Autonomy Research LLP (UK), an equity and credit research firm, offers research and analysis on key themes for stocks and markets. It has recently presented a rather comprehensive analysis of the current token market.
The research team begins its presentation with a few introductory slides in which they explain the basic difference between ICO and IPO and between tokens and stocks.
As you can see from the slides above, the main difference between ICO and IPO is the following:
Then they go on to evaluate the difference between investment schemes in both cases, supply and demand dynamics, types of risks for ICO projects and associated limitations.
In the second part of the report Autonomous presents a full analysis of the current ICO market with its key players as of now.
In the third part, we are provided with a comprehensive view of all types of investors from early adopters, Crypto players and miners to more traditional investors, such as hedge funds, private equity and retail.
After that Autonomous provides us with some strategic context and direction, stating that it is high time financial institutions acknowledge that there is a meaningful economic activity being developed. Unfortunately, most of the new ventures die but the survivors become winners that take it all. And while the market is separating the wheat from the chaff there are many reasons to incorporate ICOs in your investment package.
The Autonomous analysis of the current regulatory climate is now slightly outdated after the recent events in China. What is true, however, is that the current legal climate has not kept up with the fast developments, and security issues and regulatory compliance will remain one of the key issues for years to come.
In the end, they provide us with several considerations on investment structure, the main concerns being whether or not the ICO is targeting American investors and if the token offered can be seen as a security with further application of the Howey test.The full report can be found at https://next.autonomous.com/download-token-mania
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