A recent report in the crypto sector has put the United Arab Emirates as the number one country when categorised by the amount of capital generated by Initial Coin Offerings (ICOs).
It is reported that in the first two months of 2019 alone, the UAE successfully raised a staggering amount of about $210 million.
The United Kingdom and Singapore are both high up there when countries are ranked by the number of ICOs offered in their respective markets but these countries are nowhere near the UAE when ranked by the amount of funds generated.
Specifics on Amounts Raised Worldwide
In January of 2019 alone, the UAE successfully raised an unprecedented $142 million which was about 41% of all funds raised worldwide, for that month. In the second position for the same month was Estonia who was able to raise $64 million.
However, that’s still less than half of the UAE’s number, making up 19% of all funds raised in January by ICOs.
The UAE’S figure was raised by just one ICO by the Genesis Crypto Blockchain Investment Bank. They aim to establish a bank which will be fully regulated, compliant but also very accommodating of cryptocurrencies with all the best types of technology for the job.
Only five countries constituted 63% of the total amount of funds raised. This total stood at $347 million dollars. Other countries on the list of the top 10 countries with the highest amount of funds raised include Canada, Netherlands, Latvia, Belize, Cayman Islands and Australia.
Other Details from the Report
In August and November of 2018, there was a considerably large number of ICOs. However, apart from those months, the number of ICOs has continuously recorded a decline since 2018 started.
For example, December of 2018 saw 162 ICOs but this number dropped a little to 159 by the time January 2019 was over. Completed ICOs in January were only 116 and these offerings averaged $10.8 million.
Also, due to the general state of the market, the length of time ICOs take has been on an increase since last year. This is because crypto projects now require a much longer time to generate the funds they really need. Specifically, the average duration for an ICO was about 40 days but this has increased by a whopping 137% to 95 days in January of 2019.
UAE and Its Crypto Involvement
It would seem like the United Arab Emirates is now very interested in cryptocurrencies and blockchain technology in general.
At the beginning of the year, an agreement between banks in the UAE and those in Saudi Arabia was revealed with aim of starting a collaborative cryptocurrency effort which would ease up and expedite transactions between banks across both countries.
In February, the Bolton Coin ICO was able to raise more than $67 million to constitute 38% of all funds raised worldwide in the month of February. This also put the country at the number one spot on the list of countries, ranked by amount of funds raised.
The worldwide total for February was $178 million. Other countries on the top ten list include Russia, Zimbabwe, Singapore, Netherlands, UK, Saint Kitts and Nevis, British Virgin Islands, Hong Kong and the United States.
A it currently stands, it would seem that the UAE has become one of the best countries for the survival of cryptocurrency and blockchain technology in general. However, many people wonder whether this is a deliberate endeavour by the UAE or if it’s just a coincidence. We can only wait.