Polybius is a proposed blockchain-based digital bank which raised $11m last week via an ICO. The FT provides some interesting nuggets from an interview with the EY Partner who advised Polybius on who actually owns what post ICO.
Helping Polybius, the bank initiative, raise all that money was a marketing effort which leaned heavily on associations with well-established financial and advisory institutions. Case in point, Daniel Haudenschild, partner at EY, whose name and EY connection was well publicised throughout the supporting documentation, despite a lack of clarity as to the real nature of EY’s involvement/endorsement. Crypto podcaster Joshua Unseth spoke with Haudenschild about the ICO and the following are a few nuggets from the conversation, which we thought were worth sharing: JU: You and I both know that tokens don’t provide any fiduciary obligation to investors, these are just tokens so there’s no equity given to investors right, or to these token holders ? JU: Right. So somebody actually does own Polybius? There is an owner of it and that is HashCoin isn’t it?