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Blockchain-based financing with Initial Coin Offerings (ICOs)

Blockchain-based financing with Initial Coin Offerings (ICOs) - Universitas Studiorum

Financial industry disruption or evolution?

by Dimitri Boreiko

182 pp.; Euro 20,00

ISBN 9788833690476

The great and fastening strides of the Fintech revolution continuously transform once-static traditional financial industry and provision of credit in particular. Blockchain innovation has led to creation of new industry of raising funds without the need for financial intermediaries such as venture capital or banks. In this book we build up a holistic picture of the token sales or initial coin offerings (ICOs) from their inception in 2013 to our days. We analyze the initial phases of the industry’s development, collecting information on all campaigns or ICO attempts in this period, providing a thorough quantitative analysis of the phenomenon. We also provide a detailed account of token sales mechanics and overview all the main actors in this new ecosystem of blockchain-based financing. By leveraging the open data on token sales contributions, we study the behaviour of token sales investors and find out that recurrent investors do not succeed in selecting better ICO projects but bigger investors do. In the last part of the book, we study crypto tokens as investments and overview their functionality and risks involved, as well as look at the alternative methods of creating and distributing tokens and compare them to token sales.

Dmitri Boreiko is an Assistant Professor of Corporate Finance at the Faculty of Economics and Management of the Free University of Bolzano-Bozen. He has undergraduate degrees in Applied Mathematics and Accounting & Finance, a postgraduate diploma in Finance, Economics and Econometrics and a Ph.D. in Economics. His principal areas of current research include blockchain applications in financial industry, entrepreneurial finance and ICOs, corporate restructuring, credit risk management and securities issues. He has published articles in Applied Financial Economics, Journal of International Financial Markets, Institutions and Money, PLOS ONE, Quarterly Journal of Finance, Journal of Alternative Investments, and others. A Regular member of CFA Society Italy from 2018.

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