A new report which has been released has seen the number of funds which have been available for initial coin offering drop significantly. This is more glaring when it is compared with the last quarter and the funds that were available.
This report which comes from ICOrating asserts that the number of funds which have been made available has fallen by over 45% in the third quarter of the year. This is a wide gap considering the amount which was made available around April to June earlier this year.
The report outlined that during the previous third quarter, there were over 500 ICO projects and very little funds were raised to fund these projects. It is believed that just above $100,000 was being in all to find all these projects. This is probably the reason why very few ICO projects in the third quarter made it into the crypto exchange market. It is believed that out of all the projects, it was only about 24 of those projects were the few who made it to the market.
It is also reported that of all the ICO projects which were raised, more than half were unable to even reach the $100,000 mark and when the number of ICO projects which were listed were broken down into percentages, it was discovered that only 4% were able to succeed in their quest to get listed.
It is believed that this trend is not only limited to ICO. The report also suggested that many ventures and startup firms have been unable to find sufficient funding in order to protect themselves in the business world efficiently. It has also been reported earlier this year, single crypto firms were able to raise over a billion dollars. However, there is a huge contrast going into the fourth quarter as the previous ones were able to only raise about $70 million for a single cryptocurrency.
This has no doubt been a significantly lower and terrible quarter for all new crypto firms which were hoping to gain a headstart. There have also been talks that this third quarter issues with funding may continue into the last quarters. Most investors would be hoping that things change as the year runs out. This is because of this latest trends continue, it would see a shortening of all new ICOs in the country and probably beyond.
