Blockchain startups seem to prefer Singapore as their preferred ICO launch pad. The nation recently hosted more Initial Coin Offerings than the United States, the biggest economy of the world.
There are several crypto industry leaders who recently sent an alert to the US Congress that the inability of the authorities in the country to come up with a proper regulatory framework may disappoint the innovators of this emerging technology. It now appears that the country could be already facing a backlash.
Blockchain startup businesses that launch ICOs have been looking for greener pastures outside the United States. These companies find Singapore an excellent alternative to America and are flocking up in the Lion City these days.
When researchers did a bit of an R&D, they found that as many as 17 Initial Coin Offerings have been hosted in Singapore in August this year. As compared to that, the United States had only 15 in the same month while the United Kingdom (9 ICOs) and Switzerland (5 ICOs) were in the third and fourth spots respectively.
Although it is too early to predict if Singapore can maintain the same momentum or not, the country already has a strong financial sector. Plus, it has earned the reputation of being a favorable place pertaining to ICOs in the recent months.
It was in 2017 when Singapore had come up with a legal framework for the Initial Coin Offerings. Incidentally, it is the 2nd most competitive nation in the crypto world, only behind the US, The Daily Hodl reported.
ICOs Doing Well In Bear Market
While Elementus, a Blockchain analytic firm observed that it is not exactly known how much fund has been raised by these Initial Coin Offerings, the figure is around 28.4 billion USD at the end of August 2018.
The co-founder of Elementus, Mike Kalomeni feels that most of the historical fundraising exercise by Blockchain startup businesses though ICOs took place during the prevailing bear market, according to Bitcoin Exchange Guide. So, despite the apprehensions, things may not be that bad for Initial Coin Offerings.
The post Singapore Surges Ahead Of US In Blockchain Startups’ ICO Market appeared first on OWLT Market.
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