Pent-up demand from Asia is driving the booming global market for initial coin offerings as regulators in China and South Korea try to curtail such fundraising activity.
Companies have raised about $3.2bn this year through coin offerings, up from less than $300m last year, according to Coindesk, a data company that tracks global issuance. The ICO market enables start-ups to bypass banks and traditional underwriters of capital raisings, by selling digital tokens that can be used to purchase their products at a later date.
Asia, particularly China, has been closely linked to the development of cryptocurrencies such as bitcoin.
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