Twitter CEO Invests In Cryptocurrency Startup

Twitter, Inc. TWTR CEO Jack Dorsey has invested in startup CoinList, the Wall Street Journal reported Wednesday. 

What Happened

CoinList, founded in October 2017, helps digital asset startups raise money through token sales — a controversial method of fundraising that is largely unregulated.

The company intends to launch a cryptocurrency exchange with the $10 million it has raised in an initial round of investments from Polychain Capital, Dorsey and others. 

The exact amount Dorsey invested, out of these $10 million, hasn't been disclosed.

"Crypto needs a trustworthy platform for launching new projects,” Dorsey said in a statement. “CoinList leads the industry in that role, and trading is a logical next step.”

Bitcoin Proponent

Dorsey has backed cryptocurrencies before. 

In March 2018, he expressed his belief that Bitcoin will become the world’s sole currency in less than 10 years.

Payments company Square Inc SQ where Dorsey serves as the CEO, launched a cryptocurrency initiative in March 2019. 

Dorsey Opposed To Private Cryptos 

Dorsey also remains opposed to any privately controlled cryptocurrencies run by companies or governments.

When The Verge asked him last week if he is willing to join Facebook’s Libra cryptocurrency project, he said: “hell no.”

In response to a user asking if Square will ever launch its own cryptocurrency, Dorsey said: “Bitcoin is resilient. Bitcoin is principled. Bitcoin is native to internet ideals. And it’s a great brand.”