Blockchain ventures and initial coin offerings
by Youngkeun Choi; Byoungkwan Kim; Seungyong Lee
International Journal of Technoentrepreneurship (IJTE), Vol. 4, No. 1, 2020

Abstract: This study examined how blockchain ventures can maximise wealth through Initial coin offerings (ICOs). Based on the signal theory, this study investigated the effect of the human capital of the founders and the endorsement of third parties on the performance of ICO in the blockchain ventures. For this, this study targets blockchain ventures listed on Binance, the world's no. 1 cryptocurrency exchange. Among these blockchain ventures, 514 companies were selected in order of the largest market capitalisation of their cryptocurrency. This study analysed the whitepaper issued by 514 companies for ICO and built a database by coding the variables necessary for this study. In the results, first, when the founder in a blockchain venture is from a prestigious university, it has a positive impact on ICO performance. Second, if a blockchain-based venture is invested by institutional investors, it has a positive impact on ICO performance.

Online publication date: Thu, 02-Jul-2020

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