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Jack Dorsey is expanding his cryptocurrency involvement by backing crypto initial coin offering (ICO) exchange platform called CoinList.
Token offering platform CoinList raised $10 million with a little help from Twitter and Square CEO Jack Dorsey. CoinList was founded back in 2017 as a spin-off of AngelList, and it acts as an ICO exchange platform that at first received support from investment company Polychain Capital, and upraised more than $9 million in its virgin funding tour. Since then, the company is directing regulatory rules concerning initial coin offerings (ICOs), a popular capital acquisition vehicle for emerging projects.
On Wednesday, CoinList announced the closing of their funding round led by Polychain Capital and said that Dorsey and Collaborative Fund had re-joined. The raised assets will be used for the additional growth of CoinList Trade. This is a newly founded exchange platform that also comes along with a crypto wallet.
According to the company’s blog post, CoinList Trade cryptocurrency exchange commited itself on providing financial services “so that token creators can focus on what they do best: building world-changing products.”
Since then, as per blog, the company has done exactly that. The company writes:
“We’ve worked with top projects to power their token sales and helped them drive towards their objectives of creating key pieces of the future of crypto: a decentralized data – Filecoin; a developer-friendly decentralized platform – Blockstack; a stable, fast, and scalable network – Algorand; human-usable products to drive adoption – Origin and many others.”
The latest funding round follows a 2018 Series A joined by Polychain Capital and Digital Currency Group and Dorsey’s investment should allegedly be his first in the platform, which some media said were helping companies raising around $800 million in tokens since August 2017.
Always very loud Bitcoin advocate, Dorsey earlier this year founded Bitcoin-only developer subsidiary at Square and recently came out as strictly opposed to the Facebook-initiated Libra project, which he called “not consistent” with Twitter’s values.
In a statement Dorsey gave to Wall Street Journal, he noted the San Francisco-based firm showed itself as an honest answer for coin launches.
“Crypto needs a trustworthy platform for launching new projects. CoinList leads the industry in that role, and trading is a logical next step.”
In the blog, the company notes it has helped projects with token sales, but there’s a natural next step.
CoinList Trade is, per the blog, a cryptocurrency exchange for the most impactful token projects. Users can sign up for the waiting list while expecting to launch out of the gate with trading available in 38 US states and many international jurisdictions. Also, there will be ACH and wire transfers so users can keep a US dollar-denominated wallet. As per crypto, there will be trading pairs with BTC, ETH, ALGO, USDC, and USD — “with more to come soon.” Also, there will be enabled a full integration with the existing CoinList account of the user.
Be it as it may, ICOs are still hardly accomplished since they are constantly under the pressure of the U.S. Securities and Exchange Commission (SEC). Earlier this month, the messaging platform Telegram’s token distribution was stopped because of the SEC’s emergency restraining order over the company’s $1.4 billion offering. The SEC and Telegram are now awaiting the court trial that should happen on February 18–19.