# kaal:claim:3067615-008

**Claim.** ICOs filled the void left by constrained bank and non-bank start-up financing and enabled a democratization and inclusion process that facilitated banking disintermediation.

**Type.** mechanism  **Support.** argued

**Holds when.**

- start-up fundraising environment at the inception of the ICO market

**Source quote.**

> ICOs filled a void and enabled a democratization and inclusion process that facilitated banking disintermediation.

**From.** Wulf A. Kaal, Marco Dell'Erba, *Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags* (2017), II.2 Market Environment, page 10

**Cite as.** Wulf A. Kaal, Marco Dell'Erba, Initial Coin Offerings Emerging Practices, Risk Factors, and Red Flags (2017). SSRN: https://ssrn.com/abstract=3067615

**Verify.** sha256 of source PDF `164ce15b9eb1e8847ebcb073f5b23a96b4974ad0308d77469a9455d4a1ebeb38` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Dell%27Erba%20-%202017%20-%20Initial%20Coin%20Offerings%20Emerging%20Practices%2C%20Risk%20Factors%2C%20and%20Red%20Flags.pdf

**Topics.** decentralization, systemic-risk, defi

**Keywords.** financial-inclusion, banking-disintermediation, liquidity, small-investors

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