The ICO market is cooling down. According to the latest statistics, no more than 353 million capital raised through ICO in November, 2018. At the same time, more and more start-up companies switch to STO to raise fund for their future development. Based on the FinTech4Good database, 80 STOs issued since 2017, among which 77.5% happened in the U.S. In this study, we have included some of the main STO cases under RegD.
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