Financial securities issued through crowdfunding campaigns suffer of many issues, mostly concerning the high uncertainty that surrounds them. Such uncertainty can be declined into several manifestations, illiquidity risk, information asymmetry between the issuer and the crowd, fair value of the value proposition and so forth. This thesis aims to understand whether the institution of a financial market infrastructure, where to trade these instruments with low transaction costs, may provide a viable solution for these issues. Taking into account the massive difference in value dealt by this industry and what concerns traditional financial markets, this work proposes the creation of a consortium composed by many crowdfunding platforms which implements a market infrastructure based upon the Distributed Ledger framework, an innovation derived from the Bitcoin’s Blockchain. As results, this work proposes several possible scenarios, an original and innovative proof of concept based upon the review of literature and feedback from stakeholders and experts and some guidelines conceived with the purpose of raising the probability for the best scenario to be the future to come.
I titoli emessi attraverso campagne di crowdfunding soffrono di diversi problemi, soprattutto legati all'altissima incertezza che li sovrasta. Tale incertezza può essere declinata in diverse denominazioni, rischio di liquidità, asimmetria informativa tra chi vende e l'audience, la difficoltà di prezzare correttamente tali titoli e così via. Questa tesi è volta a capire se l'istituzione di una infrastruttura finanziaria dove sia possibile comerciare tali assets senza avere eccessivi costi di transazione, possa essere una via percorribile verso la risoluzione di tali problematiche. Tenendo in considerazione l'enorme differenza nei valori transati in questa industria con quelli comuni dei mercati tradizionali, questo lavoro propone la creazione di un consorzio composto da alcune piattaforme di crowdfunding in grado di implementare una infrastruttura finanziaria basata sulle distributed ledger technologies, un paradigma tecnologico introdotto da Bitcoin con la sua Blockchain. Questo lavoro presenta come risultati alcuni possibili scenari futuri, un originale ed innovativo prototipo basato sia su una estesa revisione della letteratura e sui riscontri ottenuti da esperti ed attori più alcune linee guida volte al raggiungimento del miglior scenario identificato.
The age of fintech : providing a liquid and efficient secondary market for security based crowdfunding with distributed ledger technologies
MARTINAZZI, STEFANO
2016/2017
Abstract
Financial securities issued through crowdfunding campaigns suffer of many issues, mostly concerning the high uncertainty that surrounds them. Such uncertainty can be declined into several manifestations, illiquidity risk, information asymmetry between the issuer and the crowd, fair value of the value proposition and so forth. This thesis aims to understand whether the institution of a financial market infrastructure, where to trade these instruments with low transaction costs, may provide a viable solution for these issues. Taking into account the massive difference in value dealt by this industry and what concerns traditional financial markets, this work proposes the creation of a consortium composed by many crowdfunding platforms which implements a market infrastructure based upon the Distributed Ledger framework, an innovation derived from the Bitcoin’s Blockchain. As results, this work proposes several possible scenarios, an original and innovative proof of concept based upon the review of literature and feedback from stakeholders and experts and some guidelines conceived with the purpose of raising the probability for the best scenario to be the future to come.File | Dimensione | Formato | |
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Tesi_Martinazzi_finale.pdf
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https://hdl.handle.net/10589/135604