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What Is SAFT (Simple Agreement for Future Tokens)?
A SAFT (Simple Agreement for Future Tokens) is a legal agreement between an investor and a blockchain startup that provides the investor with the right to receive tokens in the future once the startup’s blockchain network is live and functional. The SAFT is typically structured as a type of investment contract, similar to a Simple Agreement for Future Equity (SAFE) or a convertible note, and it is often used in initial coin offerings (ICOs) or token generation events (TGEs).
An example of how a SAFT works would be as follows:
- A blockchain startup, XYZ, is developing a new blockchain network for decentralized applications.
- XYZ wants to raise funds for the development and launch of the network, so it issues a SAFT to investors.
- The SAFT outlines the terms of the investment, including the amount of money the investor will contribute, the percentage of tokens the investor will receive in the future, and the milestones that XYZ must achieve before the tokens are issued.
- The investor contributes the agreed-upon amount of money to XYZ.
- XYZ uses the funds to develop and launch the blockchain network.
- Once the network is live and functional, XYZ issues the tokens to the investor according to the terms outlined in the SAFT.
- The investor can then use or sell these tokens as they wish.
Benefits and Risks of SAFT Contracts
Benefits of SAFT agreements include:
- Legal certainty: SAFT agreements provide a clear legal framework for issuing and selling tokens, which can help reduce the risk of regulatory action or legal challenges.
- Flexibility: SAFT agreements can be tailored to the specific needs and goals of the blockchain startup and the investors and can be structured to align the interests of both parties.
- Fundraising: SAFT agreements can be an effective way for blockchain startups to raise funds for developing and launching their networks.
- Accreditation: SAFT agreements can restrict the sale of tokens to accredited investors, which can help comply with securities laws.
Risks of SAFT agreements include:
- Regulatory risk: SAFT agreements are relatively new, and the regulatory environment surrounding them is still evolving. This can create uncertainty for both the blockchain startup and the investors.
- Execution risk: There is a risk that the blockchain startup may need help to deliver on the milestones outlined in the SAFT agreement, which can negatively impact the value of the tokens.
- Liquidity risk: Tokens issued under a SAFT agreement may not have a secondary market or very limited liquidity, making it difficult for the investors to sell their tokens.
- Legal risk: SAFT agreements are subject to the jurisdiction’s laws in which they are issued and sold, which can vary widely. This can create legal and regulatory risks for both the blockchain startup and the investors.
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