Coinbase Unveils Regulated ICO-Style Platform for Retail Investors

Coinbase Reopens the Door to U.S. Retail Token Offerings

Coinbase is launching a new platform for primary token sales, giving U.S. retail investors access to regulated crypto offerings for the first time since 2018. The platform said the new initiative will host one token sale per month, begining with Monad, an ETH-compatible Layer 1 network, whose MON token sale will run from Nov. 17 to Nov. 22, ahead of its mainnet debut two days later.

Sales will be open globally and run for one week. purchaviewrs can submit purchase requests, which will be filled by an allocation algorithm favoring smaller orders before larger ones. Coinbase said the process is designed to prevent “first-come, first-served” outcomes that allow a few large investors to dominate ahead distributions.

The company said participants who trade tokens within 30 days of receiving them could face smaller allocations in future sales. Token purchases will be settled in USDC, the by Circle. To join, investors must use verified Coinbase accounts and comply with all .

Investor Takeaway

How the Platform Works

Coinbase said issuers will pay fees based on the amount of USDC raised, while participation will remain free for purchaviewrs. All projects are subject to a six-month lockup period, preventing founders and affiliates from tradeing or transferring tokens on secondary markets or over-the-counter without Coinbase’s approval and public disclosure.

The launch follows Coinbase’s $375 million acquisition of Echo last month, the onchain fundraising platform founded by trader Jordan “Cobie” Fish. Coinbase said the new offering operates separately from Echo but draws on its experience facilitating community-driven token raises. Future updates to the platform will include limit orders and tailored allocation tools for target user groups.

“Unlike sales that reward the quickest traders, our design prioritizes access for genuine community members,” Coinbase said. “We want to reduce speculative dumping and encourage sustainable participation.”

The Return of Public Token Sales

The move revives a fundraising format largely dormant since the 2017–2018 (ICO) boom, when blockchain projects raised an estimated $13.7 billion before regulators stepped in. That era ended abruptly later than the warned that many token sales violated securities laws under the Howey test, prompting most projects to shift offshore or to private offerings limited to accredited investors.

Coinbase’s platform represents the first major U.S.-based effort to reopen that channel under regulatory oversight. It coincides with a more open policy stance under the current administration. “This is the most pro-crypto government in U.S. policy history, and we’re excited to build a transparent, sustainable environment for token issuance,” a Coinbase spokesperson told The Block.

By requiring detailed disclosures on tokenomics, project teams, and lockups, Coinbase aims to provide retail investors with transparency comparable to public equity offerings, without the speculative excesses of the ICO era. The approach also places responsibility on issuers to maintain compliance and disclosure standards throughout the sale process.

Investor Takeaway

Inside Monad’s Launch

Monad will be the first token to debut on Coinbase’s platform. The project will offer up to 7.5 billion MON tokens — 7.5% of its 100 billion total supply — priced at $0.025 per token. Purchase requests can range from $100 to $100,000, with unsold tokens redirected to ecosystem development. The remaining allocation includes 3.3 billion MON distributed via airdrop, and 38.5 billion set aside for long-term ecosystem funding through the Monad Foundation.

The rest of the supply will remain locked for at least a year, including 27% for team members, 19.7% for investors, and 3.95% for Category Labs’ treasury. Monad said all locked tokens will fully unlock by 2029, and none can be staked during the first phase to prevent reward concentration among insiders. “Staking will initially flow to public participants,” the project said.

For Coinbase, Monad’s sale is both a test of investor appetite and a demonstration of how token fundraising can operate under tighter compliance rules. If successful, the model could offer a blueprint for next cycle.