The Twitter CEO, Jack Dorsey, has made the news in the past being Bitcoin-friendly but had not invested directly into the nascent market. However, the latest reports now reveal that Dorsey has made a direct investment in a fledging crypto company as part of its latest funding round.
CoinList Set to Launch its Crypto Wallet and Exchange
Dorsey is increasingly becoming popular in the cryptocurrency community for his support for Bitcoin. According to a Wall Street Journal report on October 30, the Twitter CEO put in an undisclosed amount in the token sales startup, CoinList. The startup serves mainly as a platform for other startups to raise their capital through tools like airdrops, token sales, and hackathons.
The company got a cumulative amount of $10 in the latest funding round after being on the market since 2017. According to reliable reports, it now seeks to test the exchange sector and simultaneously launch a crypto wallet. Dorsey was quoted by the Wall Street Journal as saying:
“Crypto needs a trustworthy platform for launching new projects. CoinList leads the industry in that role, and trading is a logical next step.”
Is this the Return of Token Fundraising?
This funding comes at a delicate time for the general crypto industry. According to earlier reports, the ever-tightening regulatory controls throughout the world have caused the fundraising tools that were popular during the time of CoinList’s genesis to become obsolete.
Among the tools that became largely obsolete are initial coin offerings, ICOs, which have almost disappeared since 2018. Dorsey has pledged his long-term commitment to Bitcoin. He supports the phenomenon through both Twitter and his payment company Square.
In the past week, Square said that it was moving strongly into incremental stock sales. In that context, Dorsey tweeted that crypto purchases were a viable alternative for the investors that were not interested in owning equity. He even said that he is not interested in participating in Facebook’s Libra project.