kaal:claim:3606663-010

The IEO reinserts an intermediary into token offerings: the exchange screens the offering and the issuer no longer interacts with investors directly, reversing the direct issuer to investor structure of the ICO.

Source quote, verbatim

In an IEO, the cryptocurrency exchange acts as a screening device for token offerings. In an IEO the issuer does no longer interact with investors directly.

From

Kaal, Digital Asset Market Evolution (2020), 4. Initial Exchange Offers, p. 20
https://ssrn.com/abstract=3606663 · source PDF

Cite as

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

Holds when

initial exchange offerings
token offerings listed on a cryptocurrency exchange

Classification

designsupport: asserteddefisecurities-lawtokenomics

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