Altcoin News: Coinbase May Issue Its Own Token and Open IEO Platform
The American cryptocurrency exchange Coinbase may soon issue its own exchange token, CoinDesk writes referring to the statement by the head of institutional sales in Asia, Kayvon Pirestani.
Speaking at the Invest: Asia conference on Wednesday, Pirestani spoke about the development of capital formation in the cryptocurrency industry. According to him, the platform for conducting initial public offerings (IEO) is one of the capital formation tools considered by the company.
“We think there’s a really interesting opportunity there for Coinbase,” said Pirestani, adding:
“In a nutshell, Coinbase is carefully exploring not only the IEO space but also STOs [security token offerings]. But I can’t make any formal announcements right now.”
Many well-known cryptocurrency exchanges, including Bitfinex, OKEx, Huobi, Gate.io and Kucoin, have begun actively conducting IEO this year, following the example of Binance. In this case, the exchange acts as a trusted broker and allows investors to exchange tokens issued by it for project tokens.
According to Pirestani, Coinbase’s plans to launch an IEO platform can materialize within a few months. The exchange is also taking steps towards organizing STO campaigns. Previously, she acquired several third-party firms to become a regulated broker-dealer. A Coinbase representative said that the process is still ongoing, and security tokens are “talked about a lot but traded much less” therefore the exchange intends to wait for increased interest in such offers on the market before proceeding with active actions.
Author: Marko Vidrih