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The Future of Cryptotokens

Disruptive Innovation in Business and Finance in the Digital World

ISBN: 978-1-78973-382-2, eISBN: 978-1-78973-381-5

Publication date: 21 October 2019


In this chapter, the authors study how cryptotoken issuance, also referred to as initial coin offerings and security token offerings, may disrupt funding markets such as venture capital, crowdfunding, and private equity. The authors discuss the necessary infrastructure to support this new asset class. The authors analyze the market evolution in terms of volatility, global reach, news events, and types of industries that are issuing or considering to issue tokens. The authors discuss some specific token offerings to highlight lessons learned. the authors summarize the regulatory landscape and challenges going forward. This market crashed in terms of market capitalization at the end of 2018. However, this new asset class along with the underlying technology holds great promise to disrupt various types of intermediaries if adequate financial and regulatory infrastructures are developed.




We thank Funcas ( for funding this project. The opinions expressed in this chapter are those of the authors and not of Funcas or any of its staff. We thank Lisa Binmoeller, Santiago Carbo Valverde, Suman Ray, Francisco Rodriguez Fernandez, and Shourin Roy for comments on previous drafts. All remaining errors are our own.


Biasi, J. and Chakravorti, S. (2019), "The Future of Cryptotokens", Choi, J.J. and Ozkan, B. (Ed.) Disruptive Innovation in Business and Finance in the Digital World (International Finance Review, Vol. 20), Emerald Publishing Limited, Leeds, pp. 167-187.



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