Israel-based startups have brought over $600 million in funding through initial coin offerings (ICOs) in the three quarters of this year, according to an industry report by crypto analytics firm.
From the last year, cryptocurrency research and analytics firm One Alpha observed blockchain and initial coin offering projects, goals to give a summary on ICO and blockchain ecosystem, with a specific focus on Israel.
One of Alpha’s research counted 140 blockchain-related companies in Israel, have received $1.3 billion worth in investments, when joint with other investments. Reportedly over 88% of the funds and 60% of companies are related to Initial coin offerings.
The $600 million signifies a rise above 2017’s numbers, in line with the overall jump in ICO growth have seen in 2018. The largest ICO in 2018 include TaTaTu ($575 million), EOS ($4.2 billion), Dragon ($420 million), Telegram ($1.7 billion), and tZero ($328 million).
Reportedly, CEO of one Alpha, Yaniv Feldman said that the past year, figures give much-needed relief and speak to the strength of the blockchain ecosystem in Israel more broadly. He added:
“Israelis are less than 0.1 percent of the global population while making 3 to 5 percent of global ICO fundraising amount is something that shows that Israel is one of the most important regarding blockchain innovation.”
According to the previous report, 2018 saw Israeli regulators make more clearly their places on matters associated to crypto in the blockchain. Israel has been named “The Startup Nation,” as Israeli start-ups increased more than $5 billion in 2017. Reportedly, Israel has one of the uppermost percentages of tech-startups.
Feldman commented that Israel isn’t involved in being too crypto-friendly, compared to jurisdictions. He asserted that Israel would uplift local businesses.
In 2017, Hapoalim that is the largest bank of Israel partnered with Microsoft to make a blockchain- powered platform to “make the process of signing up guarantors simple and quicker.”