SEC-Compliant ICO Platform CoinList Raises $9.2 Million In Funding
The standardized SEC-Compliant ICOs exchange platform, CoinList, announced the successful completion of its first round of funding on April 4, 2018.
The platform intends to be “a liquid and compliant secondary exchange for securities.” according to what its CEO, Andy Bromberg said to CoinDesk, and came about as a result of the collaboration between AngelList and Protocol Labs.
This Wednesday, the project raised $9.2 million thanks to the investment from Polychain Capital, FBG Capital, Libertus Capital, Electric Capital, CoinFund and Digital Currency Group, among others.
Bromberg described the round as “successful” while mentioning that he hopes to contribute to the development of a platform that will provide a panorama of legality and credibility to the tarnished image that the ICOs currently have:
This successful fundraising round reflects the growing need that promising blockchain companies have for superior token sale compliance and execution (…) Now more than ever, companies raising money through an ICO need a platform partner that knows the intricacies of execution and regulation. CoinList provides even more integrity to the startups that have already distinguished themselves, and comfort to the accredited investors that want to commit to blockchain technology.
CoinList: More Than Just a Platform
CoinList is a company focused on supporting ICOs and securities that fully comply with all requirements of the US authorities. They are not only in charge of listing a given token, but their service goes beyond the purely technological involving different areas: In order to be able to list the product, they previously carry out a research of the team behind the token and its characteristics to ensure the existence of reliable projects in order to have a “scam-free” platform.
Similarly, CoinList’s advisory services are what make it stand out from its competitors, ensuring developers that their offerings comply with the intricate Federal regulations that may apply to each of their products: The SEC, the IRS, and even some local laws impose a number of requirements that could have negative consequences for project developers should they fail to comply.
It is also a useful tool for investors as it protects them from spending on “Pump and Dumps” or projects that may be fraudulent. To do this, they must also meet some strict requirements.
Due to this strict monitoring process, the exchange only has three investment opportunities at the moment: Props, Blockstack and Filecoin. However, the Filecoin project alone has raised over $205 million from over 2100 investors.
The total funds of more than $850 million managed by the platform demonstrate that Coinlist’s focus on quality over quantity places it as a reference in the market, especially regarding transdisciplinarity, combining legal, financial and technological services in a single company of recognized reputation.
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