Coinbase unveils new platform for pre-listing token offerings

[Coinbase Releases Third-Quarter Financial Results]
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As part of an effort to diversify its business, Coinbase Global (COIN [https://seekingalpha.com/symbol/COIN]) is rolling out a platform to let retail investors buy new crypto tokens before they list on the exchange, it said on Monday

The company plans to conduct about one token sale per month on the new platform, which will rely on an algorithm to decide how tokens are distributed among investors, it said in a blog post. Investors must be fully compliant and registered with Coinbase (COIN [https://seekingalpha.com/symbol/COIN]) to use the platform. They will be paid in USD Coin (USDC-USD [https://seekingalpha.com/symbol/USDC-USD]), the dollar-backed stablecoin issued by Circle Internet Group (CRCL [https://seekingalpha.com/symbol/CRCL]).

Coinbase (COIN [https://seekingalpha.com/symbol/COIN]) also noted any blockchain projects looking to list their tokens on the platform will undergo an evaluation process that considers several factors, from user demand to the project's tokenomics and vesting structure. The platform will charge issuers a fee for participating in the public sales.

Eligible investors in most global regions will be able to access the platform at launch, it added [https://www.coinbase.com/blog/the-ideal-way-to-launch-introducing-token-sales-on-coinbase], with plans for expansion in the future.

For Coinbase (COIN [https://seekingalpha.com/symbol/COIN]), the move could bolster its revenue by increasing the range of available tokens and drawing in users who currently use foreign exchanges.

Amid a broad risk-on day on reports of a Senate breakthrough to end the U.S. government shutdown, COIN shares gained 3.9% in premarket trading.

The _Wall Street Journal_ first reported the Coinbase news.

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