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Digital assets benefitting from ongoing regulatory clarification; IEO is the new crypto fundraising instrument: CVA and PwC Strategy& Report

Thu, 27 Jun 2019, 06:21 am UTC

PwC Strategy& and the Crypto Valley Association (CVA) have released the 5th Global ICO/STO Report which examines the state of the global initial coin offering (ICO) and security token offering (STO) markets.

According to the report, digital assets reached their lowest market capitalization in 21 months in February 2019. However, the crypto markets started growing again and the market capitalization more than doubled ($262 billion) by the end of May 2019, and further surged to $363 billion at the time of writing.

Bitcoin, the world's largest digital asset in terms of market capitalization, regained more than 120% in the first five months of 2019, reaching a price of approximately $8,587 in May and is currently trading at $12,811 at press time.

The authors believe that digital assets benefited from the ongoing clarification of regulatory frameworks and renewed interest in cryptocurrencies from institutional investors and established companies.

Initial Exchange Offerings

The report further said that Initial Coin Offering (IEO) has established itself as a new crypto fundraising format. This new instrument allows ICOs or STOs to be carried out via one or more crypto exchange platforms. Bitfinex's IEO was the largest IEO in 2019, raising $1 billion in capital.

Between January and May 2019, a total of 250 token offerings were completed and around $3.3 billion in capital was raised.

"The development of IEOs has accelerated significantly since the beginning of 2019. It reflects the creativity and innovative spirit of the crypto industry and shows that the demand for simple and secure solutions is growing. IEOs show that fundraising via crypto currencies is becoming more established and striving for greater institutionalization and credibility,” Dr. Daniel Diemers, Head of Blockchain EMEA at Strategy&, PwC’s global strategy consulting business, said.

Cybersecurity

With the growing number of cyberattacks on cryptocurrency exchanges such as Binance and Bithumb, blockchain companies have moved security higher up on their agenda. Losses and vulnerabilities are not necessarily the cause of sophisticated attacks – they are often aided by a lack of security precautions or human error, the release said.

“With a continued interest in crypto assets from major institutions, the subject of cyber security becomes paramount. We see a lot of work being done in Switzerland to provide the building blocks for improved security, especially among some of the top minds at Swiss universities,” CVA President Daniel Haudenschild said.

"Aspects such as key custody, KYC/AML and new capital requirements are major issues in today's crypto ecosystem. A market for new procedural solutions is emerging to protect digital assets and meet regulatory requirements.”

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