Blockchain and Initial Coin Offerings (ICOs): A New Way of Crowdfunding

17 Pages Posted: 9 Jul 2019

See all articles by Pierluigi Martino

Pierluigi Martino

University of Pisa - Department of Economics and Management

Cristiano Bellavitis

Auckland Business School, Management and International Business

Carlos M. DaSilva

Thunderbird, School of Global Management; University of Ljubljana - Faculty of Economics

Date Written: July 3, 2019

Abstract

Today, developers, businesses and individuals increasingly are using blockchain and initial coin offerings to raise capital. These new innovations may offer to entrepreneurs and investors interesting theoretical opportunities, as well as pose strategic, regulatory and law enforcement challenges, since they may enable the change of the business models of existing players in entrepreneurial finance and push the new players even further. The objective of this study is to investigate the potential advantages and challenges of blockchain technology and ICOs, and how they are going to affect the entrepreneurial environment. In particular, in addition to provide a first overview on blockchain and ICOs in the context of entrepreneurial finance, this study also aims to provide practical contributions for regulators, entrepreneurs and investors interested in these new financial innovations, by outlining ICOs’ advantages and risks, and provide a research agenda for future research in this topic.

Keywords: Blockchain, Initial Coin Offering, ICO, Cryptocurrency, Entrepreneurial Finance

JEL Classification: O16, O33, G15

Suggested Citation

Martino, Pierluigi and Bellavitis, Cristiano and DaSilva, Carlos M., Blockchain and Initial Coin Offerings (ICOs): A New Way of Crowdfunding (July 3, 2019). Available at SSRN: https://ssrn.com/abstract=3414238 or http://dx.doi.org/10.2139/ssrn.3414238

Pierluigi Martino (Contact Author)

University of Pisa - Department of Economics and Management ( email )

Italy

Cristiano Bellavitis

Auckland Business School, Management and International Business ( email )

12 grafton rd
Auckland
Auckland, Auckland 0000
New Zealand

Carlos M. DaSilva

Thunderbird, School of Global Management ( email )

15249 N 59th Ave.
Glendale, AZ 85306
United States

University of Ljubljana - Faculty of Economics ( email )

Kardeljeva ploscad 17
Ljubljana, 1000
Slovenia

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