CoinList Valued at $1.5B as Lending, Staking Join Business Mandate

Following a $100 million funding round, the token sale platform is planning to invest heavily in two of its newer business lines.

Oct 26, 2021 at 1:00 p.m. UTC
Updated Oct 27, 2021 at 3:43 p.m. UTC

CoinList, a token sale platform popular among cash-hungry crypto projects and early investors alike, has raised $100 million in its first equity round in nearly two years.

The company is now valued at $1.5 billion, CEO Graham Jenkin told CoinDesk. He said Accomplice VC and Agman Partners led the round.

The capital injection signals strength in the vibrant and nearly global business of primary market token sales. Solana, Mina, Algorand, Flow and other projects have all turned to CoinList for help distributing their native tokens.

For investors, those early-stage offerings hint at the exponential returns typically only offered to venture capitalists. For CoinList, whose product is essentially a regulated version of crypto’s fast-and-loose initial coin offering days, it’s a big business that has expanded into trading and staking as well.

“We’re seeing a lot of the new businesses that we’ve developed in the last year – staking and lending, in particular,” Jenkin said. “They’re very immature businesses but they’re growing really rapidly for us.”

CoinList said its user base expanded forty-fold year over year to 4.5 million accounts. Its monthly trading volume is north of $1 billion, Jenkin said; there are over $2.6 billion in crypto assets staked and $370 million in loans facilitated this year.

Jenkin said the growth underscores the need for capital to help scale. CoinList is focusing its expansion efforts on Europe and Asia where he said growth this year has already been “insane.”

Matthew Rhodes-Kropf, Taavet+Sten, Metaplant, Alphemy Capital, Continue Capital, CMT Digital, DFG Capital Management, Fenbushi Capital, GoldenTree Asset Management and Metaplanet also joined the $100 million funding round.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Danny is CoinDesk's deputy business editor. He owns BTC, ETH and SOL.