Singapore Tops US in Number of ICO Tokens Hosted in August Per Elementus Blockchain Study
Singapore Tops US in Number of ICOs Hosted in August
Singapore is set to become the paradise for Initial Coin Offerings as it hosted more ICOs that the world’s biggest economy, the United States.
According to blockchain analytics firm, Elementus, the US recorded a dip in the number of ICOs hosted when compared to Singapore in the month of August. While Singapore hosted 17 ICOs, the US hosted 15, a result of increased regulatory scrutiny on ICOs in the country.
Elsewhere in the United Kingdom, 9 ICOs were hosted while Switzerland hosted 5 ICOs in the same month.
While it remains to be seen whether Singapore can sustain the momentum, it already boasts of a thriving financial sector, emerging as one of the least restrictive countries with regards to ICOs.
Elementus noted that there is no consensus with regards to the amount that has been raised by ICOs over time but that this number is about US$28.4 billion by the close of August 2018.
Despite fears that the current bear market may lead to a sentiment that the market is heading for a collapse, the blockchain analytics firm pointed out that this is not the case.
According to Elementus’ co-founder, Mike Kalomeni, in fact, the majority of historical ICO fundraising occurred during the current bear market. Of the total $28 billion raised to date, $15.9 billion occurred between February, 2018 and August, 2018.
In August 2018, for instance, ICOs raised approximately US$1.466 billion and this was nearly the same amount that was raised last year during the bull in the month of November – US$1.429 billion.
— Elementus (@elementus_io) September 26, 2018
Additionally, most of the funding that has been raised in ICOs was collected this year, when the price of cryptocurrencies had fallen off their record highs.
One trend that has emerged, according to Elementus, is that there is increasing competitiveness with regards to token sales. Last year in June, for example, the percentage of token sales which raised a minimum of US$100,000 (the threshold for an ICO to be considered a success, per Elementus) was 84% in June 2017 but this fell to 22% in August 2018. In the last 12 months, the successful ICO rate has fallen from 50% to 20%. This has been attributed to the growing selectiveness of both retail and professional investors.