The Geography of Initial Coin Offerings

Winifred Huang, Michele Meoli, Silvio Vismara

Research output: Working paper

Abstract

Initial coin offerings (ICOs) are a rapidly growing phenomenon wherein entrepreneurial ventures raise funds for the development of blockchain-based businesses. They have recently sprouted up all over the world, raising millions of dollars for early-stage projects. Few empirical studies are available to help understand the emergence of ICOs across countries. Based on the population of 915 ICOs issued in 187 countries between January 2017 and March 2018, our study reveals that ICOs take place in countries with developed financial markets and advanced digital technologies. The availability of investment-based crowdfunding platforms also plays a significant role in the emergence of ICOs, while venture capital and private equity markets do not provide similar effects. Countries with ICO-friendly regulations have more ICOs, whereas tax regimes are not among the main drivers of ICOs.
LanguageEnglish
DOIs
StatusE-pub ahead of print - 1 Feb 2019

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Venture capital
Digital technology
Equity markets
Empirical study
Tax
Geography
Entrepreneurial ventures
Financial markets
Private equity

Keywords

  • Initial Coin Offerings
  • ICOs
  • Entrepreneurial Finance
  • Crowdfunding
  • Geography

Cite this

The Geography of Initial Coin Offerings. / Huang, Winifred; Meoli, Michele; Vismara, Silvio.

2019.

Research output: Working paper

Huang, W, Meoli, M & Vismara, S 2019 'The Geography of Initial Coin Offerings'. https://doi.org/10.1007/s11187-019-00135-y
Huang W, Meoli M, Vismara S. The Geography of Initial Coin Offerings. 2019 Feb 1. https://doi.org/10.1007/s11187-019-00135-y
Huang, Winifred ; Meoli, Michele ; Vismara, Silvio. / The Geography of Initial Coin Offerings. 2019.
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