According to ICO-trackers, about 630 projects completed the initial coin offering in January and March 2018. In total, about $10.5 billion was raised in the framework of ICO within three months — that is 50% more than the year before, in 2017.
In total, about $10.5 billion was raised within ICO, and almost half of this amount was raised by Petro — the project of the Venezuelan government, which will be discussed below in more detail. We should also note the startups TON and Dragon Coin, which share in the total amount of attracted funds was more than 8% and more than 3% respectively.
Picture 1. The percentage of projects in the total amount of funds raised for ICO
Source: Bitnewstoday calculations based on ICO tracker data
The concept of the project is to create a crypto active provided by oil, which, as the Venezuelan government suggests, will stimulate the development of an independent, transparent and open digital economy. In addition, the Venezuelan authorities hope that they will create a trade platform for developing countries. The platform will help them to become more autonomous and not depend on world leaders. Petro Token can be used as an investment object and as a means of payment for public services, goods, and works.
The creators of the Petro project assume that the introduction of crypto active in the economy of the country will stimulate economic growth and development of the industry.
TON, a project of Telegram, plans to create an open social network on the basis of blockchain technology. Users will be able to exchange Gram tokens within the networkю This idea attracted the attention of more than 80 investors, who invested $850 million in the first stage of pre-ICO. It is also reported that the same amount is planned to be attracted within the framework of the second stage.
Dragon Coin is one of the most significant projects in the gaming industry. The project managed to attract 320 million dollars just within one month. The concept of the project is that online gambling participants can transfer their funds to digital assets (DRG tokens) and vice versa. The developers note that Dragon Coin will reduce the commission which is collected from players for funds transfers.
Huobitoken is the project from the financial sector, which managed to raise 300 million dollars. Huobitoken belongs to the Huobi Pro security exchange and is established with the aim of reducing the size of the commission while operating transactions on the exchange.
The Envion project is a cryptographic infrastructure which allows to mine the cryptocurrency in special mobile containers placed next to the energy source. This idea helped the project to attract financing of more than $ 100 million.
In the first quarter of 2018, most of ICO projects were related to the financial sphere, as well as to investment and trading.
Stay tuned to the latest news, articles and events from digital economy with Bitnewstoday newsletter.
You have been successfully subscribed to our newsletter!