Designed for conducting initial coin offerings, CoinList is a cryptocurrency exchange that mostly sells tokens of the projects that distributed their tokens through this facility. The exchange was launched by the California-based funding platform established in San Francisco in October 2017. The goal of the project is to enable investors to take part in token sales. Professional traders can also use CoinList Pro, a full-featured cryptocurrency spot exchange that was introduced to the public on July 30, 2020.
In 2021, the platform launched several value-added services to create a full cryptocurrency lifecycle and cover all stages from token sales to trading, governance, staking, and lending.
CoinList hosted many successful ICOs for such projects as Stacks, Origin, Props, and Filecoin. The last one raised over 257 million USD in September 2017 from over 2,100 investors. In 2018, CoinList closed a series of funding rounds with a budget of 9.2 million USD from such investment funds as Polychain, Libertus Capital, CoinFund, and other big names in the crypto industry.
In 2020, the company introduced CoinList Seed, which was designed to fit the needs of early-stage cryptocurrency entrepreneurs who wanted to establish contacts with the global investment community.
In 2021, the community grew by 42 times having accepted users from 170 countries. The numbers refer to the KYC-approved database. The team grew three times as well when the platform started expanding rapidly which entailed exponential growth. This helped the team to find the best emerging cryptocurrency projects to offer assistance to their communities and help them succeed.
With new improved protocols, networks, and apps, CoinList has listed numerous projects such as Casper, Immutable X, Mina, and Agoric. As a result, 500k new token holders have joined the community as the platform has become an incubator for over 50 startups. The company has also introduced unique products adding more value to the platform, such as CoinList Karma designed to evaluate users’ contributions.
The CoinList platform relies on trusted, compliant infrastructure supported by influential figures in the cryptocurrency industry such as GSR, a leading global algorithmic trader, and market maker. GSR includes professional specialists who previously worked for Goldman Sachs, Citadel, and Two Sigma.
What’s more, the platform employs robust exchange systems that have been tested for a year and a half in live trading prior to that. Custody and staking systems of CoinList are supported by such reliable companies as Anchorage, Bitgo, Gemini Custody, and Bison Trails. Besides, CoinList has introduce decentralized governance to get its users involved in the decision making processes.
According to the report published on the official blog, at the time of writing, the value of assets staked on the platform has exceeded 3 billion USD. It is possible to stake such assets as ALGO, FLOW, CELO, MINA, ROSE, and NU. Staking is available for all verified users. It is also important to be a resident of the country where staking of a particular asset is legally allowed.
In 2021, the platform listed Solana after running its auction a year earlier. Solana Labs CEO Anatoly Yakovenko has even noted in his tweet the company’s long term commitment to the collaboration of the two projects.
CoinList financial details
The rate of staking rewards depends on the number of staking participants. The commission for staking rewards charged by the platform varies from 8 to 15% depending on the asset. A full list of fees can be found on the dedicated page of the official website. The CoinList exchange charges a flat 0.5% per transaction in the counter asset currency. The fees on CoinList Pro depend on the volume and vary for takers and makers.
The number of traders using CoinList increased 8 times in 2021. The volume of transactions increased considerably as well having reached 1 billion USD. The platform started with only 4 trading pairs and has gradually increased their number to 70. Additionally, the exchange launched liquidity pools for wrapped assets such as WBTC (wrapped Bitcoin), EFIL (wrapped Filecoin), and WCFG (wrapped Centrifuge).
During the A-series round conducted in October 2021, the company managed to raise 100 million USD from famous investors and cryptocurrency enthusiasts. The funding was employed to increase the revenue of users in their activities within the ecosystem.
In September 2021, the platform launched a new product CoinList Karma, a points system that shows the contribution of users to tokens listed on the exchange. The level of their Karma reflects their contribution to different token networks presented on CoinList.
By introducing this feature, the team behind the platform wants to reward the most active users as the accumulation of Karma helps to get higher rewards. Although users can only earn badges for value-added activities at the time of publication, numerous rewards are going to be introduced soon.
The system will also help those members who have a high level of Karma get access to the Priority Queue on the platform, which is an invite-only queue for token sales. It is not a secret that Priority Queue invitees can benefit from better chances of securing an allocation and obtaining tokens of the most popular projects. Besides, it is worth noting that value-added activities include staking, trading, minting, regular participation in token sales, lending, and borrowing.
Also, those who validate transactions or participate in the mining program, and submit projects to hackathons, can earn Karma points as well. A sliding scale is employed for scoring some activities. With the extension of activities, more Karmic rewards will appear. However, it’s also worth mentioning that the system is not available for users from some jurisdictions.
Another product which is a decentralized lending solution was introduced on the platform in 2021. The offer can be considered successful as over 400M USD originated in loans across numerous assets in the first year only.
The company was founded by Graham Jenkin, CEO, who was COO & UX engineer and designer at AngelList. Other notable participants include Andy Bromberg, who is currently the CEO at Eco, a fintech company, Brian Tubergen, Director of Product at AngelList, Kendrick Nguyen, a founding adviser of CoinList, and a software developer Joshua Slayton.