US Ranked Among Top Three for Most Coin Offerings (ICOs)
Along with Switzerland and Singapore, US ranked among the top three leading destinations for ICO projects according to a new study. The report notes that authorities in other jurisdictions, like Russia and Estonia, are working to adopt favorable regulations in order to attract more crypto startups. The findings coincide with another study identifying 78% of all ICOs as scams.
A new study confirms, despite regulatory uncertainty, the United States has established itself as the leading destination for companies conducting Initial Coin Offerings (ICOs).
According to the recently published report, 30 of the 100 largest token sales were held by companies based in the US. The data compiled by the team of the Crypto Finance Conference places Switzerland second with 15 ICOs, and Singapore third with 11 of the biggest coin offerings.
“ICOs continue to gain momentum. They raised $6.3 billion in the first quarter of 2018 — more than was raised in all of 2017,” said the chief executive of CFC, Andrea-Franco Stöhr, quoted by Venture Beat.
In a released statement, he also commented that the research provides an opportunity to understand which countries are embracing blockchain and crypto projects and how they do it.
Despite two recent studies suggesting investors are still bullish on ICOs, a research conducted by the Boston College revealed that less than half of ICOs survive four months after the sale. Now, another study, authored by the research company Satis Group, tells us that a staggering 78% of all coin offerings conducted last year have turned out to be scams.
It’s been estimated that of the $12 billion raised by ICOs, $1.3 billion (11%) was lost to scams, $1.7 billion (14%) disappeared in failed projects, and $624 million (5%) went to those that had gone dead. However, more than 70%, or $8 billion USD, went to ICOs that eventually reached exchanges. According to the study, most of the funds appropriated by scams were invested in three projects. These are Pincoin ($660 million), Arisebank ($600 million) and Savedroid ($50 million).
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