Precursor is the platform private companies use to issue their shares as tokens on Robinhood Chain. Every transfer runs the company's rules before it settles, and every issuance, offering and corporate action is recorded where anyone can verify it.
Issuer-sponsored. Every Precursor token is issued by the company it represents.
Anthropic
Series F Preferred · ANTH-F
Reference Valuation
22.50 USDG
Priced round · Sep 30, 2026
Series F extension
Closes in 6 days
canTransfer
500 ANTH-F
Stopped at EligibilityModule. The recipient does not meet the eligibility tier for this class.
Precursor replaces spreadsheets and manual transfer review with a share token per class. The token balances become the cap table, reconciled once at onboarding and kept current by the chain itself.
The company is verified and chooses which share classes to bring on-chain. It appoints a registrar, the party that keeps the authoritative cap table, which can be the company itself or an administrator it names.
RegistrarThe existing cap table comes in as a CSV or an export from cap table software and is reconciled line by line. Holders are invited, verify their identity, and receive an embedded wallet or connect their own.
CSV or exportIn the Console, each share class gets its rules: regions, eligibility tier, holding periods, holder cap, transfer windows, right of first refusal, maximum ownership and employee vesting. Rules are modules, so they can change later without upgrading the token.
8 modulesThe identical configuration is deployed to Robinhood Chain testnet first. The company runs sample transfers, an offering and a window against it, and reviews every reason code before anything touches mainnet.
TestnetPrecursorFactory deploys the company's full contract set to mainnet in one transaction. The registrar mints tokens to each holder against the reconciled cap table, and every mint emits SharesIssued with its reference.
MainnetFrom here the company raises through offerings, opens Liquidity Windows, pays distributions, runs votes and anchors disclosures, all from the Console and all as on-chain transactions.
USDGIssuer-sponsored
The token is the share. It carries the economic, information and voting rights of its class, not a claim on a third party.
The company sets the rules. They are configured in the Console and enforced by contracts the company controls.
The company decides when liquidity happens, in windows it schedules or through venues it explicitly approves.
The company works in the Console. Holders work in Portfolio. Anyone can read the Explorer, and developers reach all of it through the API. Each surface reads the same contracts on Robinhood Chain.
Finance teams and boards configure share classes and transfer rules, run offerings and Liquidity Windows, and approve sensitive actions through a multi-sig the company sits on.
Holders see every position by lot, with unlocked and locked shares apart. They join offerings, sell in Liquidity Windows, claim distributions, vote and read company documents. Gas is sponsored.
The Explorer shows every company's supply, holder count, rules, offerings, windows, valuations and events, without personal data. The API and SDK expose the same records and transfer checks to venues and wallets.
Read more about each surface in the product documentation.
Rules live inside the token, so they hold on every wallet, venue and pool on a permissionless chain. A transfer that breaks a rule never settles, and canTransfer returns the reason before anyone signs.
Is the class paused, and does the sender hold enough unlocked, unfrozen shares?
Do both wallets map to a verified identity on the company's registry, with claims still in date?
Each module the company enabled runs in turn. If every one passes, the check returns OK and the transfer settles.
Allows or blocks holders by region, using an allow-list or a block-list of countries.
Requires the recipient to hold a valid eligibility claim at or above the class's tier.
Locks each lot for a set period after it is acquired. Lots are consumed oldest first.
Limits the number of distinct holders of the class.
Allows transfers only inside windows the company schedules.
Gives the company a right of first refusal, exercised on-chain.
Caps any single holder's share of the class.
Keeps unvested employee shares locked and releases them on schedule.
Modules are configured per share class and swapped without upgrading the token. Adding or removing one passes a 24 hour timelock.
Each company keeps an IdentityRegistry that maps wallets to an on-chain identity. The identity holds claims signed by verifiers the company trusts, each with a topic, a value and an expiry. Names, documents and contact details stay with the verifier and never reach the chain.
IDENTITY_VERIFIED
The holder passed identity verification. Carries an expiry.
INVESTOR_ELIGIBLE
The holder's eligibility tier, as attested by a trusted verifier.
REGION
An ISO 3166 country code, used by RegionModule.
EMPLOYEE_OF
The company the holder works for, used for vesting and employee windows.
SCREENED
When the holder was last screened. Revoked automatically if re-screening fails.
VENUE
Marks an approved pool or venue contract that may hold shares.
Liquidity is something the company controls, not something that happens to it. Every mechanism settles delivery versus payment in USDG: shares and stablecoins move in the same transaction, or neither moves.
OfferingVault
The company sets a price per share, a minimum and maximum raise, a minimum ticket and dates. Investors subscribe in USDG, held in escrow. At close, shares are minted and funds released in one transaction, or every investor is refunded.
LiquidityWindow
Time-boxed sales the company schedules. Sellers lock shares, eligible buyers lock USDG, and the window clears at one uniform price. With ROFR enabled, the company gets a priority bid at that price before it settles. Fixed-price tenders work the same way.
RFQSettlement
Eligible holders trade between windows on signed EIP-712 quotes. The taker fills on-chain, canTransfer runs on both sides, and the company can restrict RFQ to its transfer windows.
PoolGate
Companies that opt in can list a class on an AMM pool. PoolGate checks canTransfer on every swap and liquidity change, so only eligible holders can trade or provide liquidity.
Worked example
A Liquidity Window on ANTH-F, an example Series F Preferred class for Anthropic. At close, anyone can call clear(windowId). The contract picks the single price that matches the most shares, breaking ties toward the last Reference Valuation, then fills by price priority and pro-rata at the margin. Everything unmatched is released.
Asks
Sellers lock shares
Bids
Buyers lock USDG
Cleared
WindowCleared
24.00 USDG
Uniform price for every fill, buyer and seller alike
The clearing price is published as the new Reference Valuation, with source WINDOW_CLEARING.
There are two common ways private company equity changes hands today: manually, against records kept off-chain, or through tokens third parties create without the company. Precursor is the issuer-sponsored alternative.
Nothing is tokenized on Precursor without the issuer. Every token is issued by the company it represents.
Robinhood Chain set the conventions that wallets, pools and oracles here already understand. Precursor tokens follow every one of them, then add identity-gated transfers and issuer governance. Precursor is independent and built on Robinhood Chain.
Each share class is one Precursor Share Token: an ERC-20 with 18 decimals, ERC-3643-compatible permissioned transfers, and the ERC-8056 multiplier. Wallets and indexers on the chain read it like any other stock token.
ValuationOracle publishes each Reference Valuation on-chain and answers latestRoundData like any AggregatorV3 feed. latestValuation adds the source, the date and the hash of the supporting document.
Splits change the ERC-8056 uiMultiplier after a 48 hour timelock. Raw balances never change, so pools and integrations keep working through the event, and the oracle pauses across it.
The chain already runs AMMs and stablecoin rails. Companies that opt in can list a class in a pool guarded by PoolGate, which enforces the class's rules on every swap.
New holders get an embedded wallet at onboarding, and existing EVM wallets connect as they are. Precursor relays transactions, so investors and employees never need to hold ETH.
Low fees and sub-second soft confirmation make a full rule check on every transfer economical, and settlement inherits Ethereum security.
The Explorer reads the public record straight from Robinhood Chain. Personal data never goes on-chain, so the record can be fully public while holders stay private.
Public, on-chain
Private, access-controlled
Supply never changes silently. Each mint, burn, recovery, freeze and pause carries a reference, and the Explorer and the API index every event with its block and transaction.
DisclosureRegistry records the kind, hash and location of every document the company publishes. Contents stay in Portfolio for verified holders, and anyone can confirm a document has not changed since it was anchored.
Venues and wallets integrate the rule engine once and reuse it across every company on Precursor. The same canTransfer answer is available on-chain, over the API and in the SDK.
$ npm install @precursor/sdk
import { Precursor } from "@precursor/sdk";
const precursor = new Precursor(process.env.PRECURSOR_SECRET_KEY);
const check = await precursor.transfers.check({
share_class: "cls_nwl_series_b",
from: "0x71c3a0d5f1b84e2c9a07d36b5e8f12c4d0a39e4a",
to: "0x4e8817b3a9c25d06e4f71b8a2d93c5e6f048c0b1",
amount: "500",
});
// {
// ok: false,
// reason_code: "NOT_ELIGIBLE",
// message: "The recipient does not meet the eligibility tier for this share class."
// }Companies, share classes, holders, offerings, windows, distributions, proposals, documents and valuations. JSON, cursor pagination and an Idempotency-Key on every POST.
Every on-chain event, delivered with its block number, transaction hash and confirmation depth, signed with HMAC-SHA256 and retried for three days.
sk_test_ keys run against Robinhood Chain testnet with the same contracts and the same reason codes as mainnet.
pk_live_ keys call read-only endpoints such as transfer checks and public Explorer data straight from a browser or a wallet.
Roles are separated, sensitive actions pass a timelocked multi-sig on which the issuer is a signer, and every pause publishes its reason. Each deployment is rehearsed on testnet with the same configuration first.
Defaults. Each company can configure its timelocks within fixed bounds.
Roles
Configures modules, offerings, windows, distributions and votes.
Mints and burns against cap table records and approves recoveries.
Submits and sponsors transactions. Cannot move holder tokens alone.
Pauses and unpauses a share class, with a reason on-chain.
Found a vulnerability? Write to security@useprecursor.xyz.
Recovery, not custody
The holder reports the lost wallet and verifies their identity again with a trusted verifier.
Any two of ISSUER_ADMIN, REGISTRAR and OPERATOR approve the replacement wallet. No single party can do it alone.
The recovery is scheduled on-chain with its execution time, so the holder and anyone watching can see it before it happens.
The balance stays frozen for 72 hours by default. A mistaken or contested recovery can be cancelled.
The full balance moves to the replacement wallet, with lots and holding periods intact.
Onboarding in under four weeks
Tell us about your company and the share classes you want to issue. We will walk your team through the Console, rehearse your configuration on testnet, and deploy when you are ready.
hello@useprecursor.xyz
