amount of 0.4170 USD per

ASTRO (circulating supply was 3,999,999 tokens). It is worth mentioning that the highest rate for the project’s

tokens occurred at the end of December 2017 (which correlates to the date of quarterly report disclosure) at

4.47 USD. Since the beginning of listing, the price has dropped by half (from 3.04 USD to 1.22 USD). Regardless

of the overall market decline, it is possible to assume that the project’s investment approach is not profitable in

the short- and middle term.

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BIT20 FUND: SPIES TOKEN

Bit20 is an index fund with a portfolio constructed to match or track the components of a market index, such as

Standard & Poor's 500 Index (S&P 500).

• Token: BTWTY, Twentix is a 1/100,000 of 1 BTWTY

• Platform: BitShares

• ICO dates: no ICO

• Token price: Bit20’s price feed is produced by actual Bitshares witnesses. Twentix’ price feed was provided

by the team until it reached a market level where witnesses agreed to take on this responsibility.

• Initial value: 1,103.4733333333 USD

• Initiation date: July 21st, 2015

• Total supply: 1 token of BTWTY and 100,000 tokens of Twentix

Platform features:

• Investment focus: Investments in the top 20 cryptocurrencies by total market cap. Once a month there is

a revision of the portfolio, based on the percentages of top cryptocurrencies by market cap. It is stated

separately that Ripple is excluded from the portfolio.

• Strategy: distributes the percentage of the currency in the portfolio. This algorithm calculates the weight

(%) of each coin in the index. Only the few largest coins reach 10%; the vast majority have percentages going

from 9% to 1%.

• Price system: Calculates the price and publishes in the BitShares blockchain. Fulfilled by witnesses that

produce the index price using the composition created by the first algorithm.

• Fee: 0.1 BTS for trading operation in the BitShares ecosystem, 0.2% fee on market trades.

Token features:

• Share:

• Tradeable asset: Listed on the OpenLedger exchange. Token appreciation aligned with the value of the

fund.

SUMMARY: Bit20 is an index fund using a BitShares smart coin. The index includes the top 20 cryptocurrencies

based on market cap, with a monthly revision mechanism. The pricing mechanism is fulfilled by witnesses, where

the index price is based on the composition of coins. BitShares has tradable coins: BTWTY and Twentix (1/100,000

of BTWTY). The token price correlates with overall market trends, but is more stable due to the BitShares index.

So, the Bit20 fund could be considered as a profitable storage place for crypto assets, where token holders can

receive a slow-growing but stable income. We note, however, that the strategy seems to be ignoring short

positions; therefore, potential investors will not benefit from overall market decline.

BLACKMOON (FUND): BMC TOKEN

Blackmoon is a one-stop solution for asset managers for creating and managing legitimate investment funds

using blockchain technology.

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Blackmoon is part of the Blackmoon Financial Group, a group of financial technology companies founded in 2014

(a website for Blackmoon FG is not available).

• Token: BMC

• Platform: Ethereum

• ICO dates: September 12th – October 12th, 2017

• ICO price: 1 BMC = 1 USD

• ICO token supply: 30,000,000 tokens (as a proportion of funds raised and token price)

• Total supply: 60,000,000 tokens

• Hard cap / Raised funds: 30,000,000 USD / 30,000,000 USD

Platform features:

• Regulatory compliant: Acts as an exempted segregated portfolio company limited by shares, incorporated

in the Cayman Islands. In July 2018, the project filed an application for an EU Brokerage license.

• Investment focus: assumes diversification of portfolios via investments in fiat and crypto.

• Platform: enables managers to host and manage their own tokenized funds on Blackmoon, which provides

the infrastructure and services to support and simplify fund management. The platform offers a set of

technologies, techniques, interfaces, know-how, legal frameworks, and partnerships with banks and other

licensed players in the financial market.

• Asset token creation: facilitates the creation and distribution of an asset token for each fund. Contributions

from investors will be accumulated by the token issuer (fund) and converted to the fund’s base currency,

representing the share in the fund. The process could be repeated from time to time depending on fund

policy.

• Fund fees: assumes the creation – up to 10%, and redemption – defined by the fund, of fees for investors

in each fund. Each fund should operate with its generated revenue as follows: reinvest in the fund up to

25%, pay a performance fee of up to 25% and distribute among the fund’s token holders up to 50%. There

is also a management fee of 1.5%.

Token features:

• Tradeable asset: assumes listing on the OpenLedger exchange. Token appreciation aligned with the value

of the fund.

• Membership: assumes that managers creating a fund on the platform and BMC token holders have to hold

a specific amount of BMC tokens. For fund managers this amount relates to the size of their fund, varying

from 10,000 BMC to 1 million BMC. For BMC token holders this amount relates to their role in the system

and starts from 100 BMC.

• Membership rights: Enables participation in discussions regarding the platform and its operations and

directions and confers the opportunity to vote on strategies and development for the Blackmoon platform.

• Profit distribution: shares the proceeds from creation and redemption fees in proportion to the amount

of BMC deposited by the ‘continuous contributor’ (BMC token holders who deposit their tokens) to the total

amount of deposited BMCs

SUMMARY: Rather than being an investment fund, Blackmoon’s project is more accurately viewed as a

platform for investors. As a blockchain-based platform it offers tokenized investment vehicles. The platform

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enables its users to create, promote, develop, and manage investment funds while covering all aspects from

technology and infrastructure to legal compliance and corporate structuring. As of mid of 2018 there are 3

investment products for crypto assets, 3 for stock assets and 1 hedge fund. One of the funds – the Xiaomi

Corporation – was launched in July 2018; for all other funds just general information and results are presented.

It should be mentioned that the first tokenized fund was intended to be launched in January 2018. Besides an

asset token for each fund, that represents a share in the fund’s profit, there is a platform token. BMC token

holders receive a share of the fund’s token. The BMC token is also a tradable asset; since the ICO in September

2017 its price fell from 0.84 USD to 0.70 USD as of July 2018, which correlates with market trends. It should be

mentioned that the platform has quite an intricate fee structure, especially for BMC token holders. Also there

are some concerns about the token’s legal status and whether the SEC or any other regulatory body would

consider the BMC token holder’s role as participatory rather than just investment.

BULLCOIN GOLD FUND: BCG TOKEN

Bullcoin is a cryptocurrency hedge fund with a diversified portfolio of more than 50 cryptocurrency assets.

• Token: BCG

• Platform: Waves

• ICO dates: January 20th – February 20th, 2018

• ICO price: 1 BCG = 1 USD

• ICO token supply: 5,000,000 tokens

• Total supply: 21,000,000 tokens

• Hard cap / Raised funds: 5,000,000 USD (as a proportion of token price and token supply) / n/d

Platform features:

• Regulatory compliance: Application for a hedge fund license made in February 2018.

• Investment focus: assumes a diversified portfolio of high-potential cryptocurrencies identified by the fund

managers of the Bullcoin Foundation.

• Strategy: assumes that the percentage of investment in each cryptocurrency will be determined by current

market conditions and the current market price.

• Use of raised funds: 90% of funds collected from the ICO will form the investment fund.

Token features:

• Tradeable asset: assumes listing on exchanges. Token appreciation aligned with the value of the fund.

• Buy back: assumes a quarterly buyback of tokens from token holders to the amount of 15-30% of

investment gains. This is a mechanism intended to lead to token price appreciation.

SUMMARY: Bullcoin was launched as a hedge fund with a diversified cryptocurrency portfolio, built on the

Waves platform. Since its ICO in February 2018 the project has provided scant data on its portfolio’s performance.

According to official announcements, the portfolio was created in March 2018 with no details on its components;

two monthly results were disclosed (+65% in April, -26.15% in May) and in June 2018 the Bullcoin Gold crypto

fund was liquidated. Since July 2018 the project has operated as a digital gold asset. The remaining funds were

used to promote Bullcoin Gold as a digital gold asset. The token is traded on Waves DEX.

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TRIACONTA FUND: TRIA AND COMBICOIN TOKENS

Triaconta is an investment fund that diversifies risk and increases chances of success by investing in 31

cryptocurrencies.

The CombiCoin & TriaToken Foundation is a supporting company responsible for token distribution and

generating trading software.

• Token: TRIA & CombiCoin

• Platform: Ethereum

• ICO dates: September 1st – October 1st, 2017

• ICO price: 1 TRIA & 1 CombiCoin = 10 USD

• ICO token supply: unlimited

• Total supply: TRIA tokens are issued only during the ICO – fixed supply is 276,000 tokens; CombiCoins are

created when assets backing the token are bought.

• Hard cap / Raised funds: 10,000,000+ USD / ~2,100,000 USD

Platform features:

• Regulatory compliance: ensures transparency of operations due to the public registration of Triaconta and

the CombiCoin & TriaToken Foundation; both entities are registered in the Netherlands.

• Investment focus: assumes a diversified portfolio of the top 31 cryptocurrencies.

• Strategy: Investment based on the market cap. A revision and rebalancing procedure will take place every

two months.

• Use of raised funds: 91-99.9% of funds collected from the ICO to be used to buy back CombiCoin assets.

Token features:

• Tradeable asset (TRIA and CombiCoin): assumes listing on exchanges. Token appreciation aligned with

the value of the fund.

• Profit share: assumes a monthly distribution of 50% of Triaconta’s profit to TRIA token holders. Profit

sharing started in December 2017 for all TRIA token holders.

• Asset backed: assumes that each CombiCoin is backed by the top 30 cryptocurrencies.

SUMMARY: Triaconta is an investment fund backed by the 31 cryptocurrencies with the highest market cap.

With ~2million USD raised during its ICO in September 2017, the current company portfolio is ~5,500,000 USD

with a 142% all time growth. The project operates with two tradeable tokens. The first one is a TRIA token that

acts like a share with a fixed supply; each month since December 2017 token holders have received 50% of the

fund share. The latest payout took place in June with 0.0202 USD reward per TRIA. The second one is a CombiCoin

token that acts like an asset-backed token with unlimited supply and a regular sale campaign. The project is

registered in the Netherlands.

CRYPTOBAZAR FUND: CBT TOKEN

CryptoBazar is an investment fund enabling projects to attract investment through blockchain and issue

cryptocurrencies, and allows investors access to strong projects and thus grow their investments.

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The project is affiliated with InvestBazar – a conventional investment fund which invests exclusively in SMEs in

the real economy, and currently manages over 15 million USD as of 2017.

• Token: CBT

• Platform: Waves

• ICO dates: no ICO

• Initial token price: 1 CBT = 10 USD

• Total supply: 100,000,000 tokens

• Hard cap / Raised funds: - / ~1,700,000 USD

Platform features:

• Investment focus: focuses on three major areas – an ICO Accelerator, offering online acceleration for

projects and preparing ICO launches; events for promoting and developing the blockchain industry and

presenting upcoming ICOs to investors, and a fund for investing in projects prior to ICO launches.

• Strategy: enters projects before they launch ICOs, providing several advantages in terms of return,

preferential exit rights and options for additional purchase of shares. Selection of projects followed by

further multi-stage selection including automated screening, an internal dry run and raking.

• Use of proceeds: 100% of all capital invested through the fund is invested in projects launching their ICOs.

• Currencies of exchange: keeps accounts in three currencies — USD, BTC and ETH.

• Portfolio: discloses valuation daily and uploads to a co-investor personal profile. Profitability calculation

when assets become liquid or when exiting the project to receive liquid crypto assets (Bitcoin, Ethereum,

etc.). Deal cycle takes 6-9 months.

• Buy-back: undertakes to buy back any СВТ assets after a lockup period.

• Fees & lock-up: entry fee – 4%, exit fee – 0%, performance fee – 35%. Lock-up period is 12 months.

Token features:

• Tradeable asset: assumes conversion of BTC to CBT via a Waves wallet. Token appreciation aligned with

the value of the fund.

• Profit share: assumes a distribution of 65% profit with CBT token holders.

SUMMARY: CryptoBazar is a Russian-based investment fund focusing on pre-ICO projects. Launched in July

2017 with an initial portfolio of ~1.7 million USD, it has reached ~5.4 million USD with 22 projects as of July 2018.

The fund’s token, CBT, represents a share in the portfolio and provides a 65% dividend to token holders when

the assets of ICO projects become liquid. As of July 2018 the project is finalizing tests and planning to launch free

trading of CBT tokens on Waves DEX. It will allow investors to sell tokens after a 12-month lock-up period. The

CBT fund will buy tokens with a 25% discount. We also note that focusing only on the ICO market limits the

fund’s opportunities for investment, especially in the declining market.

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CRYPTO FUND: DACF TOKEN

CryptoFund is a diversified algorithmic fund investing in crypto technologies and blockchain (website is

unavailable).

• Token: DACF

• Platform: Ethereum

• ICO dates: September 30th – October 18th, 2018

• ICO price: 1 DACF = 1 USD

• ICO token supply: 3,000,000 tokens

• Total supply: unlimited, new tokens are issued every time the buyer sends BTC to the Fund’s wallet

• Hard cap / Raised funds: 250,000 USD for pre-ICO / n/d

Platform features:

• Regulatory compliance: plans to submit documents for the ETF fund in the USA in February 2019

• Investment focus: assumes diversification of the portfolio by investing in altcoins – 60%, ICO projects –

20%, active trading of crypto assets, crypto features and options – 20%

• Use of raised funds: not disclosed

• Fees: commission fee – 5%, performance fee – 20%

Token features:

• Profit share: assumes a quarterly dividend distribution. Dividends are paid each time the fund’s profit

reaches 20%.

• Tradeable asset: assumes listing on several exchanges. Token appreciation aligned with the Net Asset Value

(NAV) of the fund.

• Voting: confers a right to vote on the fund’s operations and portfolio composition.

• Membership: gives the right to participate in monthly online meetings, where results of the fund are

discussed and limited access to analysis provided.

SUMMARY: Launched as an investment crypto fund in October 2017 with a diversified portfolio of crypto

assets, the fund as of July 2018 is liquidated. The whitepaper details the liquidation mechanism that confirmed

return of all assets in the form of BTC to fund participants. All token holders were entitled to receive dividends

and profit on the price rise. The first payment was planned for March 2018. It was stated in the whitepaper that

the fund was going to accumulate 100,000,000 USD AUM as of July 2018. Despite general information about the

project, and token benefits and ICO being disclosed, there was a lack of information on portfolio components,

the investment mechanism and use of funds. As of July 2018 there are no community channels or other official

information, and an absence of any open information on funds raised and any post-ICO activity; it can be

assumed that the project didn’t reach its ICO target.

FINSHI CAPITAL FUND: TOKEN

FinShi is a blockchain venture fund focusing on ICO projects.

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• Token: FINS

• Platform: Ethereum

• ICO dates: September 6th – October 6th, 2018

• ICO price: 1 FINS = 1 USD

• ICO token supply: not specified

• Total supply: fixed, not specified

• Hard cap / Raised funds: 50,000,000 USD / 21,420,275 USD

Platform features:

• Regulatory compliance: complies with SEC (USA) and MAS (Singapore) requirements.

• Investment focus includes fintech projects on their seed and A/B rounds, those that already have an MVP

and initial clients.

• Use of raised funds: 75% of funds raised form the portfolio, with the following split: 60% of funds raised to

be invested in ICO projects, 30% - long term investments and 10% in classic venture investments.

• Fees: performance fee – 20%

Token features:

• Profit share: assumes monthly dividends – 80% from the fund’s profit.

• Tradeable asset: assumes listing on several exchanges. Token appreciation aligned with the net asset value

(NAV) of the fund.

• Buy back: assumes that the fund buys out tokens after each exit, planned to be almost monthly starting

from Q4 2017.

SUMMARY: FinShi as a crypto venture fund was launched in October 2017, with the aim of extending its

portfolio over the next 2 years to up to 15 FinTech and blockchain projects on seed and A/B rounds and provide

520% income per annum. As of July 2018 there are only 2 Russian-based projects mentioned in the project’s

portfolio. There is no information on portfolio valuation, nor dividend distribution. Taking into account that

FinShi raised more than 20 million USD, the portfolio looks poor. The whitepaper is vague in terms of portfolio

and investment strategy, and there are no project-related announcements on community channels.

CRYPTO20 FUND: C20 TOKEN

Crypto20 is an autonomous cryptocurrency-only portfolio created utilizing an index strategy.

• Token: C20

• Platform: Ethereum

• ICO dates: October 16th – November 30th, 2017

• ICO price: 1 C20 = 1.00 – 1.10 USD

• ICO token supply: 75,000,000 tokens

• Total supply: 86,206,896 tokens

• Hard cap / Raised funds: not fixed in USD / ~37,698,373 USD

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Platform features:

• Regulatory compliance: incorporated in the Cayman Islands.

• Investment focus: includes the top 20 cryptocurrencies.

• Strategy: bases on a hybrid index system, choosing currencies by market cap, with a weekly rebalancing

and a component cap of 10%.

• Use of raised funds: 98% of funds collected from the ICO were spent on underlying assets

• Fees: operational fee 0.5%, exit fee – 0.5%

Token features:

• Profit share: represents a share in the fund’s portfolio.

• Tradeable asset: assumes listing on several exchanges. Token appreciation aligned with the net asset value

(NAV) of the fund.

• Buy back: assumes a liquidation option. During a withdrawal, C20 tokens are transferred back to Crypto20’s

managers. These tokens are then resold on an exchange at the current NAV per token or market price,

whichever is higher.

SUMMARY: Crypto20 offers a hybrid market-cap weighted (10%) index strategy portfolio consisting of the top

20 coins by market cap, with a weekly rebalancing. Since its ICO in November 2017, the fund increased its

performance from ~37 million USD to ~40 million USD (+8%) as of the end of July 2017 with the peak at ~165

million USD in December 2017, this is better than for the whole crypto market (-8%). The project updates its

performance results in real time mode. As of the end of July 2018, the C20 token is tradeable on 3 exchanges

with a price of 1.04 USD, corresponding to the ICO price. The project discloses its performance report on a

quarterly basis; Q2 2018 data shows a +1.801% increase in value, whilst the market result is +1.669%. It is worth

mentioning the project’s active community channels, which boost trust in the fund (Facebook, Twitter).

AUTHORITO FUND: PIE TOKEN

Authorito Capital is an open-ended crypto fund.

• Token: PIE

• Platform: Ethereum

• ICO dates: not specified

• Initial token price: 1 PIE = 1 USD

• Total supply: not specified

• Hard cap / Raised funds: - / -

Platform features:

• Investment focus: focuses on various decentralized assets including coins, tokens and ICOs. At least 80%

of investments to be in long-term positions. Up to 20% of funds raised are to be used to back blockchain

startups by participating in their token sales.

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• Reinvestment: assumes that any profit after paying out rewards and management fee will be reinvested

back in the portfolio, therefore making the PIE token appreciate in the value. This reinvestment is

mandatory.

• Buy-back: allocates a limited portion of the fund to buy back tokens at the end of each quarter as a means

of generating liquidity.

• Fees: management fee – 1%, performance fee – 20% as long as returns are over 10%.

Token features:

• Tradeable asset: assumes conversion of PIE token on exchanges. Token appreciation aligned with the value

of the fund.

• Mining: enables growing the NAV of AUM.

• Share: represents ownership of underlying assets, but no dividends are offered.

• Voting: confers voting rights on major decisions regarding the fund.

• Rewards: incentivizes the holding of tokens. At the end of every quarter it is assumed that a discretionary

portion of the profit will be distributed as rewards.

SUMMARY: Authorito Capital is an investment fund from India. Information about the project is vague: The

site is not user-friendly, the whitepaper doesn’t disclose any investment strategy, there is an absence of

numerical values for bonuses and initial offering details. It was mentioned that the initial batch of tokens will be

created at a fixed price during the first token sale. As there have been no updates on Facebook and Twitter pages

since the end of March 2018, it can be assumed that the fund is liquidated or stopped operating.

LUNAR FUND: LNR TOKEN

Lunar Fund is a cryptocurrency hedge fund running on blockchain that uses artificial intelligence and advanced

machine learning techniques.

• Token: LNR

• Platform: Ethereum

• ICO dates: n/d

• Initial token price: 1 LNR = ~1.80 USD

• ICO token supply: 10,000,000 tokens

• Total supply: 10,000,000 tokens

• Hard cap / Raised funds: - / -

Platform features:

• Investment focus: n/d.

• Reinvestment: assumes that any profit after paying out rewards and management fees will be reinvested

back in the portfolio, therefore making the LNR token appreciate in value. This reinvestment is mandatory.

• Fees: performance fee – 40% (during the first six months – 10%)

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Token features:

• Tradeable asset: assumes conversion of LNR token on exchanges. Token appreciation aligned with the

value of the fund.

• Share: represents the ownership of underlying assets, but no dividends are offered.

• Value: represents the value of the fund.

SUMMARY: Lunar Fund is a hedge fund launched in November 2017. Since that time it has actively announced

insights into which assets carry the most and least weight in the portfolio, as well as any big movers, whilst there

is no information on the portfolio itself (size, components). Based on the information disclosed, we can assume

that the fund invests in cryptocurrencies. According to June’s performance report the fund value dropped 26%

in USD value and is equal to 0.00238. It is planned that at some point in Q1-Q3 2018 the project will launch a

desktop version of its application as well as a mobile version, but as of July 2018 there are no available

applications. There is no white paper, initial offering or investment strategy information.

BITCOIN GROWTH FUND: MCAP TOKEN

Bitcoin Growth Fund is an investment fund agency offering the opportunity to invest in high-risk startups, which

gives access to potentially high exponential earning for investors.

• Token: MCAP

• Platform: Ethereum

• ICO dates: April 27th – May 27th, 2017

• ICO price: 1 MCAP = 1.00 – 1.10 USD

• ICO token supply: 100,000,000 tokens to be issued after ICO, ~3,200,000 tokens were sold

• Total supply: 100,000,000 tokens

• Hard cap / Raised funds: n/d / ~ 44,287,318 USD

Platform features:

• Investment focus: invests in Bitcoin mining and altcoins based on its own developed algorithms along with

investing in other ICOs.

• Platform: plans to launch its own trading platform after the ICO.

• Buy-back: uses mining profits to buy back MCAP from the market at premiums of up to 20%.

• Use of raised funds: 76% of funds to be invested in mining hardware and utilities.

• Fees: not announced

Token features:

• Share: represents a share in the Fund portfolio.

• Tradeable asset: assumes listing on several exchanges. Token appreciation aligned with the net asset value

(NAV) of the fund.

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SUMMARY: Bitcoin Growth Fund is an investment fund with a focus on mining and ICO projects. During the

ICO the project raised a preliminary 11 million USD and two months later announced that total investment

amounted to 19 million USD. After this the project didn’t publish any announcements related to its investments

or portfolio composition. Since the end of 2017 there is no news on Twitter or Facebook. The fund’s token, MCAP,

is being traded on 3 exchanges at a price of 0.031469 USD as of July 2018 (a 99% drop since May 2017). It should

also be mentioned that during its ICO, the project was already being referred to as a scam.

NAPOLEONX FUND: NPX TOKEN

NapoleonX is a fully algorithmic, scalable & decentralized ETH-denominated fund.

• Token: NPX

• Platform: Ethereum

• ICO dates: January 22nd – February 28th, 2018

• ICO price: 1 NPX = 0.87 USD

• ICO token supply: 35,000,000 tokens

• Total supply: 50,000,000 tokens

• Hard cap / Raised funds: 18,300,000 USD / 13,951,976 USD

Platform features:

• Regulatory compliance: deployed by Napoleon Crypto SAS, a French company. This company will hold or

benefit from intellectual property in the form of trading bots for the first 10 DAFs (decentralized

autonomous funds) proposed in this project. It was planned to apply for an asset management license in an

EU country after the ICO.

• Strategy: includes trading techniques and algorithms (bots) that would be available to token holders.

• Platform: enables the design of algorithmic solutions on an open source scheme. The platform provides

trading services and tools such as trading signals, performance monitoring, market data, etc.

• Solution: offers decentralized autonomous funds. Each DAF will be a crypto-fund whose investment

strategy is to be governed by a blend of trading bots. At the time of the ICO, Napoleon Crypto SAS had more

than 20 operational strategies enabling the quick creation of 10 DAFs.

• Use of raised funds: 25% of funds raised to be invested in the application for AM license.

• Fees: performance fee – 25% paid by each DAF on a monthly basis

Token features:

• Profit distribution: enables NPX token holders to be granted 85% of the rental fee for the first 10 DAFs.

Fees will be payable in newly issued DAF tokens to the corresponding value.

• Tradeable asset: assumes listing on several exchanges. Token appreciation aligned with the net asset value

(NAV) of the fund.

• Referral program: assumes a 5% bonus on amounts brought via referral

• Voting: assumes voting on collective decisions and termination of DAF.

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SUMMARY: NapoleonX offers a series of Decentralized Autonomous Funds (DAFs), which will invest in 100%

algorithmic solutions and could be treated more as a platform for investments than an investment fund. The

project is backed by Napoleon Crypto – the financial institution offering these algorithmic solutions. Token

holders benefit from 85% of all performance fees generated by the first 10 DAFs. The success of NapoleonX

depends on how well the bots perform. As of July 2018, 12 strategies or DAFs are disclosed on the site, and

reported 12-month performance is positive for 11 of the solutions. The project regularly posts announcements

on its social channels including Medium and Twitter. As of July 2018, the NPX token is listed on 2 exchanges at

the current price of 0.23 USD (almost the same price as for March 2018, when the token was initially listed). An

application was submitted in June 2018 to the French regulator, the AMF (“Autorité des Marchés Financiers”).

NUMERAI FUND: NMR TOKEN

Numerai is a hedge fund enabling any data scientist to build machine learning models using the project’s data,

and thereby submit predictions for control of capital in the hedge fund.

• Token: NMR

• Platform: Ethereum

• ICO dates: no ICO

• Initial distribution date: February 2017

• Initial distribution: 1,000,000 tokens were distributed among 12,000 specialists. After the initial

distribution, the smart contract will mint a fixed number of Numeraire each week until the maximum is

reached.

• Total supply: 21,000,000 tokens

• Hard cap / Raised funds: /

Platform features:

• Strategy: Involves a weekly data science competition. Each data scientist submits predictions to Numerai.

Those predictions are validated against historical data, and Numerai makes payouts based on how well the

models performed on historical data.

• Encryption: works to ensure that participating scientists can’t see details of the company’s proprietary

trades.

Token features:

• Distribution mechanism: mined.

• Payout: rewards data scientists by fulfillment of a stake. The payout amount doesn’t reflect the size of the

profitability of the hedge fund, rather the cost of the data scientists' time. Prize pools are denominated in

NMR, but a fixed portion of them (denominated in USD) are paid out in ETH.

• Profit distribution: the hedge fund does NOT share profits with NMR holders.

SUMMARY: Numerai is a network of data specialists who aim to create forecast models to increase income

for a hedge fund. The NMR token enables receiving rewards for accurate predictions. As of July 2017 this reward

was a preliminary 15,000 USD per month. A list of resolved and open competitions is available on the project’s

site. The average prize pool as of July is about 900 NMR and 0 USD. The NMR token is listed on 3 exchanges and

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since its launch in June 2017 at the price of ~35 USD, the price has dropped to 8.21 USD as of July 2018. This

could be explained by the complexity of an operation that dives deep into blockchain and mathematical

technologies, as well as a range of alternative high-profit solutions.

SCIENCE INC FUND: SCI TOKEN

Science Inc. is a startup studio that develops, invests in, and acquires various businesses.

It is comprised of the following entities:

• Science Incubator I and Science Incubator II: an early stage incubation and acceleration firms,

• Science Ventures I: seed and growth investment firm,

• Science Blockchain: an ICO incubation and development firm

• Science Block Fund: an ICO and blockchain development firm

• Science Grow: growth partnerships

• Token: SCI

• Platform: Ethereum

• ICO dates: September 11th – November 2nd, 2017

• ICO price: 1 SCI = 1 USD

• ICO token supply: 100,000,000 tokens

• Total supply: 100,000,000 tokens

• Hard cap / Raised funds: 100,000,000 USD / 12,298,073 USD

Platform features:

• Regulatory compliance: bases on a Singaporean private limited company, which is the issuer of tokens

and a Cayman Islands-exempted limited partnership – an evergreen incubator investing in blockchain

technology.

• Investment focus: creates an environment where leading blockchain entrepreneurs can rapidly develop

their business concepts and utilize the project’s resources (strategic, tactical, legal, technical, operational) to

quickly and cleanly launch ICOs of their own. Reports regarding the total level of investment in public and

private securities and other assets, cash and cash equivalents, and a NAV of the incubator on a per-SCI token

basis as well as a list of portfolio companies currently invested in and recent changes in the portfolio should

be provided on a quarterly basis.

• Distribution of ICO project’s tokens: expects that the project holds on average 25% of the tokens of each

incubated portfolio company's ICO. 30% of portfolio tokens will be sold to refresh the incubator's funds.

• Buy back: occurs if the market price of an SCI token drops below 90% of the NAV per SCI token, the project

purchases SCI tokens on the open market. Such purchased SCI tokens may be resold.

• Redemption: allows the project to redeem the token, including redemption due to regulatory concerns.

• Use of raised funds: 90% of funds raised will form a portfolio.

• Fees: Upfront expenses relating to the digital token offering, including legal and accountings costs, will be

billed to the Incubator and amortized over four years on a quarterly basis. Transaction and other fund

expenses will be charged to the incubator.

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Token features:

• Distribution of ICO project’s tokens: expects that the project holds on average 25% of the tokens of each

incubated portfolio company's ICO. Of this 25%, it is expected that 70% of the portfolio company's tokens

will be ultimately distributed to each of the SCI token holders in proportion to their SCI token holdings.

• Tradeable asset: assumes listing on several exchanges. Token appreciation aligned with the net asset value

(NAV) of the fund.

SUMMARY: Science Blockchain is an incubator focused on funding and growing leading companies in the

blockchain space. It guides development, strategy, operations, marketing, funding and possible exit for these

companies. The project is backed by Science Inc. – the parent company that has incubated and invested in

startups for the past 6 years and raised more than 350 million USD. According to the whitepaper SCI tokens

represent an indirect fractional non-voting economic interest in the project’s non-cash assets. Token holders are

rewarded with the tokens of the ICO and don’t have any other rights (voting, referral, etc.). Even though the

project didn’t reach its announced soft cap of 50 million USD, it decided to make investments. On a quarterly

basis it publishes reports featuring information on portfolio components and the NAV of its SCI token. As of Q2

2018 there are 3 cryptocurrencies and 11 startup projects present. The NAV of SCI is 0.66 USD (fall by 2% since

Q4 2017 report). SCI is not yet listed on exchanges.

TAAS FUND: TAAS TOKEN

TaaS is a tokenized closed-end fund designed to reduce the risks and technical barriers for investing in the

blockchain space.

• Token: TAAS

• Platform: Ethereum

• ICO dates: March 27th – April 27th, 2017

• ICO price: 1 TAAS = 1 USD

• ICO token supply: 101,000,000 tokens

• Total supply: 101,000,000 tokens

• Hard cap / Raised funds: 101,000,000 USD / 7,700,000 USD

Platform features:

• Investment focus: contributes to crypto ventures which bring efficiency and simplify the use of crypto

assets in the ever-growing decentralized marketplace.

• Platform: offers a cryptocurrency-dedicated platform – Kepler. This platform offers individualized market

research tools, integrated order management and sophisticated performance forecasting.

• Solution: introduces cryptographic audit technology. This is a set of monitoring tools that enables validating

trading histories and portfolio balances. Among other solutions it consists of regular blockchain snapshots,

Proof of Reserves and view-only API keys.

• Reserve fund: 25% of the quarterly profit of the fund will be allocated to creation of the reserve fund until

30% of the portfolio is reached. The reserve fund will be maintained as a low-risk investment in Bitcoin to

provide liquidity.

• Use of raised funds: 75% of ICO funds raised are to be invested in the portfolio, 10% are to be placed in

the reserve fund.

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• Fees: performance fee - 25%

Token features:

• Profit distribution: enables token holders to collect 50% of the quarterly profit.

• Membership: grants token holders a free 1-year access to the Kepler portfolio management platform.

• Tradeable asset: assumes listing on several exchanges. Token appreciation aligned with the net asset value

(NAV) of the fund.

SUMMARY: TaaS is a closed-end fund that provides tools and techniques to make investing in digital

currencies easier. The project suggests a profit-share of 50%. Despite the project raising much less than expected

during its ICO in April 2017 (7.7 vs 101 million USD) it shows good results. TaaS regularly publishes quarterly

reports and other updates. According to the annual report the portfolio includes BTC, ETH and USD(T) - 37%,

other tradeable cryptocurrencies - 44% and contributions to ICO projects – 9.5%. Since April 2017, 35 selected

deals were executed with aggregate amount contributed exceeding 10 million USD equivalent. 16.3 million USD

or 2 USD per token was allocated to token holders. 25% of gains, equivalent to 8.1 million USD were retained in

active portfolios. TaaS is listed on several exchanges, and as of July 2018 is about 1.93 USD (a 93% increase). The

net asset value has increased by over 23 million USD equivalent.

TARGET COIN FUND: TGT TOKEN

Target Coin is a tokenized long-short cryptocurrency fund which invests and trades in the cryptocurrency market

by utilizing machine learning and algorithmic trading strategies for optimum alpha generation and risk-adjusted

returns.

• Token: TGT

• Platform: Ethereum

• ICO dates: July 15th – August 31st, 2017

• ICO price: 1 TGT = 0.04 USD

• ICO token supply: 1,340,000,000 tokens

• Total supply: 2,000,000,000 tokens

• Hard cap / Raised funds: ~ 53,600,000 USD / 20,711,412 USD

Platform features:

• Investment focus: assumes long-short investments in promising cryptocurrencies to minimize the market

risk and generate returns during both price rises and falls.

• Platform: : uses of technical analysis, artificial intelligence and machine learning. Offers a wide range of

alternative strategies across the risk-reward spectrum, as well as quantitative arbitrage across multiple

exchanges in different countries and hedging market risk by converting to USDT and shorting during a bear

mark. TGTPro software assumes a subscription fee after one month’s trial period (from 1 month – 12 USD

to 12 months – 125 USD).

• Use of raised funds: 90% of funds raised form the portfolio, 10% cover operational expenses..

• Buy back: introduced in May 2018, this mechanism assumes that the total amount of dividend is used to

buy back tokens from various exchanges.

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• Fees: operations fee – 10%, performance fee – 15%

Token features:

• Profit distribution: enables token holders to collect 85% of all quarterly profit. ICO investors are also

rewarded with a 0.75% quarterly bonus.

• Tradeable asset: assumes listing on several exchanges. Token appreciation aligned with the net asset value

(NAV) of the fund.

SUMMARY: Target Coin is an investment fund that enables token holders to capitalize on the rise of

cryptocurrencies. The project offers chargeable software based on machine learning, technical analysis, and big

data. It was planned that token holders receive 85% of profits on a quarterly basis. Distribution of dividends

occurred in December 2017, January 2018 and February 2018. The amount of dividends and portfolio

composition were not disclosed. In May 2018 the project announced that it will use earned revenue to buy back

all tokens from exchanges. Since that time there has been no news on the project’s Twitter and Medium

channels. As of July 2018, TGT’s price is 0.005709 USD (an 85% drop since the ICO).

THE TOKEN FUND: TKN TOKEN

The Token Fund is an index fund that that holds a diverse array of blockchain assets, with the goal of achieving

significant growth for clients.

• Token: TKN

• Platform: Ethereum

• ICO dates: no ICO

• Initial price: 1 TKN = 10 USD

• Initial date: March 25th, 2017

• Total supply: depends on the income and outcomes of the fund’s capital. Every time a purchaser sends

BTC or ETH to The Token Fund’s address, the fund issues TKN based on a price calculated on a daily basis.

Platform features:

• Investment focus: focuses on solutions that are helping to build essential autonomous infrastructure for

the supranational economy: decentralized computation, data storage and communications, decentralized

exchanges, investment solutions, prediction markets, pegged asset protocols, cross-chain gross settlement

systems, identity protocols, DAO and smart contract frameworks, reputation systems and social networks.

• Strategy: assumes medium- and long-term horizon planning (at least 60% of the fund’s assets) and short

term horizon planning (not more than 40%).

• Index: bases on market cap, traded volume and the “free float” of currencies.

• Portfolio: assumed to be rebalanced on a weekly or monthly basis and accessible on Google Sheet.

• Fees: rewards for fund managers and support for each issuance of TKN tokens and exit from The Token

Fund – 5%.

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Token features:

• Share: represents fractional ownership of a stake in the fund.

SUMMARY: Launched in 2017, the Token Fund is an investment fund with assets under management (AUM).

Starting with a portfolio value of ~ 19,000 (~20 BTC) and a price for TKN of 10 USD in March 2017, the portfolio

as of July 2018 has a value of ~1,530,000 USD (~187 BTC) and a price for TKN of ~58 USD.

All the activities of the fund are open; the portfolio is available in Google Sheet. The portfolio as of July 2018

includes 24 cryptocurrencies with its largest portions comprising Ethereum, Tezos and Bitcoin.

The project regularly posts reviews of ICO projects on Medium, and discloses its portfolio results on Twitter and

Facebook channels.

THE HEDGE COIN CAPITAL (FUND): HCL TOKEN

The Hedge Coin Capital is a cryptocurrency portfolio manager which facilitates contributions from investors in

a portfolio of digital assets such as crypto currencies, ICOs, derivatives, blockchain

technology startups and hedge funds.

• Token: HCL

• Platform: Ethereum

• ICO dates: started at April 1st, 2018

• ICO price: 1 HCL = 0.80 USD

• ICO token supply: 70,000,000 tokens

• Total supply: 140,000,000 tokens

• Hard cap / Raised funds: 60,500,000 USD / -

Platform features:

• Regulatory compliance: incorporated in Australia, with engineering operations to be based in Asia and

America

• Investment focus: offers a portfolio of digital assets such as crypto currencies, ICOs, derivatives,

blockchain technology startups and hedge funds - and assists startups in reaching ICO status.

• Strategy: allows contributors to choose either holding HCK tokens and receiving dividends, or placing their

HCL tokens into different diversified funds within the HCC platform. Investment options within funds include

a conservative Alpha fund with up to 100% performance range, a balanced Beta Fund with up to 300%

performance range and a high-growth Omega fund with up to 700% performance range. Contributors will

be given the option to switch based on their fund investment choice liquidity mandate. For example, if you

are currently invested in the Alpha fund, you may only switch at the end of the week.

• Use of raised funds: 90% of funds raised form the portfolio, 5% cover operational expenses, 5% cover

marketing costs.

• Platform: it was announced that the project is launching a smartphone app in late 2018 for investors to

manage their portfolios on the move.

• Fees: entry fee – 5%, management fee – 2.5%, performance fee – 20%

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Token features:

• Profit distribution: enables token holders to collect 15-20% of profit on a quarterly basis.

SUMMARY: Hedge Coin Capital is an Australian investment firm focused on creating profitable returns by

investing in cryptocurrencies and blockchain start-ups. It operates as a hedge fund and is accessible by using

HCL tokens. An investor may choose to receive dividends or to place their HCL tokens in different diversified

funds. Since its ICO in April 2018 there has been no portfolio-related news. On the project’s Twitter and Facebook

channels, only posts on the current crypto market situation are present.

BEFUND FUND: BFDT TOKEN

Befund is a set of technology solutions to serve fund-raising, investment, management and account exit.

• Token: BFDT

• Platform: Ethereum

• ICO dates: May 16th – June 16th, 2018

• ICO price: 1 BFDT = 0.07 USD

• ICO token supply: 500,000,000 tokens

• Total supply: 2,000,000,000 tokens

• Hard cap / Raised funds: ~22,500,000 USD / 3,000,000 USD

Platform features:

• Investment focus: offers a standardized single ecosystem platform for digital monetary funds, specifically

designed to factor in all operational aspects of day-to-day business requirements.

• Solution: offers 3 solutions. A SaaS (Software as a Service) tool which utilizes blockchain technology and

smart contract modules to speed up the fund’s operation, and a customizable sidechain for high-frequency

demand; BFDChain helps to build decentralized financial applications (Dapps) for various types of fund; A

token sale technology solution that calculates, issues and distributes tokens for bulk sale on behalf of

cryptocurrency funds looking to raise money by issuing tokens.

• Use of raised funds: 40% - R&D, 20% - PR, 20% - Marketing, 15% - daily operations, 5% - legal.

Token features:

• Function: assumes gas fee, transaction fee and currency.

SUMMARY: Befund is a platform for investment funds, offering solutions for improving fund operations,

launching dApps and token sales. After its ICO in June 2018, the site no longer offered an English version. There

is also a lack of development or investment-related news. Although it has been announced that BFDT tokens will

be listed on 2 exchanges since June 2018, there is no data on exchanges. The latest announcement relates to the

strategic investment of 10 million USD from Huanfeng Capital.

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BITBOSE (FUND): BOSE TOKEN

BitBose is a platform that enables the decentralized operation of core banking features such as deposit and

parking of funds, loans and the exchange of cryptocurrencies.

• Token: BOSE

• Platform: Ethereum

• ICO dates: July 16th – November 30th, 2018

• ICO price: 1 BOSE = 0.07 USD

• ICO token supply: 210,000,000 tokens

• Total supply: 300,000,000 tokens

• Hard cap / Raised funds: ~ 45,000,000 USD / ICO not ended

Platform features:

• Regulatory compliance: The company is registered as a bank under the jurisdiction of British Law and will

abide by all laws and regulations in British common and corporate law. BitBose will also be completely

compliant with GDPR laws and will allow its users to download all personal information collected and

request its deletion if necessary.

• Investment focus: offers unique investment banking solutions such as portfolio funds, crypto loans and a

mining rewards program. Portfolio funds include a hybrid intelligent trading bot – Spike, based on AI

(Artificial Intelligence) and ML (Machine Learning). A crypto loans program offers users funds denominated

in crypto or fiat by depositing their crypto assets to a secured platform as a guarantee of good faith. The

platform enables mining BOSE tokens and the generation of a stable inflow of tokens in return.

• Platform: includes a bank for depositing funds and taking out loans, an exchange for trading experience

and a smart portfolio for access to algorithmic trading.

• Buy back: assumes that total net proceeds from charges collected as platform usage fees will be used to

buyback BOSE tokens and take them out of circulation for fixed periods of 1 year.

• Use of raised funds: 30% - R&D, 20% - business development, 20% - marketing, 15% - legal, 10% - general

and administrative, 5% loyalty incentives.

Token features:

• Utility: provides access to the features and capabilities of the platform.

• Fee discount: assumes a 50% discount for transaction charges.

• Tradeable asset: assumes listing on several exchanges. Token appreciation aligned with the net asset value

(NAV) of the fund.

SUMMARY: Bitbose is a cryptocurrency exchange which offers opportunities for its investors in the form of

smart portfolio management, mining and trading solutions, the fastest p2p transactions, ingenious fiat and

smart crypto loans, and aims to be the first crypto smart bank. The ICO will end in November 2018, so it is an

early point to attempt evaluation of the success of this solution. In the white paper, there is a lack of economic

parameters provided, such as fees for use of the platform or passive income benefits for token holders. At the

end of July 2018 the company announced the release of a trading MVP.

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