As infrastructure for asset-backed tokens develops, it may make sense for companies to raise equity through tokens that represent that equity.

Today, token sales are a good idea for an incredibly small number of companies, and many proposed token sales are not a good fit for us.

Not every startup will need to issue a token; traditional trust-based relationships will always exist alongside tokenized systems.

The relationship between equity and tokens in a successful token sale may blur, as the company's value could derive more from its token holdings than from traditional equity.

We are considering issuing a token to contributors who have created value in our projects, which could change how we reward contributions in the future.

Investors are increasingly able to invest in both equity and tokens simultaneously, with evolving structures in the ICO market reflecting this trend.

CoinList supports token sales by handling compliance, transaction processing, and marketing, ensuring that companies can navigate the regulatory landscape effectively.

At Stripe, we focus on building roads for technology, enabling others to build their own solutions, rather than just creating products ourselves.

The future of early-stage fundraising will likely continue to focus on liquidity, with tokens providing instant liquidity compared to traditional equity investments. The trend towards faster liquidity in startup investments is accompanied by an increase in secondary trading and more equity secondaries being executed in startups.