Are Blockchain Crowdsales the New 'Gold Rush'? Success Determinants of Initial Coin Offerings

Amsden, Ryan; Schweizer, Denis

doi:10.2139/ssrn.3163856

Cited by 61 publications

(58 citation statements)

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“…ICO is still a very recent phenomenon, despite having its initial launch in 2013, it was highlighted and became popular only in 2017 as an alternative financing mechanism [37].…”

Section: Definition Of Initial Coin Offerings (Icos)mentioning

confidence: 99%

“…This market is far from being transparent in information. This is due to false declarations, lack of specific technological knowledge and proven fraud, which results in severe information asymmetries [7], [37], [48]. In many studies on ICOs, they use signaling theory [49] to explain the determinants of success for ICOs [7].…”

Section: Signaling Theory For Icosmentioning

confidence: 99%

“…Therefore, there are similarities in the determinants of financing success in relation to the characteristics of human capital, quality of the business model, project design and social media activity for project dissemination [51]. Also studies related to ICOs show that the amount raised in the campaign can be used as a proxy for success [6], [7], [9], [37], [52].…”

Section: Measure Successmentioning

confidence: 99%

“…Amsden and Schweizer [37] state that the measure of punctual success is given by the total value raised or if the "target quantity" is reached. However, they argue that long-term success is ICO's strongest measure of success.…”

Section: Measure Successmentioning

confidence: 99%

“…Success by the speed of fundraising, which is measured by the total number of days in an ICO campaign [55]. [37], [43], [46], [56]. However, given the peculiarities of ICOs, compared to more traditional financing modalities, the risk of identity fraud is greater.…”

Section: Measure Successmentioning

confidence: 99%

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Initial Coin Offering (ICO): a systematic review of the literature

Moxoto¹,

Melo

Soukiazes³

2021

Proceedings of the Annual Hawaii International Conference on System Sciences

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Initial ICO coin offerings have emerged as a new business financing mechanism. ICOs have raised more than $ 31.14 billion by 2019, sparking interest in finance studies. Despite ongoing scientific research on the topic, academic knowledge remains limited and fragmented. This study aims to conduct a systematic review of the literature with 30 contributions from journals published until January 2020. Based on an indepth analysis of the publications identified, we describe the landscape of the field of ICOs focusing on two aspects. First, we conducted an analysis of the empirical articles that addressed the success determinants of ICOs. Second, we categorize relevant contributions in five different perspectives: human and social capital, technological characteristics, governance and legal aspects and financial details of the campaign. Thematic analysis was carried out to address dominant themes and subthemes in each perspective.

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“…ICO is still a very recent phenomenon, despite having its initial launch in 2013, it was highlighted and became popular only in 2017 as an alternative financing mechanism [37].…”

Section: Definition Of Initial Coin Offerings (Icos)mentioning

confidence: 99%

Section: Signaling Theory For Icosmentioning

confidence: 99%

Section: Measure Successmentioning

confidence: 99%

Section: Measure Successmentioning

confidence: 99%

Section: Measure Successmentioning

confidence: 99%

See 3 more Smart Citations

Initial Coin Offering (ICO): a systematic review of the literature

Moxoto¹,

Melo

Soukiazes³

2021

Proceedings of the Annual Hawaii International Conference on System Sciences

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How the quality of initial coin offering white papers influences fundraising: Using security token offerings white papers as a benchmark

Chou

Wang

et al. 2023

Intell Sys Acc Fin Mgmt

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In recent years, many initial coin offerings (ICOs) scams have been reported, attracting attention to this relatively new and unregulated ICO market, which lacks disclosure requirements and therefore suffers from intensifying problems of information asymmetry inherent in crowdfunding. As a prospectus-type document, an ICO white paper serves as a major means of voluntary disclosure practices adopted by ventures seeking external financing. Given the importance of an ICO white paper and the difficulty of assessing its quality, we propose to benchmark it against white paper content for security token offerings (STOs)-a more regulated ICO subset. Using the similarity of ICO white papers with STO white papers to proxy for disclosure quality, we document that the ICO campaigns that have white papers more similar to STO white papers are more likely to raise funding successfully. Our findings provide implications for policymakers, ICO fundraisers, and investors on the importance of white paper quality.

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