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Crypto Issuance Startup Tokensoft Brings Its Token Launchpad On-Chain
Tokensoft version 2 will allow for greater abstraction in how teams structure their token distributions.
By Danny Nelson
Updated May 9, 2023, 4:06 a.m. Published Jan 31, 2023, 2:00 p.m.
Tokensoft, which helps cryptocurrency companies raise capital by selling tokens, is replicating its platform as smart contracts on six blockchains, CEO Mason Borda told CoinDesk.
The technology will be available on-chain on Ethereum, Celo, Arbitrum, Optimism, Polygon and Avalanche. California-based Tokensoft is betting its open-source smart contracts will help it take a chunk of business from other popular on-chain fundraising mechanisms, such as exchange initial DEX offerings (IDO) and token launchpads.
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The expansion means deeper integrations with the Web3 world, where startups raise millions of dollars by selling investors tokens instead of equity. Tokensoft is one of a handful of companies built to help those issuers navigate the sometimes thorny regulatory and compliance landscape around such distributions.
By moving its own product on-chain, Borda said Tokensoft’s clients can add new levels of abstraction to their token distributions. One new feature allows for tethering a token unlock to the price of bitcoin , instead of to periods of time.
“The kind of people who go with bitcoin price unlocks are bullish on bitcoin and just bullish on crypto as a whole,” he said of the veteran crowd this product line targets. “This isn't for folks who ask, ‘What if bitcoin never hits $50,000 again?’”
Smart contracts will also allow more creativity in setting airdrops, he said. One might set the code to only distribute to wallets that have executed specific smart-contract interactions, for example.
“It’s become a lot broader in terms of how you can distribute tokens to a user base,” he said.
Making one’s software tech open source has potential downsides for a business, though – not least being the possibility of prospective customers simply copying the code and replicating it without ever paying a penny. Borda acknowledged the risk, but said it's one Tokensoft is willing to take. Users would still need to pay Tokensoft for regulatory guidance, he said.
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