Smart Token Labs’ TokenScript Raises $6 Million To Onboard Brands To Web3

Liang Xinjun, the co-founder of billionaire Fosun International, led a $6 million fundraising round for Smart Token Labs’ Tokenscript initiative.

TokenScript’s valuation has now been tripled from $50 million to $200 million by the firm. According to the company, it raised an initial $6 million in July of last year from investors including Mark Cuban, Crypto.com, Framework Ventures, and Mechanism Capital.

According to a release, this newest transaction, which concluded earlier this month, included investors such as HashGlobal, Bodl, and Fenbushi Capital.

Smart Token Labs stated in an email that the funds were raised using a simple agreement for future tokens, or SAFT. SAFTs are investment contracts given by businesses to investors in exchange for the future transfer of their native coins. This money will be used to further develop TokenScript, a framework aimed at improving token functionality.

Victor Zhang, Co-Founder & CEO of Smart Token Labs, said:

“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.”

BrandConnectors, a TokenScript product, allows websites to respond depending on the tokens in a user’s wallet and is now being integrated with platforms like Shopify and Galaxy, as well as platform collaborations in sports and workplace loyalty.

Smart Token Labs has said that the platform is cross-chain compatible, with successful implementations on Solana, Flow, and Ethereum virtual machine networks such as Optimism, Polygon, Avalanche, and Ethereum.

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