ICOs As Exempt Securities Offerings: An Economic Analysis
By Simona Mola, An Wang and Michael Liftik (June 28, 2018, 2:36 PM EDT) -- The number of initial coin offerings has exponentially increased since early 2017. After a large setback in August 2017, possibly due to their being banned in China and South Korea, ICOs have bounced back in 2018, reaching a total of 334 offerings and cumulative ICO proceeds of $13.9 billion as of the end of May, exceeding venture capital investment in blockchain projects. According to the New York Times, technology startups using ICOs can raise much more money, much faster, than venture capitalists. For example, Coinbase — a virtual currency company funded with venture capital — raised $225 million in five years and eight rounds of funding, while Filecoin raised over $250 million in one month via an ICO....
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