Almost Half of ICO Funding Goes to Europe, Report Finds

Startups in Europe raised more capital through initial coin offerings (ICOs) in the last three years than any other region on the planet, according to a study released Thursday.

More than a third of all ICOs – 40% – are based in the European Union (EU), according to the analysis by venture capital firm Atomico. These 446 transactions raised $1.76 billion, nearly half (46%) of the worldwide total from token sales. The second biggest region for this activity was North America, with 244 campaigns raising $1.076 billion.

The report, entitled “The State of European Tech,” cited data collected by Token Data, a startup that tracks ICOs, as well as Atomico’s own survey of investors and startup founders.

What’s more, the EU might become the global leader in cryptocurrency and blockchain development over the next five years, according to the report. An increasing number of startups on the continent focus exclusively on blockchain development, accounting for a much higher share of companies founded in 2016 than in 2012…

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