Initial Coin Offerings: Tokens as Innovative Financial Assets

Saman Adhami () and Giancarlo Giudici ()
Additional contact information
Saman Adhami: Vienna Graduate School of Finance
Giancarlo Giudici: Politecnico di Milano

Chapter Chapter 4 in Blockchain Economics and Financial Market Innovation, 2019, pp 61-81 from Springer

Abstract: 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.

Date: 2019
References: Add references at CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-030-25275-5_4

Ordering information: This item can be ordered from
http://www.springer.com/9783030252755

DOI: 10.1007/978-3-030-25275-5_4

Access Statistics for this chapter

More chapters in Contributions to Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().