According to the Crypto Valley Association, the ICO market has been active as ever in the first five months of 2018 even when it had a higher level of hype from 2017.
“As predicted in our Q4 2017 report, the phenomenon of initial coin offerings has seen a small dip since Dec 2017 but is rapidly gaining traction again. In the first 5 months of 2018, a total of 537 ICOs with a volume of $13.7 billion have been closed successfully, which is more than all pre-2018 ICOs combined,” the report stated.
Using November 2017 as the reference point, the top 15 ICOS raised their funding since then. The report also mentioned the “ICO unicorns” that like EOS and Telegram, have raised almost $6 billion alone.
The report also showed that Hong Kong and the UK both “gained significant ground,” which challenged the current titans of Switzerland, Singapore, and the United States.
The separation of UK from the European Union could continue in solidifying the system of ICO in the country which Switzerland enjoys being an EU member and a part of the European Economic Area. As they continue to retain economic ties, it would help continue its current momentum.
Being the largest ICOs that took place in such countries, instead of choosing to open shops in these havens of tax such as Cayman Islands (EOS) and the British Virgin Islands (Telegram). The largest known tax haven coin offering was headed by Singapore by the Huobi Token.
Even though the ICO is a growing market so are the problems with scams. On a recent study made by the Wall Street Journal, up to one in the five coin offerings are possible for a scam with copy-pasted white papers and white teams.