ICOs after the decline: a literature review and recommendations for a sustainable development

Guillaume Andrieu and Aurélie Sannajust

Venture Capital, 2025, vol. 27, issue 1, 1-19

Abstract: Initial coin offerings (ICOs) are an alternative financing source for startups. Based on blockchain technology, they allow entrepreneurs to raise funds digitally, ensuring speed and low costs. ICOs increased significantly in number and size until the first quarter of 2018, and then the market declined. Mismanagement and fraud are suspected to be the cause. In this respect, our paper analyzes the literature on ICO benefits and challenges and provides recommendations for sustainable ICO activity.

Date: 2025
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DOI: 10.1080/13691066.2023.2240024

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