Challenges of the market for initial coin offerings

15 páginas. 1 figura, 1 tabla

Detalles Bibliográficos
Autores: De Andrés, Pablo, Arroyo Guardeño, David, Correia, Ricardo, Rezola, Álvaro
Tipo de recurso: artículo
Estado:Versión publicada
Fecha de publicación:2022
País:España
Institución:Consejo Superior de Investigaciones Científicas (CSIC)
Repositorio:DIGITAL.CSIC. Repositorio Institucional del CSIC
OAI Identifier:oai:digital.csic.es:10261/258987
Acceso en línea:http://hdl.handle.net/10261/258987
Access Level:acceso abierto
Palabra clave:Blockchain
alternative financing solutions
initial coin offerings
asymmetrical information
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spelling Challenges of the market for initial coin offeringsDe Andrés, PabloArroyo Guardeño, DavidCorreia, RicardoRezola, ÁlvaroBlockchainalternative financing solutionsinitial coin offeringsasymmetrical information15 páginas. 1 figura, 1 tablaThis article analyzes the main problems and the solutions adopted in the market for Initial Coin Offerings (ICO), to anticipate the future of this market and determine implications for issuers, investors and regulators. ICOs represent an alternative and innovative financing solution that has experienced spectacular growth and notoriety in recent years. ICOs rely on Blockchain protocols and the ICO market is, therefore, characterized as decentralized, disintermediated and unregulated. Our results show that although the ICO market is innovative, it already displays many of the problems of traditional financial markets, and that these problems were at the genesis of the last financial crisis. Our analysis of the problems and solutions adopted shows a tension between what the Blockchain technology offers, and the problems associated with the financing of innovation. Considering the problems and solutions adopted, we no longer expect the ICO market to be characterized as disintermediated, unregulated or even decentralized in the near future. Furthermore, it is a real possibility that ICOs may end up being a progressor model eventually replaced by similar but more specialized financing models, some of which may already exist. With respect to the particular solutions of the ICO market, while some represent the realization of the potential of Blockchain, others such as forks have important Governance implications with the potential to create as many problems as the ones they address.We acknowledge financial support from the Spanish Ministry of Economy and Competi- tiveness, Project PID2020-118064GB-I00 and from the Professorship Excellence Program in accordance with the multi-year agreement signed by the Government of Madrid and the Universidad Aut ́onoma de Madrid (Line #3). R. Correia and A. Rezola acknowledge financial support from the Comunidad de Madrid Research Project for Young Researchers (SI3-PJI- 2021-00276). D. Arroyo acknowledges financial support from the Comu- nidad de Madrid (Spain) under the project CYNAMON (P2018/TCS-4566), and from the Spanish State Research Agency (AEI) of the Ministry of Sci- ence and Innovation (MCIN), project P2QProMeTe (PID2020-112586RB- I00/AEI/10.13039/501100011033), co-funded by the European Regional Development Fund (ERDF, EU).Elsevier BVConsejo Superior de Investigaciones Científicas [https://ror.org/02gfc7t72]2022202220222022info:eu-repo/semantics/articlehttp://purl.org/coar/resource_type/c_dcae04bcPublisher's versioninfo:eu-repo/semantics/publishedVersionhttp://hdl.handle.net/10261/258987reponame:DIGITAL.CSIC. Repositorio Institucional del CSICinstname:Consejo Superior de Investigaciones Científicas (CSIC)Inglés#PLACEHOLDER_PARENT_METADATA_VALUE#CM/P2018/TCS-4566/CYNAMON MCIN/PID2020-112586RB- I00/AEI/10.13039/501100011033/2QProMeTe MEC/PID2020-118064GB-I00http://dx.doi.org/10.1016/j.irfa.2021.101966Síinfo:eu-repo/semantics/openAccessoai:digital.csic.es:10261/2589872026-05-22T06:33:51Z
dc.title.none.fl_str_mv Challenges of the market for initial coin offerings
title Challenges of the market for initial coin offerings
spellingShingle Challenges of the market for initial coin offerings
De Andrés, Pablo
Blockchain
alternative financing solutions
initial coin offerings
asymmetrical information
title_short Challenges of the market for initial coin offerings
title_full Challenges of the market for initial coin offerings
title_fullStr Challenges of the market for initial coin offerings
title_full_unstemmed Challenges of the market for initial coin offerings
title_sort Challenges of the market for initial coin offerings
dc.creator.none.fl_str_mv De Andrés, Pablo
Arroyo Guardeño, David
Correia, Ricardo
Rezola, Álvaro
author De Andrés, Pablo
author_facet De Andrés, Pablo
Arroyo Guardeño, David
Correia, Ricardo
Rezola, Álvaro
author_role author
author2 Arroyo Guardeño, David
Correia, Ricardo
Rezola, Álvaro
author2_role author
author
author
dc.contributor.none.fl_str_mv Consejo Superior de Investigaciones Científicas [https://ror.org/02gfc7t72]
dc.subject.none.fl_str_mv Blockchain
alternative financing solutions
initial coin offerings
asymmetrical information
topic Blockchain
alternative financing solutions
initial coin offerings
asymmetrical information
description 15 páginas. 1 figura, 1 tabla
publishDate 2022
dc.date.none.fl_str_mv 2022
2022
2022
2022
dc.type.none.fl_str_mv info:eu-repo/semantics/article
http://purl.org/coar/resource_type/c_dcae04bc
Publisher's version
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/10261/258987
url http://hdl.handle.net/10261/258987
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv #PLACEHOLDER_PARENT_METADATA_VALUE#
CM/P2018/TCS-4566/CYNAMON MCIN/PID2020-112586RB- I00/AEI/10.13039/501100011033/2QProMeTe MEC/PID2020-118064GB-I00
http://dx.doi.org/10.1016/j.irfa.2021.101966
Sí
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Elsevier BV
publisher.none.fl_str_mv Elsevier BV
dc.source.none.fl_str_mv reponame:DIGITAL.CSIC. Repositorio Institucional del CSIC
instname:Consejo Superior de Investigaciones Científicas (CSIC)
instname_str Consejo Superior de Investigaciones Científicas (CSIC)
reponame_str DIGITAL.CSIC. Repositorio Institucional del CSIC
collection DIGITAL.CSIC. Repositorio Institucional del CSIC
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,812429

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