kaal:claim:3606663-002

The funding sources for digital asset and blockchain startups cycled through four stages since 2016 and 2017: equity funding, then initial coin offerings, then equity offerings, then initial exchange offerings, and back to equity funding by the early 2020s.

Since 2016/17, the funding sources for digital asset startups and blockchain startups moved from equity funding to initial coin offerings (ICOs), to equity offerings, and initial exchange offerings (IEOs), just to return back to equity funding in the early 2020s.

Kaal, Digital Asset Market Evolution (2020), I. Introduction, p. 6
https://ssrn.com/abstract=3606663 · source PDF

Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

• digital asset and blockchain startups
• 2016 to early 2020s

empiricalsupport: evidencedsecurities-lawinnovationeconomicsinstitutional-design

• supersedes kaal:claim:3002908-039 Initial coin offerings have overtaken venture capital as a funding channel for blockchain start ups, raising 3...

The quote above is an exact substring of the source PDF, whose sha256 is d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/c526a8fd8e7a440c...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/3606663-002.md | sha256sum