UAE Token Sales Raised $210 Million in 120 Days

Wilfred Michael 

Wilfred Michael

News reporter

29 April 2019,
10:26
UAE Token Sales Raised $210 Million in 120 Days

It is no longer news that the concept of tokenisation has transformed the fundraising process, making it easier for startups to raise millions of dollars within a short time. However, the exponential increase in the amount of money being raised through the innovative model was somewhat unforeseen.

According to year-to-date data from Coinschedule, the 82 firms that raised money through public and private token sale issuances such as in an ICO, IEO and STO realised as much as $830,272,656.

Among the figures, the most eye-catching geography in terms of amount raised within the said period (120 days) would be the United Arab Emirates’, which Stmarket.co reported will roll out ICO regulation later this year.

Between January 1-April 29, stats show that token issuers in the UAE raised $210,516,051 more than 25% of the total revenue and nearly double what was raised in the United States and the United Kingdom ($108.4 million).

Meanwhile, occupying the 2nd to 4th place on the list is Cayman Islands, Singapore and Hong Kong which recently announced the introduction of new regulation for STOs. Token issuers in the three countries raised $269.5 million or more than 30% of the total revenue.

Other countries on the list include Estonia ($33.3 million), Republic of Korea ($31.6 million), Canada ($22.4 million) and Zimbabwe ($16.4 million).

Interestingly, despite the already staggering amount that token issuers raised within the past 120 days, the best is yet to come with several countries enacting regulations that even the playing field for projects.

Since the start of the year, some countries such as the Philippines, Mauritius, and more recently, France has introduced some regulations to guide token issuance.

Additionally, several cryptocurrency exchanges now offer startups the opportunity to raise funds by selling tokens to their users in a new model known as Initial Exchange Offering (IEO).

 

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