NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Initial Coin Offerings and the Value of Crypto Tokens

Christian Catalini, Joshua S. Gans

NBER Working Paper No. 24418
Issued in March 2018, Revised in March 2019

---- Acknowledgments ----

We thank Jane Wu and participants at the University of Chicago, University of Michigan and University of Toronto for useful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Joshua S. Gans ----

I work with the Creative Destruction Lab that advises start-ups some of who are considering ICOs. I have also consulted with ORBS -- a startup in this area.

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