Jack Dorsey Backs $10 Million Round for Token Offering Platform CoinList

CoinList's latest funding round will help it develop a new exchange and wallet.

AccessTimeIconOct 30, 2019 at 10:38 a.m. UTC
Updated Apr 10, 2024 at 2:45 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Token offering platform CoinList has raised $10 million with backing from Twitter and Square CEO Jack Dorsey.

CoinList announced Wednesday the closing of a Series A funding round led by Polychain Capital and joined by Dorsey and Collaborative Fund. The capital will go towards the further development of CoinList Trade, a new exchange platform, along with a crypto wallet, according to the Wall Street Journal and a company Medium post. The latest funding round follows a 2018 seed round joined by Polychain Capital and Digital Currency Group, among others.

Dorsey’s investment is reportedly his first in the platform, which the WSJ said has helped companies raise some $800 million in tokens since August 2017. A vocal bitcoin proponent, Dorsey launched a bitcoin-only developer arm at Square earlier this year and has recently come out as decidedly against the Facebook-initiated Libra project, which he said was "not consistent" with Twitter's values.

In a statement to the Journal, Dorsey said the San Francisco-based firm presents an honest solution 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.”

Launching in May 2017, CoinList helps firms navigate regulatory rules concerning initial coin offerings (ICOs), a popular capital acquisition vehicle for emerging projects. Projects Blockstack, Algorand, Filecoin and Dfinity have all leveraged the firm for token offerings and distributions. CoinList's exchange is initially operating in 38 states and some international jurisdictions with support for cryptocurrencies bitcoin (BTC), ether (ETH), algorand (ALGO) and USD Coin (USDC).

ICOs continue to be a prime target for the U.S. Securities and Exchange Commission (SEC). Earlier this month, messaging platform Telegram’s token distribution was held up following an emergency restraining order by the regulator over the firm’s $1.4 billion offering. The SEC and Telegram are set to go to court over the token issuance Feb. 18–19.

Jack Dorsey image via Shutterstock


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.