After a series A funding round, crypto listing platform, CoinList, attained unicorn status as the $100 million the firm raised during the funding round put the firm’s valuation at $1.5 billion.
According to the announcement, the fund which was co-led by venture funds Accomplice and Agman will be used to “scale our services and operations, better support our global community of early adopters, launch new products like CoinList Karma and CoinList Governance that boost protocol participation, and continue to find the best new projects in crypto and help them and their communities succeed.”
It went further to list other participants which includes, HashKey Capital, Access Ventures, Alphemy Capital, Broadhaven Ventures, Continue Capital, CMT Digital, DFG, FBG Capital, Fenbushi Capital, executives from GoldenTree Asset Management, Hack VC, Jsquare, LD Capital, Metaplanet, Perpetual Value Partners, Rising Tide Fund, and Taavet+Sten.
What you should know
The year 2021 has seen several cryptocurrency and blockchain-focused companies attain unicorn status, a term used to describe startups with a valuation of $1 billion or more. South American cryptocurrency exchanges Bitso and Mercado Bitcoin became members of the exclusive club earlier this year, while derivatives platform FTX became a “decacorn” with a valuation of $18 billion. Also recently, NFT company Candy Digital also concluded a $100 million Series A funding round, bringing its total valuation to $1.5 billion, same as CoinList.
Venture capital organizations have poured billions of dollars into crypto startups this year, as smart money investors continue to back emerging projects that could reshape the global financial system. Earlier this year, Silicon Valley venture firm Andreessen Horowitz announced that it had allocated $2.2 billion to fund emerging crypto projects. Last week, venture capital firm Galaxy Interactive confirmed that it had raised another $325 million from 70 investors to back new portfolio companies.
CoinList said its user base expanded forty-fold year over year to 4.5 million accounts. Its monthly trading volume is north of $1 billion. In an interview with CoinDesk, CoinList CEO Graham Jenkin, explained that there are over $2.6 billion in crypto assets staked and $370 million in loans facilitated this year.
What they are saying
CoinList CEO Graham Jenkin stated, “In this round, we focused on deepening relationships with our existing community rather than signing new venture capital. And our community is truly global. While we have some great U.S. investors, our new investors are mostly active users and partners in the regions where we are growing fastest – Asia, Europe, and the Middle East. We’re very excited to have them join us.”
In a separate interview with CoinDesk, he stated, “We’re seeing a lot of the new businesses that we’ve developed in the last year; staking and lending, in particular. They’re very immature businesses but they’re growing really rapidly for us.”
CoinList is a centralized exchange that launched on the 28th of July 2020 and is based in San Francisco, California.
The exchange is regulated as a FinCEN- registered Money Services Business and is permitted to operate in 40+ US states as a money transmitter, as well as, many international jurisdictions.
CoinList transaction volume currently stands at $6,855,792 in the last 24 hours, down 2.06%. According to Coinmarketcap, CoinList has an exchange score of 5.2, with 164,394 weekly visits with a rank of #42.