From the Great Recession of 2008, the entire world has experienced a slowdown in the economy that constrained the credit disbursement from the banking system, particularly for riskier business in early stage phases. At the same time a solution came to the market, a peer to peer electronic cash system that could disintermediate the financial intermediaries. The last decade has seen the rise of a new form of decentralized currency, the cryptocurrency, that has changed the way new ventures run business and collect funds. The objective of this thesis is to investigate the novelty of this market, its size, the main features and in which field the newcomers start their business and the way they decide to finance it. This thesis project starts with a deep understanding of the literature on the paradigm of innovation and on the new technology that stands behind the market: the blockchain. Resorting to a study of the literature on the crypto economy, and on different financing instruments, the aim of this project is to define the initial coin offering market and introduce a framework model to segment the crypto economy, in different use cases and ease the comprehension of the new alternative finance. To analyse the market, I developed a database that collects every initial coin offering, from the first appearance in the market (July 2012) to the upcoming until October 2019. The database collects 4.646 projects that implemented blockchain technology and have been financed with a token sale. Through the database it was possible to define the market size of more than $ 21 billion and derive the major features that drive success: average duration (30 days), average deal size ($ 18,4 M), registration Country (US, Singapore, Switzerland), and many others. With all data available then, it was possible to define a common framework to segment projects in 12 use cases and channel all of them in processes impacted and detailed solutions depending on the industry where the venture is positioned, and the product or service proposed. The most present use cases are Finance (30%) and Technology (18%) that represent together the 68% of the market of funds. The project concludes showing that this new market represents an alternative finance solution to more traditional way of financing, especially for early stage ventures.
A partire dalla Grande Recessione del 2008, l’economia mondiale ha subito un notevole rallentamento, sfociato nella contrazione nell’erogazione di credito da parte del sistema bancario, specialmente per le imprese piccole o in fase di startup. In questo contesto, viene alla luce una nuova soluzione: un sistema monetario elettronico, con il tacito obiettivo disintermediare gli intermediari finanziari. Durante l’ultimo decennio, con la crisi di fiducia nel sistema bancario si è sviluppata una nuova valuta, o cryptocurrency, sostenuta da un sistema decentralizzato, che ha cambiato il modo di fare impresa e ottenere finanziamenti. L’obiettivo di questo elaborato di tesi è di investigare il nuovo mercato dei finanziamenti alternativi legati alla blockchain, la sua dimensione, le caratteristiche che ne stanno comportando l’affermazione ed i settori in cui questa innovazione sta comportando i maggiori cambiamenti, sia tecnologici che finanziari. L’elaborato si fonda sullo studio del paradigma dell’innovazione e sulla comprensione della nuova tecnologia che ha generato questo nuovo mercato: la blockchain. Attraverso lo studio della letteratura sulla crypto economia e sull’accesso ai capitali, l’obiettivo di questa tesi è definire il mercato delle initial coin offering ed introdurre un modello che segmenti la crypto economia in diversi use case per facilitare la comprensione di questa nuova forma di finanza alternativa. Per analizzare il mercato è stato necessario costruire un database costituito da tutte le initial coin offering, dalla loro prima apparizione sul mercato (Luglio 2012) fino a quelle programmate fino a Ottobre 2019. Il database raccoglie 4.6.46 progetti che hanno sfruttato tecnologia blockchain e si sono finanziati vendendo token sul mercato. Lavorando sul database creato, è stato possibile definire l’ampiezza del mercato maggiore di $ 21 miliardi ed esaminare le caratteristiche dei casi di successo: durata media del token sale (30 giorni), capitale medio raccolto ($ 18,4 M), paese di origine (US, Singapore, Svizzera), e molte altre. In seguito, con tutti i dati raccolti, è stata definita una matrice comune per segmentare i progetti in 12 use case, declinandoli in processi impattati e soluzioni di dettaglio a seconda dell’industria e del prodotto o servizio offerto. I progetti più presenti sono Finance (30%) e Technology (18%), rappresentano insieme il 68% dei capitali raccolti. L’elaborato conclude mostrando come blockchain rappresenti una modalità di finanziamento alternativa a modelli tradizionali, specialmente per le startup.
Alternative finance : a market study on blockchain financing
CISLAGHI, FEDERICO
2017/2018
Abstract
From the Great Recession of 2008, the entire world has experienced a slowdown in the economy that constrained the credit disbursement from the banking system, particularly for riskier business in early stage phases. At the same time a solution came to the market, a peer to peer electronic cash system that could disintermediate the financial intermediaries. The last decade has seen the rise of a new form of decentralized currency, the cryptocurrency, that has changed the way new ventures run business and collect funds. The objective of this thesis is to investigate the novelty of this market, its size, the main features and in which field the newcomers start their business and the way they decide to finance it. This thesis project starts with a deep understanding of the literature on the paradigm of innovation and on the new technology that stands behind the market: the blockchain. Resorting to a study of the literature on the crypto economy, and on different financing instruments, the aim of this project is to define the initial coin offering market and introduce a framework model to segment the crypto economy, in different use cases and ease the comprehension of the new alternative finance. To analyse the market, I developed a database that collects every initial coin offering, from the first appearance in the market (July 2012) to the upcoming until October 2019. The database collects 4.646 projects that implemented blockchain technology and have been financed with a token sale. Through the database it was possible to define the market size of more than $ 21 billion and derive the major features that drive success: average duration (30 days), average deal size ($ 18,4 M), registration Country (US, Singapore, Switzerland), and many others. With all data available then, it was possible to define a common framework to segment projects in 12 use cases and channel all of them in processes impacted and detailed solutions depending on the industry where the venture is positioned, and the product or service proposed. The most present use cases are Finance (30%) and Technology (18%) that represent together the 68% of the market of funds. The project concludes showing that this new market represents an alternative finance solution to more traditional way of financing, especially for early stage ventures.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/144504