CoinList
CoinList is a software-based onchain capital markets platform operated by Amalgamated Token Services Inc., where token issuers host compliant primary token sales and 12M+ verified investors across 110+ countries access token sales, tokenized equities, RWAs, and tokenized IPOs via its Passage developer infrastructure.
- Company typePrivate
- Founded2017
- HeadquartersSan Francisco, United States
- Headcount51–100
- GTM typeB2B and B2C
- OfferingSoftware
What CoinList does
CoinList, operated by Amalgamated Token Services Inc. and headquartered at 900 Kearny Street in San Francisco, is a software-based platform for onchain capital markets. It runs a two-sided marketplace in which crypto projects host compliant primary token sales and 12M+ verified investors across 110+ countries participate; the platform has executed 85+ raises and facilitated more than $1.2B in cumulative capital raised since operations began around 2017. Beyond primary sales, the platform now spans Real World Assets, tokenized equities, Funds & Vaults, and — beginning Q2 2026 — tokenized U.S. public-company IPOs through a partnership with Superstate.
The technical stack is built around three layers: (1) a compliance layer that combines KYC/AML, accreditation, eligibility, and sanctions screening through Sumsub and which underpins CoinList's 'Risk Intolerant' status; (2) a non-custodial wallet layer delivered via Privy, introduced in November 2025 as part of CoinList's transition off its prior custodial model; and (3) Passage, an externalized developer-facing API and React/TypeScript SDK layer that exposes CoinList's onboarding, allocation, and settlement rails to partner platforms such as Superstate. Sale mechanics include First Come First Served, 'Filling Up From the Bottom' (water-filling), Continuous Clearing Auction, and sealed-bid Dutch auctions.
CoinList's revenue is generated through three streams: transaction-based fees on hosted token sales, listing and onboarding fees paid by issuers, and nascent usage-based fees from Passage API consumption. Pricing is quote-based rather than publicly disclosed. The customer base is dual-sided — token issuers (Solana, Ondo, Aztec, WalletConnect, Zama, USD.AI, and 20+ others) and crypto-native retail and accredited investors — with a secondary institutional and developer segment accessing the platform via Passage. Headcount sits at 51-100, and the company's sole priced equity event remains the October 2021 $100M Series A at a $1.5B post-money valuation led by Accomplice and Agman Partners.
CoinList firmographics
Firmographics- Name
- CoinList
- Legal name
- Amalgamated Token Services Inc.
- Website
- https://coinlist.co
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- CoinList is a software-based onchain capital markets platform operated by Amalgamated Token Services Inc., where token issuers host compliant primary token sales and 12M+ verified investors across 110+ countries access token sales, tokenized equities, RWAs, and tokenized IPOs via its Passage developer infrastructure.
- Ownership category
- akta.pro rank
CoinList industry classification
Industry- Product category
- Digital Asset Investment Platform
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Tokenized Securities & Capital Markets (Equity, Debt, Funds) (FSADAEAA)
- akta.pro secondary industries
- Smart Contract Wallets / Account Abstraction (MPC/AA, social recovery, paymasters) (FSAPACAB), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)
Keywords
Where CoinList is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
CoinList business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Transaction Fees from Token Sales: CoinList charges fees on each token sale hosted on the platform, taking a transaction-based cut from primary token offerings. The platform has facilitated 85+ raises including $1.2B+ cumulative capital raised.
- Passage API / Infrastructure Fees: Developer-facing API and infrastructure fees from Passage, enabling third-party issuers and partners (such as Superstate) to leverage CoinList's compliant distribution and onchain capital markets rails for tokenized equities and other RWAs.
- Asset Distribution & Listing Fees: Fees charged to token issuers and asset originators (e.g., Superstate for tokenized equities) for onboarding, distribution, and listing of tokenized assets on the CoinList platform.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Transaction-based fees on hosted token sales |
| Usage-based | Pay-as-you-go | API/SDK usage fees for Passage infrastructure |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels4 records
CoinList product offering
Product offeringCore offering
CoinList operates a software platform for compliant primary token sales and onchain capital markets. Token issuers (e.g., Solana, Ondo, Aztec, WalletConnect) raise capital on the platform by tapping a global base of 12M+ verified investors, while individual investors access curated token sales, tokenized equities, and digital assets via a non-custodial wallet. The Passage by CoinList infrastructure exposes the platform's KYC, allocation, and settlement rails to developers and partner issuers via REST APIs and SDKs.
Product overview
CoinList is a single platform-plus-modules architecture for onchain capital markets, operated by Amalgamated Token Services Inc. and its subsidiaries (CoinList Services LLC and CoinList Community Services Ltd.). The core CoinList Platform hosts token sales, tokenized equities, real-world assets, funds and vaults, and the non-custodial, onchain CoinList Self-Custody Wallet (provided in partnership with Privy) that holds users' supported assets. The Passage by CoinList infrastructure product exposes the same onboarding, KYC/AML, allocation, and settlement stack to external developers via REST APIs and React/TypeScript SDKs, allowing third-party apps to embed CoinList token sales. On top of that, CoinList offers the Superstate Opening Bell product for natively tokenized U.S. public equities (IPO and follow-on offerings) coming Q2 2026, and a marketplace of curated Token Sales / Token Launches (Solana, Ondo, Aztec, Zama, USD.AI, Flying Tulip, WalletConnect, and many others) using mechanisms such as First Come First Served, Filling Up From the Bottom, Continuous Clearing Auction, and sealed-bid Dutch auctions. The legacy CoinList Staking product and CoinList Karma loyalty program were wound down / paused in late 2025 as the platform transitioned to fully non-custodial.
Differentiator
Problem solved
Functional benefit
Brands
- Passage by CoinList: Infrastructure for onchain capital markets: SDKs and APIs that allow developers and partner platforms to embed CoinList's token-sale, compliance, and distribution functionality.
- Karma
Products and services
- CoinList Platform Software-based technology platform for onchain capital markets. Enables users to participate in token sales, tokenized equities, real-world assets, funds, and vaults. Provides integrated KYC/AML onboarding, non-custodial wallet custody (via Privy), and distribution rails used by 85+ issuers and 12M+ verified investors.
- CoinList Self-Custody Wallet Non-custodial, onchain wallet embedded in the CoinList platform. Users hold supported crypto assets onchain, fund token sales, and send/receive assets directly. Wallets are provided in partnership with Privy; CoinList does not hold custody or private keys.
- Passage by CoinList Developer-facing infrastructure product for onchain capital markets. Exposes REST APIs and React/TypeScript SDKs so third-party platforms can embed CoinList's token sales, KYC/AML, allocation, eligibility, and settlement functionality without rebuilding compliance scope. Used by partner issuers such as Superstate for tokenized equities.
- CoinList × Superstate Opening Bell (Tokenized IPOs) Tokenized IPOs and follow-on offerings from U.S. public companies issued natively onchain through Superstate Opening Bell on Solana or Ethereum, with SEC-approved transfer-agent recordkeeping. CoinList manages discovery, KYC/allowlisting, onboarding, and purchase flows.
- CoinList Token Sales / Token Launches Curated marketplace of token sales hosted on CoinList, including allocations, multiple sale structures (First Come First Served, Filling Up From the Bottom, Continuous Clearing Auction, sealed-bid Dutch auction), and primary distributions of new crypto networks' tokens (e.g., Solana, Ondo, Aztec, WalletConnect, Zama, USD.AI, Flying Tulip).
Quantifiable outcome
- $1.2B+ in cumulative capital raised on the platform across 85+ token raises
- +4 more outcomes
Companies that use CoinList
Customer profileNamed customers24 records
Segments4 records
Ideal customer profiles3 records
CoinList technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature5 records
CoinList partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered flagship, strategic and core.
- SuperstateflagshipCoinList and Superstate partnered to enable compliant distribution of tokenized equities through CoinList's investor rails and Passage infrastructure. Superstate originates the tokenized equity products and CoinList provides the KYC/AML, distribution, and onchain access layer to its 12M+ verified investor base.
- AngelListstrategicAngelList is a sister company to CoinList, sharing operational and strategic ties. The relationship provides ecosystem overlap between CoinList's crypto investor base and AngelList's startup and investor community.
- PrivycorePrivy provides wallet infrastructure powering CoinList's non-custodial wallet experience, enabling users to maintain control of private keys while still completing compliant onboarding and accessing token sales and onchain assets.
- SumsubcoreSumsub is CoinList's KYC/AML and identity verification partner. The integration supports verification of 12M+ investors globally and underpins CoinList's inclusion in Sumsub's 'Risk Intolerant' registry of compliant platforms.
Scale indicators10 records
Recent moves7 records
Expansion highlights6 records
CoinList competitors and assessment
Company assessmentDirect peers
- Binance Launchpad: Binance's token-launch platform for hosting primary token sales to its massive exchange user base. Directly comparable as a centralized, compliant token sale venue, though Binance's reach dwarfs CoinList's.
- OKX Jumpstart: OKX's token sale platform offering discounted token launches to OKX exchange users. Comparable as a centralized exchange-affiliated launchpad serving the same issuer and retail investor audience.
- KuCoin Spotlight: KuCoin's token sale and launch platform for hosting new project offerings to its global user base. Comparable as a centralized exchange-led token launch venue with global retail reach.
- Bybit Launchpad: Bybit's token launch platform providing primary distribution and staking-based allocation to Bybit users. Comparable in mechanism (subscription/allocation-based primary offerings) and target retail crypto audience.
- Bitfinex Pulse (Tokenized Equities / RWA): Bitfinex has pioneered tokenized equity and RWA products (e.g., via its xStocks / Blockstream partnership). Comparable as a centralized exchange extending into compliant onchain equity distribution.
- Republic: Republic operates tokenized equity and digital asset offerings for both retail and accredited investors, with a similar KYC/AML-driven primary distribution model. Closely comparable in serving issuers seeking compliant access to a global investor pool.
- DAO Maker: Crypto launchpad and fundraising platform focused on token sales (Public Sales, SHO). Comparable as a token-launch platform with retail allocation mechanics and emerging-project focus.
Broad incumbents
- Coinbase: Largest U.S.-regulated crypto exchange with broad retail and institutional reach. Overlaps with CoinList on compliant onboarding, tokenized asset distribution, and developer infrastructure, though Coinbase is broader in scope (spot trading, custody, staking, Base L2).
Emerging players
- Polkastarter: Decentralized token launch and auctions protocol on Polkadot. Comparable as an emerging token-sale venue, though it competes via DeFi-native mechanics rather than centralized KYC/AML rails.
- Securitize: Tokenization platform for regulated securities and RWAs with built-in compliance. Comparable in the tokenized equity and RWA distribution space, particularly as CoinList expands via the Superstate partnership.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
CoinList social profiles
Digital presenceCoinList compliance and trust
Trust signalCompliance3 records
CoinList financial estimates
Financial estimateRevenue estimate
Valuation estimate
CoinList leadership team
Management profileNumber of profiles
Profiles3 records
CoinList subsidiaries and ownership
Company hierarchySubsidiaries2 records
CoinList funding detail
Funding detailFunding overview
Funding rounds5 records
Investors23 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CoinList M&A and investment
M&A and investmentM&A1 record
Investments19 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CoinList
What does CoinList do?
CoinList operates a software platform for compliant primary token sales and onchain capital markets. Token issuers (e.g., Solana, Ondo, Aztec, WalletConnect) raise capital on the platform by tapping a global base of 12M+ verified investors, while individual investors access curated token sales, tokenized equities, and digital assets via a non-custodial wallet. The Passage by CoinList infrastructure exposes the platform's KYC, allocation, and settlement rails to developers and partner issuers via REST APIs and SDKs.
Is CoinList a public or private company?
CoinList is a private company. It is classified as venture growth investor backed and is currently operating.
When was CoinList founded?
CoinList was founded in 2017. It employs 51 to 100 people.
Where is CoinList based?
CoinList is headquartered in San Francisco, United States, in the North America region.
How does CoinList make money?
Three revenue lines are on record. Transaction Fees from Token Sales are the primary driver. The others are passage API / Infrastructure Fees and asset Distribution & Listing Fees.
Who are CoinList's main competitors?
Direct peers on record are Binance Launchpad, OKX Jumpstart, KuCoin Spotlight, Bybit Launchpad, Bitfinex Pulse (Tokenized Equities / RWA), Republic and DAO Maker. Coinbase is listed as a broad incumbent. Emerging players are Polkastarter and Securitize.
Does CoinList have an API?
Yes. CoinList provides a Passage API and SDKs that allow developers to embed onchain capital markets functionality (including tokenized IPOs and token sales) into their own applications. The Passage infrastructure offers a single REST API for querying open offerings, terms, and eligibility, submitting orders, and tracking token issuance. React and TypeScript SDKs are available for surfacing live offerings, collecting orders, and confirming settlement. KYC, accreditation, eligibility management, and token sale distribution are handled by CoinList as part of the integration, so partners do not need to add new compliance scope. Documentation is hosted at docs.passage.coinlist.co. Developer documentation is at docs.passage.coinlist.co.
What industry is CoinList in?
CoinList's product category is Digital Asset Investment Platform. Its primary akta.pro industry code is FSADAEAA, Tokenized Securities & Capital Markets (Equity, Debt, Funds), with a secondary code of FSAPACAB, Smart Contract Wallets / Account Abstraction (MPC/AA, social recovery, paymasters). Its NAICS code is 522320 and its SIC code is 6200.