Business & Information Systems Engineering

, Volume 61, Issue 6, pp 745–753 | Cite as

Blockchain Token Sale

Economic and Technological Foundations
  • Johann KranzEmail author
  • Esther Nagel
  • Youngjin Yoo


Token sales (TSs) have emerged as a new way of raising capital on a peer-to-peer basis enabled by blockchain technology. In TSs, an issuing entity sells proprietary cryptographic tokens to finance further project development – often a blockchain-based platform or application (Catalini and Gans 2018). Since the first TS in 2013, the number of TSs and the amount of funding collected has increased rapidly. In 2017, 552 TSs were completed to collect a total amount of more than USD 7 billion, an average of USD 12.75 million per TS. By January 2019, the all-time funding volume of TSs exceeded USD 23 billion, of which EOS, an operating system for decentralized applications (dApps), collected USD 4.1 billion and the messenger app Telegram collected USD 1.7 billion (PWC 2019; Coindesk 2019; ICObench 2019). The new phenomenon of selling cryptographic tokens on the blockchain is also known as a token generation event, token launch, security token offering (STO) or most prominently...


Token sale Initial coin offering Blockchain Crowdfunding Token economy Cryptocurrencies 


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Copyright information

© Springer Fachmedien Wiesbaden GmbH, ein Teil von Springer Nature 2019

Authors and Affiliations

  1. 1.Ludwig-Maximilians-Universität München, Professorship for Internet Business and Internet ServicesMunichGermany
  2. 2.Weatherhead School of Management, Case Western Reserve UniversityClevelandUSA

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