TokenSoft, an ICO services platform, is officially introducing support for projects on the Stellar lumens protocol.
The company announced on Tuesday it would extend its offerings to incorporate the Stellar platform since it has previously assisted ethereum-based projects. TokenSoft is known to help crypto startups navigate through legal compliance procedures in the U.S. and internationally.
TokenSoft co-founder Mason Borda said his company had been eyeing Stellar since the first quarter of 2018, with its level of “maturity” as the primary reason for accepting it to the platform.
Quoting Borda, “We feel that [the Stellar network], the tool sets and the underlying infrastructure do provide the maturity for us to provide official support. We’re excited to announce that if you want to receive payments for lumens, we can provide support.”
Stellar’s demand in late 2017 made Borda’s team a ” little bit skeptical” initially since Stellar isn’t known to enable token issuance. Still, he added, “We noticed that not only was there demand for Stellar, but also entrepreneurs and companies were beginning to use Stellar.”
This increase in demand and adoption convinced Bardo’s team that projects would persist to launch on Stellar.
TokenSoft has seen “a steady stream” of demand for assistance launching on the network since earlier in 2018. Borda added, “We will see more and more of this in the coming months.”
He refused to pinpoint any specific projects that TokenSoft might be working with, though he said he expects ICOs will begin eagerly over the next few months.
Borda does not see TokenSoft extending support to any other protocols in the near future, though he did note TokenSoft’s tools are not relying on any specific 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 you’re using, sort of underlying your product.” The news comes as an additional boost for the Stellar project. In a news post on Monday, the blockchain startup Chain has been acquired in an undisclosed deal by Lightyear.io, a startup building on the Stellar protocol.
The deal aims both firms merging to create a new venture called the Interstellar. Chain CEO Adam Ludwin to act as Interstellar’s CEO, and Jed McCaleb, the creator of the XRP and Stellar protocols, to take on the role of CTO.
According to Ludwin, Interstellar will not be participating in the Stellar lumens (XLM) market. Quoting him, “It’s about the platform layer to make the network as powerful and useful as possible for those organizations that want to leverage stellar.”