The co-founder of Fosun International, Mr. Liang Xinjun, led a $6 million funding round for Smart Token Labs. The company said it would use the money to speed up the work on its TokenScript project. Smart Token Labs is worth $200 million at the moment.
Mr. Zhang Fan, who helped start Sequoia China, joined HashGlobal, Bodl, Fenbushi Capital, SNZ Capital, UOB Ventures Signum Capital, and MH Ventures in trying to raise money.
The company that makes Web3 open source software is making an interface for programmable smart tokens that will speed up use cases for both Web2 and Web3.
Web3 is the next generation of the internet. It uses blockchain technology, AI, AR/VR, and decentralized applications to make the web more democratic by making it easier for people to own their own digital assets.
TechCrunch’s web3 tracker shows that top venture capital firms have put more than $88 billion into the industry so far.
Rather than investing directly in tokens, a number of crypto-native venture capital firms are focusing on blockchain infrastructure as a key growth vertical for their portfolios.
In the case of Smart Token Labs, the company raised money through a Simple Agreement for Future Tokens (SAFT), which basically means that the investors will get tokens equal to the amount they put in at a later date.
Victor Zhang, Co-Founder and CEO of Smart Token Labs, praised Mr. Liang Xinjun and other backers for supporting TokenScript. He said, “We’re delighted to see support for TokenScript from some of the most influential investors in the space.”
Our advanced token-gating solution, BrandConnector, has been getting a lot of attention on the market over the past year. Zhang said: “We’ll soon be announcing major partnerships with household names in Brand, Loyalty and CRM.”
Smart Token Labs is betting a lot on the effect of customer loyalty and customer relationship management (CRM) on bringing web3 brands to the web3. BrandConnector is an advanced solution for token gating that was built with TokenScript. It lets websites respond to requests from visitors based on the tokens they have.
The announcement says that BrandConnector can be built into websites and loyalty or rewards programs. This lets it interact with different tokens, NFTs, and derivatives.
The feature is being added to web2 platforms like Shopify and Galaxy right now, and more partnerships are in the works, including ones with sports and loyalty programs. On the other hand, some of the first uses of TokenScript were in NFT ticketing and AutographNFT, among other places.
Mr. Liang Xinjun also said, “TokenScript has enormous potential as a programmable smart token interface, an open source middleware that can connect Web2 and Web3,”
Mark Cuban, Crypto.com, Framework Ventures, and Mechanism Capital are some of the top investors and venture capital firms that back the company.