Coinbase Global (Nasdaq: COIN) is reviving the spirit of the 2017–18 token-sale boom with the launch of a new platform that allows individual investors to buy digital tokens before they are formally listed for trading.
According to The WSJ, the platform, also named Monad, will host a curated series of token sales, giving retail investors early access to vetted blockchain projects under Coinbase’s regulatory framework.
Token Sale Mechanics and Investor Access
The exchange said it plans to conduct around one token sale per month, with each sale open for a one-week subscription window. During that time, investors can submit purchase requests, after which an algorithmic allocation system will distribute tokens “aiming for broad and equitable access.”
This model seeks to avoid the concentration and manipulation often seen in earlier token offerings, ensuring that participation is transparent and fair.
Participants must meet eligibility requirements, including verified registration, compliance checks, and good standing with Coinbase’s policies. All purchases will be conducted in USD Coin (USDC), a dollar-backed stablecoin issued by Circle Internet Financial (NYSE: CRCL).
Project Vetting and Initial Offering
Coinbase said projects launching on the Monad platform will undergo extensive due diligence, with evaluations based on factors such as user demand, founding-team credentials, tokenomics, and vesting schedules. The first sale on the platform will feature a blockchain startup, Monad Labs, set to go live next week.
Strategic Implications and Regulatory Landscape
Industry analysts view this move as a strategic shift for Coinbase, expanding beyond exchange trading fees and deepening its role in the primary issuance market, a domain previously dominated by unregulated Initial Coin Offerings (ICOs).
At a time when regulators worldwide are tightening oversight of crypto fundraising, Coinbase’s structured, compliance-driven approach could set a new benchmark for safe retail participation in early-stage blockchain projects.
If successful, the Monad platform could position Coinbase as a leading hub for regulated token distribution and innovation in the digital asset economy.