Cryptocurrencies, Digital Assets and ICOs: Definitions, Valuation and Investment Opportunities

Ron Quaranta and Galen Moore

No treatise on blockchain or distributed ledger technologies, particularly with regards to financial markets, would be complete without touching on the often provocative and never boring topics of cryptocurrencies, digital assets and initial coin offerings (ICOs). Given the rapidity with which the world of blockchain innovation progresses, there is a fair chance that some readers of this chapter may already be familiar with these topics. Fairer still is the chance that some readers either are not aware of these things or, if they have some modicum of awareness, simply feel that they are “risky” topics to be avoided at all costs. Commentary by high-profile executives in banking and financial markets has certainly not aided the cause (Imbert, 2017). However, this chapter will attempt to address “the other perspective”, so to speak. In other words, the definitions, valuation and investment viewpoint in a world with cryptocurrencies, digital assets and ICOs.

It is important to note that no part of this chapter (and indeed this entire book) is meant to represent any form of investment advice, nor should a reader take anything from these writings as recommendations of such. As can be

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