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Coinbase Unveils Platform for ICOs

Coinbase Unveils Platform for ICOs

Coinbase launches ICO platform; Monad token sale starts Nov 17.

Coinbase, the largest American bitcoin exchange, launches a platform for conducting ICOs. On November 17, the token sale for Monad (MON) will commence.

According to the announcement, the platform’s structure is designed to prevent issues that accompanied the initial coin offering boom of 2017-2018.

The sales mechanism is focused on “fair distribution” of assets in favor of the majority and does not operate on a “first-come, first-served” basis. Coinbase noted that the algorithm allocates tokens starting from smaller bids, gradually moving towards larger amounts. 

To encourage “genuine project supporters,” buyers who sell tokens soon after listing (within 30 days) will receive smaller allocations in future distributions.

Sales will be available in most countries worldwide, including the United States. The purchase of coins is expected to be made with the stablecoin USDC from Circle.

Coinbase announced transparency standards for issuers. They include:

  • projects disclosing key information about tokenomics;
  • restrictions on coin sales by teams and affiliated persons on any markets for six months after the ICO. 

The exchange will not charge users fees for participating in the token sale or projects for receiving payments in USDC. Fees are only provided for the sale of coins.

“We will conduct approximately one token sale per month to ensure full support and attention from our platform and community each time, while maintaining the highest standards,” stated Coinbase.

Monad Team Reveals MON Tokenomics

The organization behind the development of the eponymous EVM-compatible layer-one blockchain, Monad Foundation, disclosed details of the token sale, which will take place from November 17 to 22.

The total issuance of the asset will be 100 billion MON. Through the Coinbase platform, 7.5% of the total volume will be available for purchase at $0.025 per coin. ICO participants can bid from $100 to $100,000.

Other portions of the total MON supply will be distributed as follows:

  • 38.5% — reserved for ecosystem development;
  • 27% — allocated to the team;
  • 19.7% — received by project investors;
  • 4% — intended for the treasury of Category Labs (formerly Monad Labs).  

Tokens in the last three categories will be locked in a vesting period. These assets will gradually become available according to a set schedule.

The launch of the Monad mainnet is scheduled for November 24.

Back in October, Coinbase acquired the private investment platform Echo from its creator Jordan Fish, known as Cobie. The exchange paid $400 million in total.

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