Coinbase launches new platform for "token advance purchase", allocates tokens algorithmically

Coinbase plans to launch a new platform that will allow a select group of investors to gain early access to new cryptocurrencies before they open for trading on its main exchange, according to US media reports. The largest cryptocurrency exchange in the US will use algorithms to decide who can acquire the tokens, with the aim of limiting the concentration of assets in the hands of large purchasers. Individual recipients who sell their tokens within a month of their launch may receive a lower share in future offerings, while token issuers and their affiliates will be barred from selling their holdings for six months. A spokesperson for Coinbase said Monad, a crypto project that runs its own blockchain network, will be the first to issue tokens through the platform, with the launch scheduled for later in November. The exchange plans to subsequently list all tokens launched on the new platform on its main exchange for trading, with approximately one issuance per month planned.