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AngelList spins out CoinList - Is this a milestone in ICOs as a viable form of crowdfunding?

24 Oct 17
AngleList has recently announced the spinout of CoinList in what could be seen as a milestone in enabling entrepreneurs to rapidly raise funding via initial coin offerings (ICOs). ICOs are already established as a means of crowdfunding blockchain and fintech projects but it’s not always clear what the legalities are of the token coins.
 
On 20th October 2017 @AngelList tweeted “We are spinning out @CoinList as an independent company – a trusted platform for digital asset companies.”
 
AngelList although born in the USA, is well known in the UK and worldwide as a place where startups can raise money and their profile and tech developers can find talent. CoinList has grown out of the experience of developing AngelList and their recent collaboration with Protocol Labs to take advantage of decentralised blockchain technology (more on that below). 
Their aim is to help entrepreneurs with blockchain and fintech projects use ICOs as a way of crowdfunding their developments with less risk of infringing legal and regulatory boundaries.
 
PRNewswire in their article “CoinList Launches as New Independent Company with New Leadership Team” (SAN FRANCISCO, Oct. 20, 2017 / PRNewswire – news provide by CoinList) wrote: 
 
"We see the power of a decentralized future but understand that today's digital asset projects often can't handle the compliance and regulatory burden of hosting their own token sales," said Andy Bromberg, the new CEO of CoinList. "CoinList will start by stepping in and providing our expertise around compliance, tactical execution, and marketing. Our vision is to provide an ever-broader set of financial services to these companies: secondary trading, market making, and much more."
 
For many the concept of hosting their own token sale is very new, but there have already been some substantial successes including a $205 million token sale for Filecoin decentralised storage network, orchestrated in a collaboration between AngelList and Protocol Labs.
 
Plus interest in blockchain based cryptocurrencies has been further fanned by Bitcoin being in the news recently for hitting an all-time high.  This bolsters interest and increases the flow of new money coming into the system which in turn pushes up the value of existing cryptocurrencies.
 
Some see the blockchain technology behind cryptocurrency and fintech infrastructures as world-changing, but overall commentator also agree that investing in ICOs is a risky business - it can easily lead to less experienced investors losing all their capital.
 
However, if CoinList helps the flow of investment into UK fintech and blockchain startup businesses, by enabling them to use ICOs as a rapid crowdfunding mechanism, that can’t be a bad thing, provided investors also ensure they know what they are getting into. 
 

Further reading and references:

(PRNewswire: CoinList Oct 20, 2017, 12:34 ET)
 
(AngelList Weekly, October 23, 2017)
 
(Medium Oct 20, 217)
 
Forbes, OCT 23, 2017 @ 01:35 PM)
 

 

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Our consultants are members of London Group Business Advisors and Home Counties Business Advisors.

Linda Eziquiel is a Fellow of the Institute for Independent Business and a Principal Consultant at RandDTax (specialists in Research and Development tax credits) – UK co. reg. no. 08160439.

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