ICO Market Down Since May 2018 – BitMEX
Initial coin offerings (ICO) have only raised $40 million so far this year. This is according to BitMEX’s research division.
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Researchers at the Bitcoin Mercantile Exchange known as Bitmex published a blog post on May 13th, 2019 in which they noted that the ICO market is down 97% since May 2018.
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According to BitMEX’s research arm, several blockchain projects have “changed the ‘C’ in ICO to an ‘E’, perhaps in an attempt to assist with raising capital.” ICO is now mostly called initial exchange offerings (IEOs).
An IEO is also a type of crowdfunding campaign, however the fundraising process is usually facilitated by the management at a centralized cryptoasset exchange.
As noted in BitMEX’s blog, the Dfinity and Telegram ICOs (held during 2018) raised $1.7 billion and $195 million, respectively. However, the native tokens for both projects have not been listed.
Regulatory restrictions has made the highly-anticipated Basis stablecoin project was forced to shut down and the funds were returned to investors according to BitMEX.
It has reported that this notwithstanding, some seemingly promising projects such as PumaPay and UnikoinGold are currently trading at -93% and -88% of their issuance (at time of ICO) price.