Top Five Initial Coin Offerings Hit $7.7bn in Total Funding| APN News

Previous story:

Need for effective public health approach on the ground to control COVID-19, says Dr V K Paul, Member, NITI Aayog

Top Five Initial Coin Offerings Hit $7.7bn in Total Funding

Published on June 23, 2020

Recent years have witnessed an impressive growth of the global cryptocurrency market, followed by the rise of the Initial Coin Offering (ICO), as an appealing alternative to time-demanding venture capital funding rounds.

According to data gathered by AksjeBloggen, the five largest Initial Coin Offerings reached $7.7bn in total funding. With nearly $4.2bn in the value of raised funds or 55% of that amount, the blockchain platform EOSIO represents the world’s largest ICO.

Launching Projects Through Token Sales

Initial Coin Offering or the crypto industry’s equivalent to an Initial Public Offering (IPO) was created in 2016 when the Bitcoin’s popularity started growing. As a type of funding mechanism, primarily used for cryptocurrency projects, ICOs provided easy access to funds for startups launching new coin, app or service.

Moreover, this creation and sale of a new cryptocurrency token didn’t require founders to give up equity in return for the investor’s money. Their return is an increased value of the tokens if the projects ends successfully.

In May 2018, the Cayman Islands startup Block.one gained a lot of publicity after raising a staggering $4.2bn for funding its blockchain platform called EOSIO, more than three biggest funding rounds of 2018 combined. Till today, the EOSIO remained the biggest ICO in the world.

With $1.7bn in the total value of raised funds, Telegram Open Network (TON) ranked as the second-largest ICO globally, revealed ICObench data. This blockchain platform was designed to provide decentralized cryptocurrency to anyone with a smartphone, similar to Facebook’s Libra project.

More than 5,700 ICOs Since 2014

The ICObench data show Bitfinex ranked as the third-largest ICO globally, with $1bn in the total value of sold LEO tokens. Founded in December 2012 as a P2P Bitcoin exchange, Bitfinex offered digital asset trading services to users worldwide. Over time, the platform expanded its services by providing support for more cryptocurrencies. Dragon, the digital currency for casinos, follows with $320 million in funding, respectively.

Statistics show that 5,725 ICOs have been created since 2014, with a total of nearly $65bn raised. Analyzed by geography, the United States represents the leading country with 717 ICOs and $7.3bn in total funding. Singapore ranked second with 587 ICOs and $2.5bn in the total value of raised funds. The United Kingdom follows with 514 Initial Coin Offerings and $1.5bn in the total funding.

The full story can be read here: https://aksjebloggen.com/top-five-initial-coin-offerings-hit-7-7bn-in-total-funding/

Source link

Leave a comment