Switzerland-based Crypto Valley Association also took part in the research, underlying the fact that the amount raised from digital currencies sales has almost doubled compared with 2017. Technology startups in the blockchain space around the world have raised funds by selling cryptocurrencies, or tokens directly to investors in initial coin offerings (ICOs), bypassing banks or venture capital companies as intermediaries.
The report also said of the 3,470 ICOs announced since the first token offering in 2013, only 30% of those have closed successfully, while many have been delayed, or lost momentum during the ICO process, the report noted.
The US remains a leading destination to host ICOs, with 56 token sales registered raising USD 1.1 billion in the first five months of 2018. Within Europe, Switzerland is the ICO capital, but in 2018, the UK has gained ground in terms of volume and numbers. The 48 ICOs registered in the UK raised USD 507 million, so far in 2018.
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