San Francisco-based CoinList, a blockchain firm that offers investment advisory services, is launching CoinList Trade, a new digital asset exchange. The company also revealed that it completed a $10 million investment round from Polychain Capital and Jack Dorsey, the chief executive officer of Twitter, Square and Square Crypto.
CoinList founded its token launch platform in August of 2017 to help top crypto and blockchain projects raise funds.
Short List of CoinList’s Initial Coin Offerings (ICOs)
- Blockstack, developer-friendly decentralized platform – $23 million
- Filecoin, decentralized data store – $257 million
- Algorand, a stable, fast and scalable network – $60 million
CoinList’s management says the launch of its new digital currency exchange is a “natural next step.”
“Once these networks are live and the [cryptocurrency] tokens liquid, end users need a trustworthy, reliable, compliant exchange to trade them on — and who better to provide that service than the company that ran the project’s initial sale of tokens?”
According to CoinList CEO Andy Bromberg,
“We always knew we wanted to go further down the financial services stack and build an exchange. After a year-plus of work, here we are. We’ll be launching in most US states and many non-US jurisdictions with Bitcoin (BTC), Ether (ETH), Algorand (ALGO), and USD Coin (USDC) all tradeable.”
Bromberg adds that the new exchange will support fiat on- and off-ramps, which will allow users to conduct trades directly from their bank accounts. CoinList Trade also plans to support other crypto tokens in the future.
The CoinList team is focused on “building a smooth, unified experience for users, so that projects you invest in can distribute tokens directly into their CoinList wallets [so that users can easily trade them] from there.”
The CoinList team says their exchange follows a bank-grade compliance process that includes know-your-customer (KYC)/anti-money laundering (AML) requirements and adheres to appropriate investor accreditation requirements.
“We’re beginning with offering compliance and sale facilitation services for token issuers, but soon we’ll be expanding the scope of financial services we offer. We will support these companies throughout their lifecycle—whether that means secondary trading of their tokens or securities, market making for them, or anything else.”
In statements shared with the Wall Street Journal, Bitcoin bull Dorsey says CoinList, which has helped companies generate over $800 million in token sales, is a leader in the cryptosphere.
“Crypto needs a trustworthy platform for launching new projects. CoinList leads the industry in that role, and trading is a logical next step.”
— jack 🌍🌏🌎 (@jack) October 26, 2019
The billionaire entrepreneur who earlier this year launched Square Crypto, the crypto-focused arm of fintech giant Square, is a strong supporter of Bitcoin and believes that the cryptocurrency is well-positioned to become the native currency of the internet.
In an interview with The Australian Financial Review, Dorsey explained the strategies behind growing the crypto ecosystem and how the emerging asset class will allow his company to focus on more than money transmission or payments. According to Dorsey, the firm expects to begin developing services “like hardware, analytics and payroll and lending.”