Jack Dorsey Invests in Crypto ICO Platform CoinList

Bitcoinist October 31, 2019
Updated 2019/10/31 at 10:08 AM
3 Min Read

Twitter CEO Jack Dorsey is expanding his cryptocurrency involvement by backing crypto initial coin offering (ICO) exchange platform, CoinList. Dorsey, who also heads San-Francisco payment service Square, is a noted bitcoin bull who maintains that the top-ranked crypto will eventually become the de facto currency of the internet.

Twitter Chief Backs AngelList Spin-Off

According to the Wall Street Journal (WSJ), Dorsey took part in the latest CoinList funding round which reportedly raised $10 million. CoinList, established in 2017 as a spin-off of AngelList, is an ICO exchange platform that initially received backing from investment firms like Polychain Capital, raising over $9 million in its maiden funding round.

Commenting on his decision to back CoinList financially, Dorsey remarked:

Crypto needs a trustworthy platform for launching new projects. CoinList leads the industry in that role, and trading is a logical next step.

Since its inception, CoinList has supported token sales worth more than $800 million. The company claims to be an “SEC-compliant” ICO exchange.

CoinList vets crypto and blockchain startups looking to run a token sale and connect them with accredited investors. According to its website, the platform offers support for both private and public cryptocurrency token offerings.

Some of its more popular supported ICO listings include Filecoin and Blockstack. The recently concluded Blockstack token sale marked the first-ever SEC-qualified token offering carried out under Regulation A.

Since the 2017 ICO boom, the SEC has come down hard on token sales, labelling most offerings to be securities. The Commission has levied fines with some commentators calling for more nuanced securities regulations for cryptocurrencies in the U.S.

The existence of such stringent regulations has put a dampener on the trading of ICO tokens. Some exchange platforms have even been forced to relocate outside the U.S. or geofence certain tokens from U.S. traders.

Dorsey’s Increasing Crypto Involvement

Dorsey has continued to remain vocal about his support for bitcoin and involvement in the crypto space. Despite this enthusiasm for the industry, the Twitter chief says he has no intention of creating a cryptocurrency payment system like Facebook’s Libra.

Instead, Dorsey has consistently declared his belief in the future of bitcoin as a bastion for decentralized currencies. As previously reported by Bitcoinist, Dorsey has identified bitcoin as having the potential to align the world.

Do you think that more token sales via SEC-compliant platforms like CoinList will lead to a buoyant altcoin trading market in the U.S.? Let us know in the comments below.

Images via Shutterstock

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