- Smart Token Labs has raised $6 million for its TokenScript project, valuing the company at $200 million.
- The fundraising was led by Fosun International Co-Founder, Mr. Liang Xinjun.
- The round also attached participation from HashGlobal, Bodl, Fenbushi Capital, SNZ Capital, UOB Ventures Signum Capital and MH Ventures.
Smart Token Labs has closed a $6 million funding round led by Fosun International co-founder Mr. Liang Xinjun. The company said it will use the funds to accelerate the development of its TokenScript project. The new round of capital values Smart Token Labs at $200 million.
Other participants in the fundraising include HashGlobal, Bodl, Fenbushi Capital, SNZ Capital, UOB Ventures Signum Capital and MH Ventures, as well as, Sequoia China co-founder, Mr. Zhang Fan.
The Web3 open source software development company is developing a programmable smart token interface that accelerates use cases across Web2 and Web3.
Web3 is described as a next-generation internet that leverages blockchain technology, artificial intelligence, AR/VR and decentralised apps to democratise the web by promoting community ownership of digital assets.
The industry has attracted leading venture capital firms who have to date ploughed in more than $88 billion according to TechCrunch’s web3 tracker.
Several crypto-native venture capital firms are targeting blockchain infrastructure as a key growth vertical for their portfolios rather than investing directly in tokens.
In Smart Token Labs’ case, the company raised the funds via Simple Agreement for Future Tokens (SAFT), which basically means the investors will receive tokens equivalent to the amount invested at a future date.
Victor Zhang, Co-Founder & CEO of Smart Token Labs lauded the support accorded by Mr. Liang Xinjun and other backers saying: “We’re delighted to see support for TokenScript from some of the most influential investors in the space.”
“The past 12 months we’ve gained a lot of momentum in the market with our advanced token gating solution BrandConnector. We’ll soon be announcing major partnerships with household names in Brand, Loyalty and CRM,” Zhang added.
Smart Token Labs is betting heavily on the impact of loyalty and CRM to deliver web3 brands onto web3. The company has leveraged TokenScript to create BrandConnector, an advanced token gating solution that enables websites to respond to visitor requests based on the tokens they hold.
According to the announcement, BrandConnector can be integrated into websites and loyalty or rewards programs, allowing it to interact with different tokens, NFTs and derivatives.
The feature is already being integrated into web2 platforms like Shopify and Galaxy, and has more partnerships in the pipeline, including sports and loyalty programs. On the other hand, TokenScript’s early use cases include applications in NFT ticketing and AutographNFT, among others.
“TokenScript has enormous potential as a programmable smart token interface, an open source middleware that can connect Web2 and Web3,” added Mr. Liang Xinjun.
The company is also backed by leading web3 investors and venture capital firms including Mark Cuban, Crypto.com, Framework Ventures and Mechanism Capital.
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