Token sales startup CoinList to launch crypto exchange following Jack Dorsey’s backing

Twitter CEO Jack Dorsey has made an investment in cryptocurrency startup CoinList, the Wall Street Journal reported. The amount of investment has not been disclosed.

The investment is part of CoinList’s latest $10 million funding round, which brings the total funding to $19.2 million to date.

Founded in 2017, San Francisco-based CoinList provides a platform for digital asset companies to run their token sales. Some of the companies that have successfully conducted token sales via its platform include Protocol Labs, Blockstack, Algorand, Origin and others.

The startup is now planning to foray into cryptocurrency exchange and wallet services.

“Crypto needs a trustworthy platform for launching new projects. CoinList leads the industry in that role, and trading is a logical next step,” Dorsey was quoted saying.

The investment from Dorsey is not that surprising, considering that the entrepreneur is quite outspoken about his bitcoin-friendly views. Earlier this year, he announced Square Crypto, describing it as an open-source initiative that aims to make crypto mass adoption “not just possible but inevitable.”

However, Dorsey is not much in favor of Facebook’s planned cryptocurrency “Libra.” When asked whether he would join the Libra Association at a recent event, he responded saying “Hell no” and adding (as quoted by The Verge):

“It’s not an internet open standard that was born on the internet…It was born out of a company’s intention, and it’s not consistent with what I personally believe and what I want our company to stand for.”

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