TrustToken, Platform to Create Asset Backed Tokens, Looks to Raise $61 Million on CoinList, First Stablecoin is Dollar backed TrueUSD

 

TrustToken, is looking to raise $61 million in an security token on CoinList. TrustToken will be offering its native platform token – TrustToken (TRU).

TrustToken is already backed by multiple big VC names, including; A16Z Crypto, Founders Fund Angel (Pathfinder), Jump Trading Capital, Foundation Capital, DHVC, Distributed Global, ZhenFund, Stanford-StartX, Signia Venture Partners, GGV Capital, and BlockTower Capital. CoinList is the security token platform created by the AngelList team. CoinList offers highly vetted, promising crypto investments to investors (accredited only in the US).

TrustToken is a platform that enables anyone to create an asset backed crypto. The blockchain based service wants to move offline assets online to allow the value of the asset to be unlocked. For example, gold to GoldToken and dollar to DollarToken or any other negotiable asset.

Accredited investors may register at CoinList through July 17th to participate in the TrustToken offering. The offer opens on July 18th. There is a hard cap of $61 million USD allocated over three tranches priced at; $0.12, $0.14, and $0.16 per TrustToken (TRU). The company explains that since this 435 million token offering is the first TrustToken accredited public sale, the structure consists of increasing-price tranches to allow for proper distribution of TRU tokens depending on purchaser demand. Any unsold TRU tokens will be sold in future rounds.

“Working with with CoinList highlights the value that industry leaders see in tokenizing currencies and assets,” says Danny An, CEO of TrustToken. “Having CoinList offer our round to their investors means we can connect to sophisticated global traders and increase participation in the TrustToken platform.”

An says the funds raised in the CoinList round will enable them to build upon the success of the TrueUSD stablecoin and expand with the creation of tokens backed by Euros, Yen, and other real-world assets. TrueUSD is the only fully compliant and USD collateralized stablecoin that is traded on the top cryptocurrency exchanges.

TrustCoin says that since TrueUSD tokens are redeemable 1-for-1 for US dollars, the token has surged in popularity with institutional traders, reaching over $80 million in market cap in just 4 months of trading.


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