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.
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The FT's eye watering dig into the recent ICO of the "Crypto Bank" Polybius
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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?
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