TokenScript, a project created by Smart Token Labs, is reporting a funding round of $6 million at a pre-money valuation of $200 million, according to a company statement.
TokenSoft is raising the growth capital in a SAFT that has the support of some well-known names, including: Fosun International Co-Founder, Liang Xinjun, a prominent Asia based investor. The company notes that its $200 million valuation is a significant step up from a July 2021 valuation of $50 million when Smart Token Labs raised an initial $6 million via SAFT from investors including Mark Cuban, Crypto.com Capital, Framework Ventures, and Mechanism Capital.
Other investors include HashGlobal, Bodl, Fenbushi Capital, SNZ Capital, UOB Ventures Signum Capital, and MH Ventures , as well as individual investor Zhang Fan a co-founder of Sequoia China.
Smart Token Labs said it will use the money to further develop TokenScript, a programmable smart token interface that aims to accelerate use cases across Web2 and Web3.
Smart Token Labs said that it believes “Loyalty and CRM” will be big use cases to bridge brands into Web3. TokenScript’s BrandConnector is described as a token gating solution that enables websites to respond to visitors based on the tokens in their digital wallets.
The company states that BrandConnector is being integrated into Web2 and Web3 platforms like Shopify and Galaxy, with a number of platform partnerships pending. Current applications of TokenScript include NFT ticketing, AutographNFT, and tokenization projects in automotive and IOT.
Liang Xinjun issued a comment claiming that TokenScritp has significant potential as a smart token interface:
“We are very encouraged by the traction the team is gaining via projects with global brands and integrations with major platforms.”
Since 2017, Smart Token Labs has been building two core bridges to this future: AlphaWallet, an open-source mobile NFT wallet, and TokenScript, a framework for token composability and interoperability.