TokenSoft ICO Service Platform Adds Stellar (XLM) Protocol Support Backed By Strong Demand
TokenSoft announced on Tuesday that it would extend its offerings to include the Stellar protocol due to strong demand for the platform.
TokenSoft, a token sale (ICO) company working with crypto startups to navigate through legal compliance procedures in the U.S. and internationally, announced on Tuesday that it would extend its offerings to include the Stellar platform.
TokenSoft now supports the Stellar protocol
TokenSoft announced it would begin issuing tokens using the Stellar platform
“TokenSoft is pleased to announce today that following a successful pilot program, we have decided to roll out full integration with the Stellar blockchain platform. Issuers using the TokenSoft platform will now be able to not only accept Stellar as payment during their token sales, but also issue their tokens using the Stellar platform.”
Reason for Stellar support
Mason Borda, Co-founder of TokenSoft, noted that his company had been receiving requests for Stellar support since Q4 of 2017, but was initially skeptical as Stellar isn’t known for token issuance.
After noticing that not only was there a high demand for Stellar but also entrepreneurs and companies were beginning to actually use Stellar, his company moved to provide support for the altcoin.
TokenSoft has been looking into the Stellar platform since the first quarter of 2018, citing its level of “maturity” as the reason for accepting it to the platform.
He said that the ICO platform quietly rolled out full lifecycle support for Stellar Lumens and tokens on the Stellar blockchain in March this year.
“We feel that [the Stellar network], the toolsets and the underlying infrastructure do provide the maturity for us to provide official support.”
Mason Borda went on to list the reasons why the ICO service platform decided to list Stellar. The reasons are because;
- The built-in token capabilities of the network make the Stellar tokens easily-programmable with high functionality,
- Stellar’s software is readily available and very well organized,
- Stellar transaction fees are relatively low in comparison to other blockchains, and
- The Stellar network has a built-in decentralized exchange.
TokenSoft’s support for Stellar comes as another boost for the Stellar project, and just after it was revealed that blockchain startup Chain has been acquired in an undisclosed deal by Lightyear.io, a startup building on the Stellar protocol.
The deal will see both firms combine to form a new venture called Interstellar, with Chain CEO Adam Ludwin to serve as Interstellar’s CEO, and Jed McCaleb, the creator of the XRP and Stellar protocols, taking on the role of CTO.
Increasing demand from ICOs
According to TokenSoft’s CEO, the platform is planning to work on supporting other networks, and Borda believes that this number of cryptocurrencies they support will only rise with time.
Borda, while avoiding mentioning names of any company or project, says he believes that ICOs will start pouring in soon.
Borda noted that there are currently no other protocols planned for TokenSoft’s support right now, but their tools are designed in a way that they do not have to be glued to a particular blockchain. He said:
“We consider our tools and services to be sort of agnostic of what underlying blockchain these things launch on, and the reason is that regulations are consistent regardless of what blockchains or tool sets “