The emergence of cryptocurrencies and blockchain tokens guarantees to essentially remake the non-public
capital market. In 2017, the entire worth of tokens grew to USD$37.7 billion, a virtually nineteen,000% increase over
the previous year.1 firms and investors raised USD$5.4 billion last year through initial coin offerings.2 At its
current rate, ICO capital raises can hit USD$12 billion this year.3 to understand the rising of token sales,
consider that U.S. startups (i.e., seed associate degreed Series A) in 2017 raised an calculable USD$8 billion victimization ancient
private placement.4
But 2 basic issues vulnerable the more growth of the blockchain enabled capital market.
First, several crypto commercialism platforms round the world struggle to get enough liquidity to serve their native
markets. with the exception of the foremost oft listed currencies and tokens, several exchanges have short get
and/or sell aspect demand on their platforms to support an energetic market. This makes rating discovery on any
single exchange inefficient. costs across platforms will vary considerably, making arbitrage opportunities
that undermine the potency and integrity of the market.
Second, regulators within the u. s. and alternative key jurisdictions read tokens as securities and ar regulation
them per se. for instance, the agencies need investors to trade security tokens solely on regulated commercialism
systems and exchanges. Existing commercialism platforms, most of that lack licenses in any jurisdiction, face a
significant perplexity. If the platforms want to trade tokens that regulators regard securities, they'll either:
(a) register as a dealer in every country wherever they need a cloth numbers of users, (b) select not
to register, however risk restrictive social control and alternative legal proceeding, or (c) clean up token trades in those
countries. every selection presents material issues for the platforms.
Team
Advisors
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