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Europe leads the race to tokenize assets and the ICO fundraising boom

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Differences in national regulatory frameworks mean that one in four ICO projects is legally registered in a different county to that of its CEO/Founder

Share of ICO projects where location of legal entity is different to location of CEO/Founder

Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media. Data is based on ICO projects where the legal entity and CEO/Founder location are both known
Source:
TokenData

There are more ICO projects coming from Europe-based entities and European founders than any other region

Number of ICO projects by region of legal entity versus region of CEO/Founder

Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media. Unknown captures all ICOs where the region of the legal entity or of the CEO/Founder is not known
Source:
TokenData

Looking beyond the exponential increase in capital and cryptocurrency assets in 2017, we see a pattern of geographical diversity between ICO founding teams and also within the teams themselves. If the future of business ideas lies in decentralisation, then decentralised founding teams will be a key aspect of it.

Ricky Tan

  • TokenData

While entities registered in Europe have raised the most capital via ICOs, founders from North America have marginally out-raised those from Europe

Total capital raised ($M) via ICOs by region of legal entity versus region of CEO/Founder

Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media. Unknown captures all ICOs where the region of legal entity or of the CEO/Founder is not known
Source:
TokenData

Switzerland's openness to ICOs has attracted ICO projects that have raised significant capital

$529M
raised by ICO projects registered in Europe but whose founders are based elsewhere

Switzerland is a leading home to the legal entities behind ICO projects, but not always to their founders

Top 10 countries by capital raised ($M) via ICO based on country of legal entity location and country of CEO/Founder location

Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media
Source:
TokenData

The ICO fundraising model has allowed founders from around the world to raise capital

Map of funds raised ($M) via ICO by country

Map of funds raised ($M) via ICO by country
Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media
Source:
TokenData

Central & Eastern Europe dominates the number of ICO projects launched from Europe

Number of ICO projects in Europe by sub-region of legal entity versus CEO/Founder

Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media. Unknown captures all ICOs where the region of the legal entity or of the CEO/Founder is not known
Source:
TokenData

...but looking at the sum of capital raised by founders, the UK is just ahead of CEE

Total capital raised ($M) via ICOs in Europe by sub-region of legal entity versus CEO/Founder

Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media
Source:
TokenData

European cities make up 5 of the Top 10 hubs globally for ICO projects, including the #1 hub

Top 10 cities by number of ICO projects based on location of CEO/Founder

Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media
Source:
TokenData

But this is an area where everything is distributed, including the teams. Two out of three ICO projects have founding teams located in different countries

Share of ICO projects where founders are distributed in different countries

Note:
Geographical data sourced by TokenData from ICO websites, white papers and social media. Based on stated location of founders. ICO projects are considered to have distributed founding teams where at least two founders are located in different countries
Source:
TokenData

Sources

The State of European Tech 2017

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