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  "documentTitle": "6th ICO STO Report Strategic",
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      "text": "1) Completed Bitfinex IEO (USD 1.0 bn) as main funding lever in May 2019. Source: Strategy& analysis; Note: only completed offerings with indicated funding volume considered.",
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      "text": "DEVELOPMENT OF GLOBAL CRYPTO MARKETS: In first half of 2019, global crypto ecosystem experienced solid growth, resulting in a year-to-date peak market capitalization of approximately USD 370 bn by end of June. In mid-2019, total funding volume of token offerings considerably dropped from ca. USD 1'322 mn in May to USD 151 mn in June; until end of October, development continued to stagnate with an average monthly funding volume of USD 171 mn.",
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      "text": "RISE OF STOs: In second half of 2019, STOs did not experience any significant growth, but continued to strengthen their general scope / relevance in global crypto token offering sphere. Extensive number of tokenization companies implies a strong / well-established tokenization ecosystem; looking forward, underlying infrastructure requires a further comprehensive upgrading.",
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      "text": "ICO / STO / IEO FACTS & FIGURES: Throughout first ten months in 2019, more than 380 token offerings have been successfully completed, managing to raise a total of ca. USD 4.1 bn. Bitfinex (USD 1 bn), Kinesis (USD 194 mn) and GCBIB (USD 143 mn) were largest completed token offerings in 2019 so far, jointly accounting 32% of total raised funding volume year-to-date.",
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      "text": "CURRENT / FUTURE RELEVANCE OF IEOs: Despite overall stagnating development of crypto / token offerings throughout June until October 2019, relative share of completed IEOs considerably increased. This development indicates a progressive institutionalization and establishment of this specific Blockchain-based crowdfunding instrument.",
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      "text": "GLOBAL PERSPECTIVE TOKEN OFFERINGS: Throughout 2018 and 2019 (until October), the USA, Singapore, Hong Kong and the UK are ranked as leading token offering hubs worldwide. Further countries with relatively small-sized domestic financial markets, as for instance British Virgin Islands, Cayman Island, Estonia and Lithuania, continue to be attractive crypto offering locations globally.",
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      "text": "Total funding volume: USD 4.1 bn",
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      "text": "ICO / STO Report Spring 2020 Edition: Global Status-Quo",
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