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Initial Coin Offerings: Tokens as Innovative Financial Assets

In: Blockchain Economics and Financial Market Innovation

Author

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  • Saman Adhami

    (Vienna Graduate School of Finance)

  • Giancarlo Giudici

    (Politecnico di Milano)

Abstract

In this chapter we describe the phenomenon of Initial Coin Offerings (ICOs), i.e. unregulated offerings of digital tokens, built on the innovative blockchain technology, as to provide a means to collect finance for a project on the Internet, disintermediating any external platform, payment agent or professional investor. ICO tokens allow the access to platform services, may serve as cryptocurrencies, or grant profit rights; they are traded on electronic exchanges and represent a new financial asset. We highlight the issues emerged with respect to information asymmetries and moral hazard and we review the nascent empirical literature exploring the ICO token market.

Suggested Citation

  • Saman Adhami & Giancarlo Giudici, 2019. "Initial Coin Offerings: Tokens as Innovative Financial Assets," Contributions to Economics, in: Umit Hacioglu (ed.), Blockchain Economics and Financial Market Innovation, chapter 0, pages 61-81, Springer.
    • Handle: RePEc:spr:conchp:978-3-030-25275-5_4
    DOI: 10.1007/978-3-030-25275-5_4
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    Cited by:

    1. Bingyou Chen & Yu Luo & Jieni Li & Yujian Li & Ying Liu & Fan Yang & Junge Bo & Yanan Qiao, 2023. "Blockchain-based Decentralized Co-governance: Innovations and Solutions for Sustainable Crowdfunding," Papers 2306.00869, arXiv.org, revised Jun 2023.

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