# kaal:claim:3409548-031

**Claim.** The shift of the digital asset market back from the ICO model to the venture model since late 2017 has reduced, not increased, diversification for investors.

**Type.** empirical  **Support.** argued

**Holds when.**

- digital asset market after late 2017

**Source quote.**

> Since late 2017, the market for digital assets has moved back from the ICO model to the venture model, leading to less diversification.

**From.** Kaal, *Financial Technology and Hedge Funds* (2019), III.3 Diversification, page 28

**Cite as.** Kaal, Financial Technology and Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3409548

**Verify.** sha256 of source PDF `74227ab2656b06bfe4a29c942fc2ba26df9f476917e0a9f85ec038b8c3402c40` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202019%20-%20Financial%20Technology%20and%20Hedge%20Funds.pdf

**Failure mode.** Diversification loss from the retreat to venture funding  (family: investor-protection-gap)

**Topics.** securities-law, innovation, systemic-risk

**Keywords.** ico, venture-capital, diversification, digital-assets, crypto-winter

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