Initial Coin Offerings, Corporate Finance and Financial Regulation

Franklin Allen

Chapter 15 in Digital Currency Economics and Policy, 2020, pp 125-139 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Initial Coin Offerings (ICOs) have grown substantially in recent years. They involve issuing coins that are recorded on a blockchain. These can be used to purchase the service or good that the firm they finance produces. The coins can be exchanged for currency on cryptocurrency exchanges. Although many ICOs are fraudulent, most studies find positive average and median returns. Theoretical analyses suggest they can have several advantages compared to Initial Public Offerings (IPOs). They are regulated in widely differing ways with the UK, Switzerland and Singapore having regimes that make them easier to undertake than other countries.

Keywords: Digital Currency; Economics and Policy; Finance; Cryptocurrency (search for similar items in EconPapers)
JEL-codes: G2 O33 (search for similar items in EconPapers)
Date: 2020
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