ICOs or Initial Coin Offerings are used by cryptocurrency startups as a way of getting around the heavily regulated capital-raising process demanded by banks and investors. ICOs offer a percentage of the cryptocurrency for sale to early investors in exchange for fiat – or crypto – currency, but most commonly for Bitcoin. Because it is unregulated, it’s very popular in today’s crypto industry. According to Coinschedule, more than US $2bn was raised in March 2018 alone, and nearly US $5bn in the first financial quarter. Basically, they function like Initial Public Offerings (IPOs) or crowdfunding.
One of the most economically significant events of recent times is Brexit, the United Kingdom of Great Britain’s withdrawal from the world’s single wealthiest trading bloc, the European Union. The UK has been a part of the EU since 1993 and part of its forerunner, the European Economic Community, for twenty years before that.
In recent years, cryptocurrencies have become almost ubiquitous in the mainstream media. Many media outlets now have reporters or entire sections of their websites devoted to covering digital currency, the blockchain, and other FinTech innovations. Despite that increased attention, however, those digital currencies continue to be difficult to use and hard to access for most average citizens – and that’s a problem.
If you’re like most people and you one day plan to retire, then you’ll need to think about saving and investing to replace the earnings that you’ll no longer get from employment. It is natural for humans to look to the future to work out what action they need to take today to ensure a better future, but too often a lack of information about the world around us distorts these calls to action. And while we may sometimes be ignorant of economic reality, economic reality doesn’t ignore us when things go belly-up.
One of the main sources of frustration for those of us who are blockchain and cryptocurrency enthusiasts is the degree to which big companies and large financial institutions still don’t understand our industry. Earlier this week, one of New Zealand’s largest banks ASB released a blog post by their General Manager of Global Markets, Nigel Annett. We believe that post offers tremendous insight into how financial institutions and other major organizations are thinking about cryptocurrency and blockchain adoption.