Crypto markets are frothy. Earlier this month, CNBC reported that crypto ICOs (“initial coin offerings” for the uninitiated) have raised more than $1.2B for startups, surpassing venture capital activity for 2017 — and that number is already out of date by at least $500M.
Tokens at the Gate. What Happens After the ICOs?
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Just one VC, SoftBank, has invested ~$4B in WeWork and ~$2B in FlipKart this year. I’m sligthly at a loss to understand how the $1.2B raised via ICOs exceeds VC activity for 2017.

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