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A comprehensive review of the global development of initial coin offerings (ICOs) and their regulation

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  • Bellavitis, Cristiano
  • Fisch, Christian
  • Wiklund, Johan

Abstract

Initial coin offerings (ICOs) represent an innovative and new funding mechanism for new technology ventures. In our comprehensive review of the industry’s evolution, we show that despite its short history, there have been dramatic changes and shifts in the number of ICOs, the amount of money raised, the geographic distribution of ICOs, and their regulation. This dynamism calls into question current research practices and findings. We propose that scholars sort out and differentiate supply of vs. demand for ICO funding, taking geography and regulation into account with a global perspective.

Suggested Citation

  • Bellavitis, Cristiano & Fisch, Christian & Wiklund, Johan, 2021. "A comprehensive review of the global development of initial coin offerings (ICOs) and their regulation," Journal of Business Venturing Insights, Elsevier, vol. 15(C).
    • Handle: RePEc:eee:jobuve:v:15:y:2021:i:c:s235267342030069x
    DOI: 10.1016/j.jbvi.2020.e00213
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    References listed on IDEAS

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    Cited by:

    1. Kolbe, Maura & Mansouri, Sasan & Momtaz, Paul P., 2022. "Why do video pitches matter in crowdfunding?," Journal of Economics and Business, Elsevier, vol. 122(C).
    2. Muneer M. Alshater & Mayank Joshipura & Rim El Khoury & Nohade Nasrallah, 2023. "Initial Coin Offerings: a Hybrid Empirical Review," Small Business Economics, Springer, vol. 61(3), pages 891-908, October.
    3. Feilian Xia & James Thewissen & Winifred Huang & Shuo Yan, 2024. "Founder-CEO Extraversion and Sustainability Orientation in Initial Coin Offerings," Entrepreneurship Theory and Practice, , vol. 48(4), pages 941-980, July.
    4. Bongini, Paola & Osborne, Francesco & Pedrazzoli, Alessia & Rossolini, Monica, 2022. "A topic modelling analysis of white papers in security token offerings: Which topic matters for funding?," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
    5. Zhang, Pengcheng & Xu, Kunpeng & Qi, Jiayin, 2023. "The impact of regulation on cryptocurrency market volatility in the context of the COVID-19 pandemic — evidence from China," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 222-246.
    6. Kotiloglu, Serhan & Ometto, M. Paola, 2024. "An exploratory look at the role of ownership in initial coin offerings (ICO): Different audiences and ICO success," Journal of Business Venturing Insights, Elsevier, vol. 21(C).
    7. Anton Miglo, 2022. "Choice between IEO and ICO: Speed vs. Liquidity vs. Risk," FinTech, MDPI, vol. 1(3), pages 1-18, September.
    8. Christoph Wronka, 2024. "Crypto-asset regulatory landscape: a comparative analysis of the crypto-asset regulation in the UK and Germany," Journal of Asset Management, Palgrave Macmillan, vol. 25(4), pages 417-426, July.
    9. Gartner, Johannes & Moro, Andrea, 2024. "C-level managers and born-digitals' scaling: The case of Initial Coin Offerings (ICOs)," Technological Forecasting and Social Change, Elsevier, vol. 198(C).
    10. Li, Sen & Chen, Yan, 2024. "Governing decentralized autonomous organizations as digital commons," Journal of Business Venturing Insights, Elsevier, vol. 21(C).
    11. Patel, Ritesh & Migliavacca, Milena & Oriani, Marco E., 2022. "Blockchain in banking and finance: A bibliometric review," Research in International Business and Finance, Elsevier, vol. 62(C).
    12. Qin Wang & Guangsheng Yu & Shiping Chen, 2023. "Cryptocurrency in the Aftermath: Unveiling the Impact of the SVB Collapse," Papers 2311.10720, arXiv.org.
    13. Naheeda Ali, 2022. "Crimes Related to Cryptocurrency and Regulations to Combat Crypto Crimes," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 8(3), pages 289-302, September.
    14. Piñeiro-Chousa, Juan & Šević, Aleksandar & González-López, Isaac, 2023. "Impact of social metrics in decentralized finance," Journal of Business Research, Elsevier, vol. 158(C).
    15. Saurabh, Kumar & Rani, Neelam & Upadhyay, Parijat, 2024. "Towards novel blockchain decentralised autonomous organisation (DAO) led corporate governance framework," Technological Forecasting and Social Change, Elsevier, vol. 204(C).
    16. Chalmers, Dominic & Fisch, Christian & Matthews, Russell & Quinn, William & Recker, Jan, 2022. "Beyond the bubble: Will NFTs and digital proof of ownership empower creative industry entrepreneurs?," Journal of Business Venturing Insights, Elsevier, vol. 17(C).
    17. Wang, Tong & Zhao, Sheng & Zhou, Mengqiu, 2022. "Does soft information in expert ratings curb information asymmetry? Evidence from crowdfunding and early transaction phases of Initial Coin offerings," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
    18. Arjan J. Frederiks & Sílvia Costa & Boudewijn Hulst & Aard J. Groen, 2024. "The early bird catches the worm: The role of regulatory uncertainty in early adoption of blockchain’s cryptocurrency by fintech ventures," Journal of Small Business Management, Taylor & Francis Journals, vol. 62(2), pages 790-823, March.
    19. Mansouri, Sasan & Momtaz, Paul P., 2022. "Financing sustainable entrepreneurship: ESG measurement, valuation, and performance," Journal of Business Venturing, Elsevier, vol. 37(6).
    20. Luisa Faust & Maura Kolbe & Sasan Mansouri & Paul P. Momtaz, 2022. "The Crowdfunding of Altruism," JRFM, MDPI, vol. 15(3), pages 1-29, March.
    21. Boukis Achilleas, 2022. "Exploring the Sources of Consumer-Based Brand Equity in the Cryptocurrency Market," Review of Marketing Science, De Gruyter, vol. 20(1), pages 233-255, September.
    22. Boukis, Achilleas, 2023. "Storytelling in initial coin offerings: Attracting investment or gaining referrals?," Journal of Business Research, Elsevier, vol. 160(C).
    23. Alessandro Bitetto & Paola Cerchiello, 2024. "Initial Coin Offerings: can ESG mitigate Underpricing?," DEM Working Papers Series 221, University of Pavia, Department of Economics and Management.
    24. Niclas Dombrowski & Wolfgang Drobetz & Lars Hornuf & Paul P. Momtaz, 2023. "The Financial and Non-Financial Performance of Token-Based Crowdfunding: Certification Arbitrage, Investor Choice, and the Optimal Timing of ICOs," CESifo Working Paper Series 10393, CESifo.
    25. Paul P. Momtaz, 2022. "Some Very Simple Economics of Web3 and the Metaverse," FinTech, MDPI, vol. 1(3), pages 1-10, July.

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