Antonio Fatás, 05 March 2019

In recent years, the arrival of new financial technologies has opened a debate about the extent of their implications for the nature of money, the way new ventures are funded, and so on. This column introduces a new Vox eBook that summarises current research on the impact of these changes and how to manage the possible disruption in financial markets, where governance and regulation are central.

Sabrina Howell, Marina Niessner, David Yermack, 23 July 2018

Initial coin offerings, whereby a blockchain-based venture raises capital by selling cryptographically secured digital assets (or ‘tokens’), may represent a significant innovation in entrepreneurial finance. This column studies a sample of 453 tokens that completed ICOs to investigate what types of issuer and token are successful. Tokens that offer voluntary disclosure, credibly commit to the project, and signal quality or potential to create substantial value tend to be more successful, and a founder or CEO with an entrepreneurial professional background is also beneficial.

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