Initial coin offerings raise another billion in under two months

Initial Coin Offerings (ICOs) are the newest way to raise large amounts of capital. It has proved to be an effective, and somewhat revolutionary, tool that has changed the way the financial world operates. The amount of capital being raised from ICOs in the digital currency market is greater than ever. Around this time last month, the amount raised by ICOs in the crypto market surpassed $2 billion. Within the past 30 days, it has increased by more than another billion dollars.

According to the data from Coinschedule.com, more than $3 billion has been injected by investors into over 200 ICOs this year. A total of $36 million was raised in just the first quarter of 2017. Filecoin, Tezos, and EOS have raised the highest amounts of capital through ICOs this year. Filecoin has lead the pack, raising a total of $257 million.

Almost $100 million was raised by ICOs in April. By May, this amount had more than doubled to almost $250 million. In June, this sum hit over $550 million, making it the first month when ICO funding had become greater than the investments through angel investors and venture capital investments. September was recorded as one of the busiest months so far this year, as it brought in almost $850 million in just 37 offerings. July came second bringing in more than $600 million.

In October, almost $150 million has already been brought in by ICOs. However, this might slow down, owing to the regulatory crackdowns in China and South Korea. On September 4th, a statement was issued by the People’s Bank of China (PboC) condemning these token sales as illegal.

In just four days, a decline of almost $35 million was recorded in the crypto market, and the Chinese ban is being blamed for it. Shortly after, the markets rebounded, displaying the flexibility of the crypto market. The Chinese ban is thought to be a temporary action by the Chinese government in order to stop criminal activities.