The digital asset space’s maturity today may be analogous to inflection points in industry maturity in equities. Tokens are a new form of capital formation, and they may replace equity for a whole generation of businesses. That means that many companies may never have an equity listed on the New York stock exchange. Instead, they’ll just have a token. This is how businesses align incentives with management teams, employees, token holders, and – uniquely to digital assets – potentially other stakeholders like customers. Pantera Capital
