# kaal:claim:3606663-002

**Claim.** 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.

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

**Holds when.**

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

**Source quote.**

> 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.

**From.** Kaal, *Digital Asset Market Evolution* (2020), I. Introduction, page 6

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

**Verify.** sha256 of source PDF `d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202020%20-%20Digital%20Asset%20Market%20Evolution.pdf

**Topics.** securities-law, innovation, economics, institutional-design

**Keywords.** funding-sources, ico, ieo, venture-capital, market-evolution

**Related claims.**

- supersedes: https://wulfkaal.github.io/claims/3002908-039

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