Auctus, an international blockchain annuity distribution startup, has added four advisors with non-tech financial services industry experience.
Auctus is trying to raise capital by holding an "initial coin offering" (ICO) that's set to start Nov. 14. The company will be selling virtual "tokens," or standardized digital contracts, created using the Ethereum cryptocurrency platform. If the company becomes successful, the original investors could make money by selling the tokens for a price higher than the original ICO price.
In early October, when Auctus began promoting the token sale, it seemed to have no founders or employees with significant legal or accounting experience, or significant experience with administration or distribution at an insurance company, insurance agency or pension plan, listed as team members.
The company has now beefed up its financial services expertise by creating an advisory board.
Two of the first four advisory board members are pension legal advisors.
One, Eric Paley, is a benefits lawyer in the Rochester, New York, office of Nixon Peabody. He has a bachelor's degree from Cornell and a law degree from Syracuse University.
