The market forces that drove the evolution of the private secondary markets, such as democratization, globalization, transparency and liquidity, are now driving the adoption of initial coin offerings by private tech companies.
After the blizzard of ICO activity in 2017, few would contest that we are on the front end of a paradigm shift in the private capital markets. Accelerating declines in early stage VC activity while ICO volumes ramp are not a coincidence. And if the size of a paradigm shift can be predicted by the speed of its onset, then we should all be preparing for the venture world to change very significantly, very soon.
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