Coinlist, a token sale startup has reportedly raised $10 million in its last funding round to expand its services into other sectors of the cryptocurrency industry.
According to a Wall Street Journal (WSJ) report today, the funding round which was led by venture firm Polychain Capital would be used by CoinList to establish new crypto-related services, including a crypto wallet and an exchange dubbed CoinList Trade.
Among the investors was Jack Dorsey, a renowned Bitcoin advocate, and CEO of the popular social media microblogging platform, Twitter.
Dorsey, who invested an undisclosed amount in the firm, stated that the crypto industry needs a trustworthy platform that would oversee the development of new crypto projects. He believes that CoinList can effectively carry out the responsibility.
“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 as saying.
CoinList has been a go-to platform for most crypto-related startups to raise funds and gain popularity through different methods like token sales, airdrops, and hackathons.
Dorsey Still Believes in the Potential of Bitcoin
It is no longer news that Dorsey is a strong supporter of Bitcoin, as he always reiterates his stance on the matter on different occasions.
Last month, Dorsey, when quizzed about developing a cryptocurrency for Twitter, like Facebook’s Libra and Telegram’s GRAM, dismissed the idea of launching a cryptocurrency while saying that he still believes in the potential of Bitcoin becoming the native currency of the internet.
Dorsey, who also ruled out the possibility of joining Facebook’s Libra project, believes bitcoin’s superiority to other cryptocurrencies can be attributed to the features clearly stated in its whitepaper by the pseudonymous inventor Satoshi Nakamoto.
“The other thing that I think makes it [Bitcoin] probably the strongest candidate is that the principles behind it are very pure. The creation of it was very pure and focused on the public good, rather than any other particular agenda,” he said.