Recent Data From CoinSchedule Reveals Biggest Contributor To Token Sales – The United Arab Emirates
Token sales are often launched by exchanges and firms as a way to raise up capital for various purposes within the brand, but how spread out are the profits? In a recent research report, initiated by CoinSchedule, it looks like the biggest portion of funding towards crypto token sales has come from the United Arab Emirates (UAE).
The data shows that this region is responsible for raising over 25% of the funds this year, which is $210.5 million. After the UAE, the Cayman Islands take a spot at $103.8 million. The third-largest contributor in these sales is Singapore with $89.7 million.
Historically, the United States has been the dominating force behind token sales, though it is only ranking at the sixth place so far this year. At this point, the investors in the US have contributed $37.2 million in token sales. The increase from the UAE appears to come out of nowhere since they were not even one of the top 10 countries for token sales last year.
Some of the reason that the US has fallen behind could be a result of the recent issues with the initial coin offerings (ICOs). The CEO of CoinSchedule, Alex Buelau, spoke with Bloomberg on these circumstances, saying that their platform is “seeing the continuation of the move away from the USA,” which he credits to the changes in the regulatory atmosphere.
The Bloomberg report states that there have been two major token sales that have most likely secured the UAE’s dominance. The first sale is GCBIB, which is working to create banking products that are usable in the crypto market. The second sale is Bolton Coin, which allows for investments involving both real estate and crypto mining.
The host of the most token sales is much different, according to the data from CoinSchedule. Singapore has maintained the highest number of token sales since the year began with 12 sales. The United Kingdom was the home of 9 sales, while 7 sales were based in the United States.
Blockchain technology is one arena that the UAE has long hoped to become a hotbed for. They have been establishing new crypto legislation, and even Saudi Arabia has shown their plans to create their own cryptocurrency in an effort to make cross border transactions between themselves and the UAE.