# kaal:claim:3606663-009

**Claim.** Initial exchange offerings emerged as a market response to the near disappearance of the ICO market in January 2019, driven by the cryptocurrency exchanges that were most affected by the collapse.

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

**Holds when.**

- cryptocurrency exchanges
- aftermath of the ICO market collapse in January 2019

**Source quote.**

> Initial exchange offers ("IEO") 66 evolved as a response to the near disappearance of the ICO market in January 2019.

**From.** Kaal, *Digital Asset Market Evolution* (2020), 4. Initial Exchange Offers, page 20

**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, defi, economics, institutional-design

**Keywords.** ieo, ico, cryptocurrency-exchanges, market-evolution, funding-sources

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