普华永道：ICO战略视角(英文 11 页)

Initial Coin Offerings-A strategic perspective

As predicted in our Q4 2017 report, the phenomenon of Initial Coin Offerings (ICOs) has seen a small dip since Dec 2017, but is rapidly gaining traction again:

•In the first 5 months of 2018, a total of 537 ICO’s with a volume of USD 13.7 bn have been closed successfully

–which is more than all pre-2018 ICOs combined

•Since November 2017 several large scale ICOs have entered the Top 15, dwarfing previous records from 2017

–with Telegram (USD 1.7 bn) and EOS (USD 4.1 bn), the first true ICO Unicorns have appeared

The US, Switzerland and Singapore remain key global ICO hubs, however, over the past months, the UK and HK gained significant ground 

ICO regulation continues to emerge around the globe: many jurisdictions have issued their respective guidelines and crypto-regulation. By now, three models are emerging:

•the US (securities-driven)

•Europe (balanced)

•Asia (binary)

Strategically, ICOs continue to crowd out traditional VC funding, especially in technology and Blockchain-related startups. Hybrid models (combining classic VC/PE funding and ICO) are increasingly establishing themselves as a valid funding alternative

ICO战略观点

正如我们在2017年第四季度报告中所预测的那样，自2017年12月以来，首次发行硬币（ICOs）的现象出现了小幅下降，但很快又开始流行起来：

•2018年前5个月，成功完成537个ICO，规模达137亿美元

——这比2018年前的ICOs加起来还要多

•自2017年11月以来，数家大型ICOs进入了前15名，远远超过了此前2017年的记录

-包括Telegram(17亿美元)和EOS(41亿美元)，第一个真正的ICO独角兽出现了

美国、瑞士和新加坡保持关键的全球ICO中心,然而,在过去的几个月,英国和香港获得了显著的地面

ICO监管仍在全球范围内不断出现许多司法部门已经发布了各自的指导方针和密码管制。到目前为止，出现了三种模式:

•美国(securities-driven)

•欧洲(平衡)

•亚洲(二进制)

从战略上来说，ICOs继续排挤传统的风投资金，特别是在技术和区块链相关的创业公司。混合模式(结合经典的VC/PE基金和ICO基金)正日益成为有效的融资选择

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