# kaal:claim:3409548-032

**Claim.** ICO funding collapsed as a share of blockchain startup fundraising, falling from 80% to around 35% by August 2018, recovering only marginally to 40% to 50% between September 2018 and February 2019, and dropping to 20% in March 2019.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- blockchain startup fundraising, 2018 to March 2019

**Source quote.**

> The percentage of ICOs in relation to total fundraising of blockchain startups dropped from 80% to around 35% in August 2018 and only marginally recovered between September 2018 and February 2019 at around 40% to 50% before dropping to 20% in March 2019.

**From.** Kaal, *Financial Technology and Hedge Funds* (2019), III.3 Diversification, page 29

**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

**Topics.** securities-law, blockchain, innovation, economics

**Keywords.** ico, fundraising, blockchain-startups, market-data

**Related claims.**

- restates: https://wulfkaal.github.io/claims/3406323-004
- restated_by: https://wulfkaal.github.io/claims/3808852-022

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.