Initial Coin Offering: from blockchain technology to a new method of raising capital.

Abstract

The thesis aims to analyse Initial Coin Offerings (ICOs) as a new method of fundraising as well as an alternative to Initial Public Offering (IPOs) and crowdfunding. After the introduction of the financial technology framework, the innovation of blockchain technology is discussed, defining its mechanisms and applications. Moreover, cryptocurrencies' role and features are illustrated, studying the reference market, the regulatory context and risks associated with them. The analysis of the regulatory framework involves an overview of international economic institutions’ laws along with United States, China and European Union cases. A comparison between ICO, IPO and crowdfunding follows, providing their characteristics, required processes and possible similarities. The Initial Coin Offering is then analysed from its historical evolution, to type - tokens distinction, stages of launch or important cases reporting. The methodology involves the creation of ICO projects database for the research and investigations of variables with the largest impact in terms of fundraising achievement. Data are collected from main trading platforms as well as articles, books and publications related to the thesis' key issues (cryptocurrency, ICO, IPO, crowdfunding, white papers and blockchain finance system).