Wealthy investors are becoming the main source of funding in initial coin offerings (ICOs), making these token sales seem more and more like an exclusive club for the elite. Some of the biggest ICOs are now being launched through private rounds, Bloomberg writes.
Blockchain startups have raked in a total of $18 billion from ICOs so far in 2018, which is five times as much as the aggregate amount raised last year, Bloomberg said, citing data by CoinSchedule. This massive increase is attributed to the fact that new ventures are reaching out to accredited investors, which mostly means wealthy ones, the news agency noted.
“The space went from three things to think about to 30 things to think about, and those 30 things are very analogous to traditional finance,” Lex Sokolin, head of fintech strategy at …
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