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Financing decentralized digital platform growth: The role of crypto funds in blockchain-based startups

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  • Cumming, Douglas
  • Drobetz, Wolfgang
  • Momtaz, Paul P.
  • Schermann, Niclas

Abstract

Coordination frictions prevent the efficient adoption and governance of blockchain-based platforms. Crypto funds (CFs) create value by smoothing frictions on decentralized digital platforms (DDPs). CF-backed DDPs obtain higher valuations in the primary token market, outperform their peers after issuing tokens, and benefit from token price appreciation around CF investment disclosure in the secondary market. Primary transaction data from the Ethereum ledger shows that the valuations of DDPs with meager adoption and a higher centralization of token ownership benefit more from CF backing. The positive valuation and performance effects for CF-backed DDPs are more pronounced for CFs that are more central in investor networks.

Suggested Citation

  • Cumming, Douglas & Drobetz, Wolfgang & Momtaz, Paul P. & Schermann, Niclas, 2025. "Financing decentralized digital platform growth: The role of crypto funds in blockchain-based startups," Journal of Business Venturing, Elsevier, vol. 40(1).
    • Handle: RePEc:eee:jbvent:v:40:y:2025:i:1:s0883902624000727
    DOI: 10.1016/j.jbusvent.2024.106450
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    More about this item

    Keywords

    Crypto funds (CFs); Initial coin offering (ICO); Digital platform adoption and governance; Blockchain-based crowdfunding; Decentralized finance (DeFi);
    All these keywords.

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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