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Master Thesis

New steps in crypto crowdfunding and their related risks

Abstract : The recent years have witnessed the emergence of novel innovative fundraising mechanisms with breaking edge technology namely initial coin offering (ICO). Such crypto-crowdfunding mechanism depends on cryptocurrencies and the distributed ledger technology to operate. Such characteristics lead to superior efficiency in fund raising but also jeopardize Investors’ interest due to the considerable risk associated. Due to this critical situation there has been many attempts to produce derivatives or alternatives of the initial method. Types that inherit the innovation of crypto-crowdfunding but not the risk associated. Of such mechanisms, the Initial Exchange Offering (IEO) and Security Token Offering (STO). While the success determinants of initial coin offering (ICO) where relatively heavy studied by previous literature. The differences between the three crypto-financing types (ICO/IEO/STO) were rarely introduced. In this study we start by describing the emergent phenomena, compare it to conventional financing mechanisms, define the three primary types of crypto-crowdfunding, their strengths and weaknesses. We subsequently cover the success determinants of ICOs assessed by previous studies. We do so by developing a study matrix that includes the databases used, sample sizes, and the significance level of each variable in each study. After the study matrix is developed, we collect data from multiple online sources to insure data integrity. When data is collected and cleaned, a sample is selected to conduct an empirical analysis. This analysis includes two key sections. The first includes an assessment of the success determinants of ICOs and a comparison between the outcomes with respect to previous studies’ findings. The second section includes an investigation of any possible difference between the three crypto-crowdfunding mechanisms (ICO/IEO/STO). We believe this study would deliver an absolutely valuable insight of the topic by generating better methodology than that used by previous studies. It is also one of the first studies to test the differences across the divers crypto-financing types.
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Master Thesis
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Contributor : Grenoble Iae <>
Submitted on : Friday, March 19, 2021 - 10:26:54 AM
Last modification on : Tuesday, April 6, 2021 - 3:23:33 AM
Long-term archiving on: : Monday, June 21, 2021 - 8:50:36 AM


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  • HAL Id : dumas-03001095, version 1


Anis Shami. New steps in crypto crowdfunding and their related risks. Business administration. 2020. ⟨dumas-03001095⟩



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