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Coinbase CEO Brian Armstrong has given a hint which confirms that the San-Francisco based exchange may soon be launching its Initial Exchange Offering (IEO) platform.
Coinbase CEO Brian Armstrong has given a hint that confirms the San-Francisco based exchange may soon be launching its Initial Exchange Offering (IEO) platform for startups looking to issue IEOs
As reported by The Block, Armstrong gave this hint in a podcast hosted in mid-August with Patrick O’Shaughnessy, the CEO of O’Shaughnessy Asset Management, where he said Coinbase is working on a product called “Coinbase Launch or something like that.”
According to the published transcript, Armstrong noted that the Coinbase IEO platform will serve as a way for, “..anybody who wants to do a crypto start up to come in and say, ‘All right, I want to issue a token. Maybe I want to raise money. Maybe I just want to use it to build my community,’ and just hand hold people through that process and help them with the custody of it, help them create the smart contract, help them with the governance issues, vesting of these things if you need to distribute those to employees.”
While Coinbase is behind its major competitors like Binance and Huobi amongst others in launching a related IEO service platform, Armstrong has inked a uniqueness to the long-awaited platform stating that it will be a mix of Stripe Atlas, a platform for forming a company, and AngelList, a website for startups, angel investors, and job-seekers looking to work at startups.
Coinbase IEO Platform Has Long Been in the Pipeline
The plans by the exchange to launch the IEO platform came first in September 2019 when Coinbase’s head of institutional sales in Asia, Kayvon Pirestani, said the exchange is considering wading into the IEO and Security Token Offering ecosystems.
Back then, Pirestani noted that the IEO/STO space has a lot of investment opportunities Coinbase can tap from. In his words, “We think there’s a really interesting opportunity there for Coinbase. In a nutshell, Coinbase is carefully exploring not only the IEO space but also STOs [security token offerings]. But I can’t make any formal announcements right now.” While Pirestani noted that this idea can be launched in a few months from when he mentioned it, the platform is still not yet ready.
Per the reports, no timeline has been set for the release of the platform.