Initial coin offerings (ICOs) represent an innovative and new funding mechanism for new technology ventures. In our comprehensive review of the industry's evolution, we show that despite its short history, there have been dramatic changes and shifts in the number of ICOs, the amount of money raised, the geographic distribution of ICOs, and their regulation. This dynamism calls into question current research practices and findings. We propose that scholars sort out and differentiate supply of vs. demand for ICO funding, taking geography and regulation into account with a global perspective.

Blockchain, Cryptocurrency, Digital finance, Entrepreneurial finance, FinTech, Initial coin offerings (ICO), Regulation, Token sale
dx.doi.org/10.1016/j.jbvi.2020.e00213, hdl.handle.net/1765/132097
Journal of Business Venturing Insights
Erasmus School of Economics

Bellavitis, C. (Cristiano), Fisch, C.O, & Wiklund, J. (2021). A comprehensive review of the global development of initial coin offerings (ICOs) and their regulation. Journal of Business Venturing Insights, 15. doi:10.1016/j.jbvi.2020.e00213