Origin Protocol Raises $6.6M Through CoinList Capital

After closing a successful Strategic Round of $28.4 million earlier this year from 190 investors, we are excited to have added hundreds of new investors as part of our recent CoinList Round. There were more than 1,800 requests for over $120 million in allocation. Additionally, our new investors came from over 50 countries — including many that aren’t top-of-mind in the crypto world like India, Mexico, Spain, Italy, Ukraine, Zimbabwe, Azerbaijan, Ghana, and Vietnam — significantly strengthening our global reach.

CoinList spun out of AngelList, a revolutionary platform for the startup ecosystem founded by Naval Ravikant, one of Silicon Valley’s most influential entrepreneurs, to aid the ever-growing number of cryptocurrency startups in compliant fundraising. The world-class CoinList team has been very selective about the projects they’ve worked with in the past— FileCoin, BlockStack, and Props — all of which were overwhelming successes.

When we decided to go through another round of fundraising, choosing to do so through CoinList was a no-brainer. They supported not only our ambitious mission to decentralize peer-to-peer marketplaces, but also our goal to optimize for total new investors rather than total money raised, a key factor in our efforts to build a global community of Origin enthusiasts.

The Road Less Traveled

There have been many projects that focused on raising as much as they could at the time. Bancor, which raised over $150 million in less than 3 hours (including $27 million from just one investor), and Telegram, which raised an eye-watering $1.7 billion before canceling its planned public sale, are just two examples from a long list of projects that took an approach different than ours by raising money without capping individual investment amounts.

There are many reasons why we took a different approach for both our Strategic and CoinList rounds:

  • Spreading out tokens to investors in a wide range of different geographical locations enables us to evangelize Origin’s mission in local communities from the ground up.
  • Ensuring no one investor holds too big of a percentage of total tokens creates incentives for more people to help our project succeed (we strongly believe in the power of incentives!).
  • Reducing the maximum investment per investor protects against large investors and syndicates filling the entire round quickly and preventing smaller investors from participating.

By focusing on adding as many new investors as possible to the community, which we felt to be most in-line with our ideals at Origin, we had to accept doing more of the hard work involved in fundraising. For example, we had to work overtime to process know your customer (KYC) and accreditation checks in a timely manner and to effectively communicate important information to interested parties. Additionally, managing the process of distributing tokens will be much more cumbersome for a large group of investors, but it is work that we are happy to do in order to grow the community. These examples are in line with a theme we’ve gradually chosen to adopt at Origin: we’re willing to do it the hard way if it’s the best way for the community.

Accreditation Requirements

We have so far been required to raise money only from accredited investors. This requirement is due to the fact that we are based in the United States, a country with strict laws and guidelines for raising money through private placements. While we struggle philosophically with these requirements and the reasoning used to defend them, we have been taking every necessary step to heed the advice of our counsel, approach things conservatively, and stay as compliant as possible throughout the process. We will continue to work to spread the Origin token far and wide, as long as we can do it in a legally compliant way.

Thank You

We would like to thank each and every investor that participated in the round. We genuinely look forward to speaking (and hopefully one day meeting) with each and every one of you to hear more about what excites you about Origin. We would also like to thank the amazing team at CoinList for working overtime to ensure the round went as smoothly as possible.

Moving forward, we will continue to stay focused on adding more amazing people to our already world-class team, building out the Origin platform, improving our DApp, and onboarding partners.

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