Cryptocurrency company Animoca Brands has invested in EthSign, a decentralized electronic signature platform. EthSign is building a new token management platform called TokenTable. Here are the details…
Significant cryptocurrency investment from Animoca Brands
Animoca Brands, a web3 investor focused on games and metaverses, as we reported on Kriptokoin.com, has made an undisclosed amount of investment in EthSign, a decentralized electronic signature platform. EthSign said Monday that the investment will help EthSign continue to build and go public its token management platform, called TokenTable. TokenTable is currently in beta and allows users to manage the issuance and distribution of tokens.
While the investment amount was not disclosed, Potter Li, co-founder of EthSign, said the firm’s total funding to date is currently $14 million. This means Animoca has invested $1.35 million in the company, as EthSign has previously raised $12.65 million in two funding rounds. However, Animoca Brands did not comment on the size of the investment.
EthSign supports the “rule of law”
EthSign’s TokenTable went live in beta last week. It allows Web3 founders, investors and employees to manage their token holdings on the chain. According to EthSign, the current token management process is tedious. Founders have to manually distribute and track token allocations, while investors and employees have to keep track of token unlock dates. EthSign said that TokenTable uses Blockchain technology for record keeping, fund transfer and agreement enforcement. EthSign uses the following statements:
TokenTable puts the terms of legal agreements into the smart contract, thus ensuring that the investment terms of every agreement signed on the platform are enforced – an important step in supporting the rule of law with the rule of code.
Animoca Brands is trying to issue its own tokens
Animoca Brands may be trying to leverage TokenTable as an investor and frequent token allocation recipient in more than 380 companies. Yat Siu, co-founder and president of Animoca Brands, said in a statement, “Many projects use Excel spreadsheets to calculate and monitor token allocation and unlocking, which is inefficient, unsafe and extremely inconvenient. “EthSign’s TokenTable addresses these challenges to provide a new standard of operational efficiency for web3 businesses.”
Li said that TokenTable currently supports Ethereum and Polygon and plans to expand to other Ethereum Virtual Machine compatible chains and layer 2 networks in the future. EthSign was founded in Singapore in 2019. Its first product, Signatures, is seen as a decentralized version of DocuSign. It allows users to sign and manage on-chain agreements via crypto wallets.
43409
