Crypto Exchange Unicorn Coinbase’s S-1 filing was released as part of its bid for a direct listing on the Nasdaq. This document contained information on a possible future token issuance.

On page 68 of the filing, as part of its risk education, Coinbase said it could potentially raise additional capital to “support business growth.” To this end, the company could issue new shares or shares in the form of a blockchain token that could be tied to “customer rewards or loyalty programs”.

“If we issue additional equity securities, including blockchain tokens, shareholders will be diluted and the new equity securities could have rights superior to our currently approved and issued common shares,” the filing said.

In another section, the company said it could “authorize the issuance of ‘blank’ preferred stock and common stock that our board of directors could use to enforce a shareholder rights plan or issue other preferred stock or common stock, including blockchain tokens.”

Of course, the mention of a blockchain token in the risk education sections does not mean that Coinbase has concrete plans for such a launch. Still, its inclusion suggests that some deliberation has taken place. It also shows Coinbase’s interest in an area that other exchanges like FTX and Binance have been pursuing.

Exchange tokens typically offer traders discounts on trading fees and are tied to the success of the platform. Their status as securities is controversial.

It’s also worth noting that Coinbase has acquired a broker-dealer, Keystone Capital, which could give the company a regulatory framework for an internal token.

In a tweet, former Coinbase employee Adam White – currently president of the digital asset company Bakkt – asked whether Coinbase would create an exchange token.

“It will be interesting to keep an eye on this and the reaction of other exchanges,” White wrote.

Coinbase declined to comment when reached.