(Image: Auctus/YouTube)

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.

(Related: Auctus Hopes to Offer Blockchain-Based Annuity Distribution)

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.

The other legal advisor, Adam Greetis, is a partner in the benefits practice at the Chicago office of Seyfarth Shaw LLP. He has a bachelor’s degree from the University of Illinois and a law degree from the Illinois Institute of Technology.

The other members of the advisory board are Steve Clark, a financial advisor, and Martijn van Eck, a pension financial technology specialist.

Clark is an associate professor of finance at the University of North Carolina at Charlotte. He is also managing director of structured financial solutions at Horizon Investments. He has a bachelor’s degree in math from the University of Georgia, and doctorates in mathematics and applied economics from Clemson University.

Van Eck, the fintech specialist, has been a partner at Symetrics B.V. in the Netherlands. Symetrics has created an economic scenario generator that insurers, pension funds and other companies can use in financial stress testing.

—Read Advisors, Consumers Need More Information on Long-Term Care Planning on ThinkAdvisor.


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