CoinList Launching Crypto Exchange After Jack Dorsey Investment

Bitcoin-friendly Twitter CEO Jack Dorsey has made a direct investment in a fledgling cryptocurrency company as part of its latest funding round.

Dorsey, who has become increasingly well known for his support of Bitcoin, injected an undisclosed amount in token sales startup CoinList, the Wall Street Journal reported on Oct. 30.

CoinList serves as a platform for other startups to raise capital via tools such as token sales, airdrops and hackathons.

It will now seek to enter the exchange sector, along with launching a wallet.

"Crypto needs a trustworthy platform for launching new projects. CoinList leads the industry in that role, and trading is a logical next step," the Wall Street Journal quoted Dorsey as saying.

The move comes at a delicate time for the token industry.

As Cointelegraph reported, tightening regulatory controls worldwide have resulted in fundraising tools that were popular at the time of CoinList's genesis being no longer viable.

Dorsey himself has pledged long-term commitment to Bitcoin, in particular, supporting the phenomenon via both Twitter and his payment company Square.

Last week, Square announced it was moving into incremental stocks sales, Dorsey tweeting that cryptocurrency purchases were a suitable alternative for those who were not interested in owning equity.

He added that he himself was not interested in participating in Facebook's digital currency, Libra.