AngelList’s ICO Platform Spin-Off CoinList Raises $9.2 Million in Series A Funding
AngelList spin-off, CoinList, announced Wednesday the closing of a $9.2 million Series A investment to build a platform for digital asset companies to manage their token sales and for investors to discover high-quality projects. According to the announcement, CoinList plans to use the new capital to improve its compliance, operations, engineering, product, and sales teams, as well as the support of existing product offerings and launching new product lines in the coming months.
“We believe that token creators should focus on what they do best: building world-changing products. Now more than ever, companies raising money through an ICO and investors that want to commit to blockchain technology need a trusted platform that knows the intricacies of execution and regulation, and we are here to provide it.”
In order to reduce liability risks, CoinList has implemented a scrutinous selection process that ensures anti-money laundering (AML) and know-your-customer (KYC) due diligence on all users. So far, CoinList has seen three ICOs launch through its platform, including Filecoin, Blockstack and Prop, with a total of $400 million in investments from thousands of users.
Currently, CoinList only allows accredited investors to participate in token sales on their platform, meaning at least $200,000 in annual income for an individual, or $1 million in net assets.
Cryptocurrency funds Polychain Capital, Digital Currency Group, FBG Capital, Libertus Capital, Blockchain Capital and CoinFund all participated in this latest round of funding.