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Initial Coin Offerings (ICOs) have seen a rise in popularity in 2017, with US$2 billion raised during the year through August 2017. Participants in an ICO receive digital “tokens” in exchange for funds, which are usually provided in the form of bitcoins (BTC) or ether (ETH). The funds raised are meant to support the development of a blockchain project, such as a cloud storage service or a cryptocurrency exchange.

In a new white paper, “A Look at Initial Coin Offerings,” NERA Economic Consulting Associate Director Timothy McKenna and Senior Analyst Sammy Chu provide an overview of the recent dramatic growth of the ICO market and analyze a NERA-developed database of completed ICOs.