CoinList has unveiled Passage, a new platform it calls an “access layer” for on-chain capital markets, aiming to streamline the compliant distribution, allocation, and management of tokenized assets. The move comes as the company seeks to pivot beyond its original token sale business, which has slowed industry-wide, and into the rapidly growing market for tokenized real-world assets (RWAs).
In an interview, CoinList CEO Scott Keto described the tokenized asset landscape as “highly fragmented,” with different assets and platforms each imposing their own compliance rules, eligibility requirements, transfer restrictions, and settlement models. Passage is designed to sit in the middle as an orchestration layer that helps issuers distribute assets and platforms embed access to those assets. Built on the same infrastructure that CoinList used to raise over $1.2 billion across 60-plus offerings for more than 12 million verified users in 150+ countries, the platform integrates identity verification, eligibility checks, and compliance workflows in a non-custodial model.
Keto pointed to recent U.S. SEC guidance on self-custody platforms and securities access as a potential catalyst, stating it could become “entirely feasible” for applications to enable stock trading on crypto rails without broker-dealer registration. The first partnerships include Superstate’s Opening Bell platform for tokenized equities, and collaborations with Peaq and Dualmint for tokenized yield opportunities. CoinList also emphasized that asset tokenization does not equate to effective distribution, positioning Passage as the missing link to achieve “large-scale on-chain circulation” rather than siloed assets.
