Offshore havens challenge Switzerland for swelling ICO funds

More initial coin offering (ICO) crowdfunding assets were generated in the first five months of this year than the accumulative total between 2013 and the end of 2017, a Swiss study reveals. Switzerland remains one of the global ICO hotspots despite the emergence of offshore rivals, say its authors. Blockchain start-ups obtained some $13.7 billion (CHF13.6 billion) in ICO capital until the end of May this year, according to a report by audit firm PwC and the Zug-based Crypto Valley Association. This is nearly double the total of all other funds raised until the start of this year. Companies raise start-up capital through this form of crowdfunding by selling digital tokens, which are either used on their blockchains or can be traded for profit, in exchange for cryptocurrencies. The ICO craze really took off in 2017, but volumes this year have reached a new dimension, led by giant fundraisers from the likes of EOS and Telegram. Getting hold of precise numbers in the ICO market ...

More Headlines

Follow worldbiztoday on Twitter

US Stocks