Once among the most popular fundraising mechanisms, Initial Coin Offerings or ICOs, is going through a rough patch right now.
ICO numbers are in free-fall
In the USA, ICO numbers dropped by as much as 85%, according to InWara’s monthly Report-April. But this trend is not just unique to the USA, the world over ICO numbers have depreciated significantly.
No. of ICOs by country
Despite their dwindling numbers, ICOs are successfully raising huge sums
ICO numbers are in free-fall and no-one is exactly sure where it might stop. Perhaps the ICO market itself is swiped out? Wel, the chances of that happening are slim.
It’s because the few remaining ICOs were wildly successful. In April of 2019 alone, ICOs managed to raise a whopping $569 mln.
Funds raised by country
The single largest contributor to token sales was Singapore — $214 mln — has come from the island nation alone and accounted for as much as 40% of the funds raised this month in ICO token sales.
Even in the US, where regulatory oversight has made it incredibly difficult to launch an ICO, has witnessed $92 mln being raised. While this amount is a far cry from the $400 mln raised during the same time last year, it is still a significant amount.
In addition to Singapore, there are several other Asian countries that have made significant strides in the ICO space. Like China, Japan, and South Korea which managed to raise $104 mln between them.
Disclaimer: All the above data used in this article is sourced from InWara’s market intelligence platform.
Image courtesy of Bitcointrix