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Digital Currency/Stablecoin/Tokenization Series: Is Coinbase racing-up with IEO and STO Platforms to take on Binance?
As Binance is all set to unveil a newly crypto exchange compliant to U.S. laws to render services to their American clients, Coinbase, the renowned U.S. based exchange, gears up to counter with its plans of launching of a platform to conduct the Initial Exchange Offerings (IEO) and Security Token Offerings (STO) programs. The revelation is a sign of an increasingly aggressive Coinbase. Like an initial coin offering (ICO), IEO is yet another similar fundraising method for the aspiring cryptocurrency start-ups.
Kayvon Pirestani, the head of Coinbase institutional sales in Asia has divulged the news. Speaking at the Coindesk’s Invest, the Asia conference, Pirestani said, “We think there’s a really interesting opportunity there for Coinbase. Coinbase is carefully exploring not only the IEO space but also STOs, but I can’t make any formal announcements right now.”
After the collapse of the ICO market, the IEO model has filled the vacuum, with the innovative Binance exchange leading the way. OKEx, Huobi, and Bittrex have all followed Binance’s lead and launched IEO platforms this year.
Comparatively, Coinbase seemed little conventional but cautious, however, they started the race by adding a number of new assets in response to user demand, Coinbase likely to accelerate in the crypto-race with a competitive advantage if at all the addition of an IEO and STO platforms come in reality, as they carry good terms with the U.S. regulators.
In addition, the IEO model operates the sale of tokens and conducts due diligence on the projects and safeguards investors meticulously from the scams that collapsed the ICO markets. Courtesy: BNC