By
Chimamanda U. Martha
April 12th, 2024
CoinList, a platform that is connecting investors with blockchain projects, has raised $9.2 million which will be allocated for business development.
It has been revealed that a technology platform CoinList has raised $9.2 million in its initial fundraising round. Created in 2017, CoinList offers its services to the next-generation, cutting-edge technology companies. It connects accredited investors with promising blockchain projects and provides digital asset companies with an opportunity to manage their token sales on its base.
The initial fundraising of CoinList attracted attention of the industry’s major cryptocurrency funds: Polychain Capital, FBG Capital, Digital Currency Group, Blockchain Capital, Libertus Capital, CoinFund and Electric Capital. The amount of $9.2 million also includes the funds that CoinList received from Accomplice, a venture capital firm, and Protocol Labs, a research, development and deployment lab for network protocols.
Since mid-2017 CoinList has processed more than $400 million in cryptocurrency investments, has attracted thousands of accredited investors to its platform and provided support to one of the largest ICOs of the previous year. Filecoin’s ICO became a real sensation when it raised almost $188 million in the first 60 minutes after its launch. In total this decentralized blockchain-based storage network managed to attract $257 million with support of CoinList.
CoinList has also provided its assistance to two other companies: Blockstack and Prop. And according to its representatives, the platform is not going to escalate the rhythm of adding new projects to its portfolio in the short-term, as it is very important to be very selective and cautions in choice of a potential candidate to be supported.
Co-founder and CEO of CoinList Andy Bromberg said: “This successful fundraising round reflects the growing need that promising blockchain companies have for superior token sale compliance and execution. Now more than ever, companies raising money through an ICO need a platform partner that knows the intricacies of execution and regulation. CoinList provides even more integrity to the startups that have already distinguished themselves, and comfort to the accredited investors that want to commit to blockchain technology.”
CoinList’s infrastructure allows projects team to have more time for developing their business models and their proposed technologies instead of focusing on the most time-consuming and complicated stages of token sales. These most difficult tasks are now in CoinLists’s responsibility.
One of the remarkable features of CoinList is its commitment to full compliance with regulations. Following that, Coinlist have launched ComplyAPI services. They enable companies to effectively conduct Anti-Money Laundering-Know Your Customer (AML-KYC) checks on investors, and to verify the accreditation status of potential investors in accordance with US securities laws.
While the accreditation rules are a little bit complicated, users who want to join the platform must meet income or asset requirements: minimum $200,000 in annual income for an individual, or $1 million in net assets. Though these requirements may seem to be rather strict, thousands of users are joining the platform every day.
The recently raised funds will be allocated for extension of CoinList’s teams responsible for engineering, compliance, product, operations and sales; support of existing offerings; and launch of new product lines in the upcoming months.
