The crypto exchange massive, Coinbase could be releasing a new token soon. This is according to its head of institutional sales in Asia, Kayvon Pirestani.
Kayvon used to be an executive at Morgan Stanley and says that Coinbase launching an initial exchange offering (IEO) platform.
These comments come after a panel discussion in regards to cryptocurrencies capital formation sector at the Asia conference for CoinDesk Invest.
The ex-Deutsche Bank equity derivatives sales director has said:
“We think there’s a really interesting opportunity there for Coinbase.”
“We’re carefully exploring not only the IEO space but also STOs [security token offerings]. But I can’t make any formal announcements right now.”
It’s typically seen that IEO’s are a more reliable form of fundraising than ICO’s or initial coin offerings. This is down to established platforms serving as a trusted broker for offering a token sale, this leads IEO’s to be usually more reliable.
As reported by Ethereum World News:
“When an exchange facilitates an IEO, it must make a commitment to carry out the appropriate know your customer (KYC) and anti-money laundering (AML) checks and procedures on the token issuer’s behalf.”
So for Coinbase, it could longer to offer regulated securities in the US market but even so, Pirestani said that the platform could launch an IEO system over the next few months.
As it currently stands Pirestani has said that Coinbase is looking through its acquisitions and repurposing several different licenses.
Whether this will become reality remains to be seen however, we might not end up seeing this platform until early 2020.
It will be interesting to see how this IEO platform plays out. For more news on this and other crypto updates, keep it with CryptoDaily!