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Photo: Courtesy of AngelList

AngelList is debuting Transfers, a new service to facilitate secondary stock sales for more mature startups.

Why it matters: Shareholder liquidity continues to be a challenge for startups as companies remain private for many years.

Details: As with its other services, AngelList provides software and all the legal management on the back end to the startup.

  • AngelList also packages all of the new shareholders into one single entity on the cap table to avoid making it messier.
  • Startups can set these up to be recurring as well, if they want to do regular liquidity events for early shareholders — every 12 or 18 months, for example.
  • AngelList generates revenue by charging the companies for executing transactions.

Between the lines: "What started to happen was that some of these late-stage companies wanted the [VC fund] managers on our platform involved with their company but they weren't investors already," Avlok Kohli, CEO of AngelList's venture-focused business, tells Axios of the new service's origin.

  • While AngelList can help find some additional buyers to fill out a transaction if the startups want, it doesn't see itself as a marketplace for startup stock. AngelList intends that customers for this service already have buyers in mind.

Go deeper

Bernie Madoff dies in prison at 82

Photo: Jin Lee/Bloomberg via Getty Images

Bernie Madoff, a former investor sentenced to 150 years in prison for perpetrating the largest Ponzi scheme in U.S. history, died Wednesday at age 82, AP reports.

The big picture: Madoff pleaded guilty in 2009 to a multibillion-dollar scheme that investigators said began in the 1970s and defrauded as many as 37,000 people in 136 countries — including high-profile victims like Steven Spielberg, former New York Mets owner Fred Wilpon and actor Kevin Bacon, according to CNBC.

Ben Geman, author of Generate
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John Kerry and China's long road ahead on climate

Photo illustration: Aïda Amer/Axios. Photo: Brian Snyder/AFP via Getty Images

Yes, special climate envoy John Kerry's really in China and no, don't look for a huge breakthrough between the world's two largest carbon-emitting nations.

Driving the news: The State Department yesterday announced Kerry's visit this week, confirming plans that began emerging Saturday.

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Coinbase president Emilie Choi on mainstreaming crypto

Coinbase plans to go public on Wednesday, in a watershed moment for the cryptocurrency industry.

Axios Re:Cap speaks with Coinbase president and COO Emilie Choi about how she thinks about crypto, why Coinbase eschewed a traditional IPO and if we’re ever going to use bitcoin to buy a cup of coffee.