Success factors of initial coin offerings

Abstract This study furthers recent research on Initial Coin Offerings (ICO) in understanding the set of characteristics that drive ICO performance and reduce information asymmetry. Using data 166 ICOs more than 300,000 contribution addresses sent funds to Bitcoins or Ether between 2013 2017, we examined effect performance. We found three boundary conditions predict fundraising amount, number investors, hard cap achievement token ranking. These are registering publishing project’s code GitHub, obtaining VC Business angel financing before campaign during presale, finally, whitepaper campaign’s start. Other factors such as serial presale tokens, bonus sales funders' ownership share explain offer implications for investors policymakers.