Tezos and EOS raised over £154m each from ICO Crowdfunding

Over  £1bn ($1.3bn) has been raised this year till now by start-up tech companies primarily by “initial coin offerings” the blockchain community’s version of crowd funding. World’s four biggest professional services firms are expanding their interest in the blockchain sector, and venturing into ICOs, the process by which public blockchain technologies can be leveraged to create custom crypto currencies that are eventually sold to fund projects, according to a spokesperson from Deloitte, Ernst & Young, KPMG and PwC. Eamonn Maguire KPMG’s digital ledger services division,  has received requests to work with entrepreneurs seeking to become EOS that has raised million by selling cryptographic tokens, “ We have seen an uptick in the enquiries we are receiving, as in the past month alone, we have gotten 10 enquiries from Switzerland, Russia, Australia and France.

An ICO involves a company focused on blockchain technology selling digital tokens or coins such as Bitcoin and enable investors who buy the tokens to use the software or service that the startup plans to produce, with giving investors any stake in the company or voting rights.

“If somebody wants to open a new casino, and to fund it the casino sells its own plastic chips before opening, in anticipation of the customer using these chips and creating an economic value. The buyers start trading these chips based on the expected value of the casino”.

Till the second week of July 2017 so far this year $1.27bn  was raised from 56 token sales, compared to last year’s £171m  ($222m),   £11 ($14m) in 2015 and £20m ( $26m.

Two start-ups Tezos and EOS.IO has raised over $200m each in the past few weeks from ICOs, a record amount for a single company.