# TokenCapStack — Full Reference

> Blockchain-powered cap table management for private companies. Tokenize your equity on-chain for $200/year — 90% less than Carta. Built for the 33 million U.S. private companies still using spreadsheets.

**Website**: https://tokencapstack.com
**App**: https://app.tokencapstack.com/
**Email**: support@tokencapstack.com
**Location**: 15 Greenway Plaza 24D, Houston, TX 77046
**Social**: [@TokenCapStack on X](https://x.com/TokenCapStack), [LinkedIn](https://linkedin.com/company/tokencapstack)

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## What TokenCapStack Does

TokenCapStack replaces spreadsheets and expensive legacy providers (Carta, AngelList, Pulley) with a blockchain-native cap table platform. Companies get immutable ownership records, real-time shareholder dashboards, on-chain compliance controls, and tokenized equity — all for $200/year or $20/month.

Supported entity types: LLCs, C-Corps, S-Corps.

### Key Features (available today)

- **Tokenized Cap Table**: Equity is tokenized on-chain at incorporation, creating an immutable record of ownership.
- **Real-Time Shareholder Dashboards**: Shareholders see their holdings, ownership percentage, transaction history, and vesting schedules instantly.
- **Compliance Built In**: KYC and transfer rules enforced at the token level, with an immutable on-chain audit trail of every transaction.
- **Cap Table Support**: Common and preferred share classes, vesting schedules with cliffs.
- **Data Export**: Export your cap table, shareholder roster, and transaction history to CSV.
- **Wallet Delivery**: Optional transfer of tokenized shares to shareholder wallets for $25 per transfer.
- **No Crypto Required**: Shareholders do not need crypto wallets. All tokens are held in secure custody through TokenCapStack. Dashboards are simple web-based access.
- **New Share Issuance**: Issue new equity to shareholders any time — automatically tokenized on-chain and reflected in every dashboard.

### On the Roadmap

- Stock option pools (ISO, NSO), warrants, convertible notes, and SAFEs
- Series A/B/C round tracking, anti-dilution provisions, liquidation preferences, pro-rata rights
- Structured issuance: funding rounds, option grants, warrant exercises, convertible note conversions
- Dividend distribution (automatic calculations, distribution history, tax documentation, optional automated payments)
- Open Cap Table Format (OCF) export and PDF cap table

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## Pricing

| Plan | Price |
|------|-------|
| Annual | $200/year (best value) |
| Monthly | $20/month |

- No setup fees, no per-shareholder charges, no feature-gated tiers
- Cancel anytime with no penalties
- Add-ons: wallet delivery $25/transfer

### Competitor Pricing

| Platform | Annual Cost |
|----------|-------------|
| TokenCapStack | $200/year |
| Carta | $2,000–$10,000+/year |
| Pulley | $1,200–$4,800+/year |
| AngelList | $1,800–$6,000+/year |

That is approximately **90% savings** with blockchain-ready infrastructure included.

---

## Feature Comparison vs Competitors

### Pricing
| Feature | TokenCapStack | Carta | Pulley | AngelList |
|---------|--------------|-------|--------|-----------|
| Annual cost | $200/yr | $2,000–$10,000+ | $1,200–$4,800+ | $1,800–$6,000+ |
| Per-shareholder fees | No | Yes | Yes | Yes |
| Setup/onboarding fees | No | Yes | No | Yes |
| Feature-gated tiers | No | Yes | Yes | Yes |

### Core Features
| Feature | TokenCapStack | Carta | Pulley | AngelList |
|---------|--------------|-------|--------|-----------|
| Cap table management | Yes | Yes | Yes | Yes |
| Shareholder dashboards | Yes | Yes | Yes | Yes |
| Multiple share classes | Yes | Yes | Yes | Yes |
| Vesting schedules | Yes | Yes | Yes | Yes |
| Convertible notes & SAFEs | Roadmap | Yes | Yes | Yes |
| Dividend distribution | Roadmap | Add-on | No | No |
| Unlimited cap table updates | Yes | Plan-dependent | Yes | Plan-dependent |

### Technology (TokenCapStack Only)
| Feature | TokenCapStack | Carta | Pulley | AngelList |
|---------|--------------|-------|--------|-----------|
| Blockchain-secured records | Yes | No | No | No |
| Immutable audit trail | Yes | No | No | No |
| Tokenized equity | Yes | No | No | No |
| Shareholder wallet delivery | $25/transfer | No | No | No |
| Insumer ecosystem access | Yes | No | No | No |

### Support
| Feature | TokenCapStack | Carta | Pulley | AngelList |
|---------|--------------|-------|--------|-----------|
| Dedicated customer success | Yes | Premium plans | Premium plans | Premium plans |
| Fast onboarding | Yes | Yes | Yes | Yes |
| Data export (CSV) | Yes | Yes | Yes | Yes |
| Cancel anytime | Yes | Annual contract | Yes | Annual contract |

---

## Why Blockchain

Wall Street is moving on-chain:

- **Nasdaq (September 2025)**: Filed to tokenize all listed equities and ETPs, targeting 2026 launch.
- **DTCC (December 2025)**: Received SEC approval to tokenize Russell 1000 stocks, U.S. Treasuries, and major ETFs.
- **Galaxy Digital (September 2025)**: First Nasdaq company to tokenize SEC-registered shares on Solana.
- **BlackRock**: Launched BUIDL, a $2.5 billion tokenized Treasury fund across blockchains.

SEC Chairman Paul Atkins predicts tokenization becoming core to U.S. markets within "a couple of years."

Blockchain advantages for cap tables:
- **Immutability**: Records cannot be altered, creating a permanent audit trail.
- **Transparency**: All stakeholders can verify ownership in real-time.
- **Security**: Distributed architecture eliminates single points of failure.
- **Future-ready**: Compatible with the infrastructure major institutions are building.

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## The Insumer Model

The Insumer Model is a read-first blockchain verification infrastructure invented by co-founder Douglas Borthwick. It enables privacy-preserving on-chain attestation across 32 blockchains, returning ECDSA-signed booleans without exposing wallet balances.

**Core concept**: Token holders prove ownership at checkout via QR code or NFC tap. Merchants see only a discount tier — never wallet addresses or portfolio details. No crypto changes hands.

**Key messaging**: "Prove It On-Chain. Discount It Off-Chain." / "Ownership verified. Privacy preserved."

### What The Insumer Model is NOT

It is not a payment system, not a loyalty program, and not DeFi. It is a read-only verification layer — no crypto changes hands, no wallet approvals, no smart contract interactions.

### Six Live Applications

1. **InsumerPass** — Token holders verify ownership via digitally signed QR codes (expire every 60 seconds) or NFC taps. Connect MetaMask, Phantom, or Coinbase Wallet. Select up to 8 tokens and 4 NFT collections. Verification takes about five seconds. Read-only — no wallet approvals or smart contract interactions.
2. **InsumerScanner** — Point-of-sale app for merchants to scan QR codes or NFC taps and verify token holdings across 32 blockchains. Discount calculated automatically based on configured tiers.
3. **InsumerDashboard** — Merchant setup in under five minutes. Choose from 100,000+ tokens, configure discount tiers, connect Stripe, Square, or Clover for automatic discount codes.
4. **InsumerRegistry** — Public directory where token holders discover merchants offering real-world benefits.
5. **InsumerExtension** — Chrome browser extension for automatic online verification. No code modifications required on merchant sites. Available on Chrome Web Store.
6. **InsumerChat** — AI-powered assistant for The Insumer Model and merchant onboarding.

### Supported Blockchains (32 total)

Ethereum, Polygon, Base, Avalanche, Solana, XRP Ledger, Arbitrum, Optimism, BNB Chain, zkSync Era, Berachain, and 21 more.

### Insumer Pricing

- 100 free scans, no credit card required
- $0.02–$0.04 per scan after that
- No subscriptions or minimum commitments

### Developer API

- 25 endpoints for on-chain attestation, merchant onboarding, and AI agent commerce
- SDKs: LangChain, MCP server, OpenAI GPTs
- Integration: Stripe, Square, Clover
- AI agent commerce: ACP (OpenAI) + UCP (Google) protocol support

### Market Stats

- 560 million crypto holders worldwide (Chainalysis 2024)
- 100,000+ selectable tokens
- $0.02–$0.04 per scan vs $1–$5+ per click on Google/Meta ads
- 3–5x higher lifetime value from token-holding customers

### Relationship to TokenCapStack

They are complementary but separate:
- **TokenCapStack** provides the infrastructure: tokenizing cap tables, delivering tokens, managing records.
- **The Insumer Model** provides the utility: an ecosystem allowing shareholders to prove ownership and receive benefits.

More at [insumermodel.com](https://insumermodel.com). Douglas Borthwick is the author of a free 180-page book on The Insumer Model, available there.

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## Roadmap

- **Stage 1 (Now)**: Cap table tokenization infrastructure
- **Stage 2 (Live)**: Insumer ecosystem with shareholder rewards
- **Stage 3 (Vision)**: Alternative Trading System (ATS) for secondary trading

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## Founding Team

### Douglas Borthwick — CEO & Co-Founder
- 30+ years Wall Street experience
- Carnegie Mellon University, Yale School of Management
- Led world's first SEC-registered security token IPO ($85M raise)
- CEO and creator of The Insumer Model
- Published author of 5 books on blockchain and tokenization
- Co-host of Old Men, New Money podcast
- "Every private company will have a tokenized cap table within the next decade. We're making sure they don't have to wait — or pay a fortune — to get there."

### Mike Berson — CTO & Co-Founder
- CEO of Chainstarters
- A decade building at the intersection of blockchain, real assets, and intelligent financial systems
- Pace University Lubin School of Business
- "We built TokenCapStack so that blockchain-grade infrastructure isn't a luxury reserved for Fortune 500 companies. Any founder can have it for $200 a year."

### Ali Davoudi — Co-Founder & Investor
- Carnegie Mellon University, University of Houston JD/MBA
- Co-host of Old Men, New Money podcast
- "Tokenized equity turns passive shareholders into active stakeholders. That shift changes everything — for founders, investors, and customers alike."

---

## Legal & Compliance

- **Tokenized equity is legally recognized.** Tokenized shares represent real, legally valid ownership — digital representations of existing shares, not creating new securities.
- The GENIUS Act provides additional regulatory clarity.
- In most cases, no significant legal document changes are required. Tokenization is a recording method, not a structural change.
- KYC/AML: Identity verification for all shareholders, compliance checks aligned with securities regulations, audit trails for all ownership changes, secure off-chain encrypted storage of identity documents.
- If TokenCapStack ceases operations: blockchain records remain on public infrastructure, you can export your cap table and transactions to CSV, wallet tokens remain accessible, legal documentation remains valid.

---

## Security

- Blockchain security via distributed consensus mechanisms
- Enterprise-grade encryption for PII (stored off-chain)
- Strict authentication and access controls
- All access and transactions logged for compliance monitoring
- Personal identifiable information remains private and encrypted off-chain

---

## Frequently Asked Questions

### Getting Started

**What is TokenCapStack?**
A blockchain-based platform transforming traditional cap table management by tokenizing company equity. Addresses the 33 million private U.S. companies still using spreadsheets. Provides immutable ownership records, real-time transparency, on-chain compliance controls, and future-ready infrastructure.

**Who is TokenCapStack for?**
Startups and growth-stage companies, founders managing spreadsheets, companies with multiple investors, businesses preparing for exit, and forward-thinking companies positioning for the on-chain economy.

**How long does onboarding take?**
Fast: set up your company profile and complete identity verification, add shareholders and holdings, tokenize your cap table on the blockchain, shareholders get dashboard access. Bringing an existing cap table over? Our team will help you get it in.

**What information do I need?**
Basic company information, your current ownership records, and shareholder contact information.

### Tokenization & Technology

**What does "tokenizing equity" mean?**
Converting shares into digital tokens on a blockchain. Each token represents real ownership. Your tokenized shares represent the exact same legal ownership as traditional shares.

**Do shareholders need crypto wallets?**
No. All tokens are held in secure custody through TokenCapStack. Shareholders access holdings via simple dashboards. Optional wallet delivery at $25 per transfer.

**Is data secure on the blockchain?**
Yes. Multiple layers: blockchain security, enterprise-grade encryption for PII (off-chain), strict access controls, compliance monitoring.

### Legal & Compliance

**Is tokenized equity legally recognized?**
Yes. Tokenized shares are digital representations of existing shares, not new securities. The founding team led the world's first SEC-registered security token IPO.

**Do I need to change legal documents?**
In most cases, no. Tokenization is a recording method, not a structural change.

### Pricing & Plans

**How much does it cost?**
$200/year or $20/month. No setup fees, no per-shareholder charges. Cancel anytime.

**What's included?**
Complete cap table tokenization, unlimited updates, real-time shareholder dashboards, on-chain compliance controls, fast onboarding, dedicated customer success. No hidden fees, no tiered feature gates.

### Features & Capabilities

**Can it handle complex cap tables?**
Available today: common and preferred share classes, vesting schedules with cliffs. On the roadmap: stock option pools (ISO, NSO), warrants, convertible notes, SAFEs, Series A/B/C round tracking, anti-dilution provisions, liquidation preferences, and pro-rata rights.

**Can I issue new shares?**
Yes — issue new equity to shareholders any time, automatically tokenized on-chain. Structured issuance (funding rounds, option grants, warrant exercises, convertible note conversions) is on the roadmap.

### The Insumer Model

**How do shareholders use InsumerPass?**
Connect wallet, select tokens, generate QR code (expires every 60 seconds), verify at checkout in five seconds. Read-only — merchants never see wallet addresses.

**How do merchants set up?**
Under five minutes: choose tokens, configure tiers, connect payment processor. 100 free scans to start.

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## Blog

### How to Set Up a Cap Table for Your LLC
*2026-02-10 | Guides*
Step-by-step guide to building a clean, investor-ready cap table from day one. Covers share classes, founder equity allocation, vesting schedules, option pools, and common mistakes.
https://tokencapstack.com/blog/how-to-set-up-cap-table-for-llc

### 5 Cap Table Mistakes That Cost Founders Millions
*2026-02-05 | Insights*
Five critical mistakes: running cap table in spreadsheet, informal equity promises, skipping founder vesting, ignoring convertible instruments, waiting until due diligence to clean up.
https://tokencapstack.com/blog/cap-table-mistakes-that-cost-founders-millions

### Carta vs TokenCapStack: Which Cap Table Software Is Right for You?
*2026-01-28 | Comparisons*
Head-to-head comparison. Carta: $2,000–$10,000+/year, traditional database. TokenCapStack: $200/year, blockchain-secured. Both cover core features; TokenCapStack adds tokenized equity and Insumer ecosystem.
https://tokencapstack.com/blog/carta-vs-tokencapstack

### Why Your Cap Table Should Be on the Blockchain
*2026-01-20 | Thought Leadership*
Wall Street is moving on-chain. Nasdaq, DTCC, BlackRock, and Galaxy Digital are all tokenizing securities. Early-stage companies can position themselves now with blockchain-native cap tables.
https://tokencapstack.com/blog/why-cap-table-should-be-on-blockchain

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## Pages

- [Home](https://tokencapstack.com/) — Product overview, pricing, competitor comparison
- [Get Started](https://app.tokencapstack.com/) — Sign up and set up your cap table
- [Compare](https://tokencapstack.com/compare) — Feature-by-feature comparison vs Carta, Pulley, AngelList
- [FAQ](https://tokencapstack.com/faq) — 26 questions across getting started, tokenization, legal, pricing, features, and The Insumer Model
- [The Insumer Model](https://tokencapstack.com/insumer) — Dedicated page for the Insumer ecosystem
- [Blog](https://tokencapstack.com/blog) — Articles on cap tables, blockchain, and competitor comparisons
- [Contact](https://tokencapstack.com/contact) — General inquiries, demos, partnerships, press, support
- [Press Kit](https://tokencapstack.com/press) — Boilerplate, founder bios, brand assets, media contact
- [Privacy Policy](https://tokencapstack.com/privacy)
- [Terms of Service](https://tokencapstack.com/terms)

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## Brand

- **Primary Blue**: #0066FF
- **Primary Blue Dark**: #0052CC
- **Blockchain Black**: #0A1628
- **Success Green / Cap Green**: #00D4AA
- **Insumer Gold**: #D4AF37
- **Accent Red**: #E84142
- **Fonts**: Outfit (sans-serif), Source Serif 4 (serif)