Coinbase Launches Retail Token Sale Platform Starting with Monad

Coinbase is rolling out a primary token sale platform that reopens access for U.S. retail investors to participate in new crypto offerings for the first time since the 2018 cycle. The exchange plans roughly one sale each month, beginning with Monad, a high-throughput blockchain project set to offer its native token from November 17 to November 22. During the one-week window, users will submit purchase requests that are filled after the sale closes.

To promote broad participation, Coinbase says an allocation algorithm will prioritize smaller buyers first and then scale up to larger orders. The system will also reduce future allocations for participants who flip newly acquired tokens immediately, aiming to discourage speculative dumping. All purchases will settle in USDC, and participation requires a verified Coinbase account and compliance clearance.

Projects that list through the platform will be subject to a six-month lockup for founders and affiliates. That restriction blocks sales on secondary markets or OTC without Coinbase’s approval and public disclosure. Buyer participation is free, while issuers pay a fee tied to the amount of USDC raised, plus any listing expenses. Coinbase frames the design as a way to create a fairer distribution while addressing long-standing criticisms of token launches.

The debut arrives against the backdrop of the 2017–2018 ICO boom and bust. ICOs raised an estimated $13.7 billion by mid-2018 but drew swift scrutiny from the U.S. Securities and Exchange Commission, which warned many tokens could qualify as securities under the Howey test. Subsequent analysis found a large share of ICO tokens traded below launch price, and many lost most of their value. Coinbase’s return to primary offerings seeks to revive public participation with stricter guardrails, compliance controls, and incentives aimed at long-term holders rather than short-term flipping.