Israel-based startups have raised more than $600 million through Initial Coin Offerings (ICOs) as of the third quarter (Q3) of 2018. The research firm One Alpha released these analytics on November 2.

The research says that 140 blockchain-based firms in Israel have raised $1.3 billion in investment. The investments include 60 percent of companies and 88 percent of funds that are ICO-related.

From Q1- Q3 2018, the startups have raised $606 million through ICOs. The massive number of ICOs that took place during Q2 where Q1 earned more profits with $315 million through crypto-asset offerings.

According to One Alpha, last year, less than 20 ICOs raised $586 million. From the beginning of 2017, the country experienced a steady rise both in the number of ICO projects and the amount of funds earned.

The research says in 2017, the total number of ICOs around the world was 350. But in 2018 the number has increased to more than 800. Within two years, ICO funds rose from $6 billion to $20 billion.

The largest ICOs in 2018 include EOS ($4.2 billion), Telegram ($1.7 billion), TaTaTu ($575 million, Dragon ( $420 million) and tZero ($328 million). These ICOs form less than 10 percent of the global venture capital funding volume.

The One Alpha called 2017 as a record-setting year for crypto funds globally. Because, around 194 funds were opened that year and in the first eight months of 2018, 136 funds opened for business.

Yaniv Feldman, CEO of One Alpha seemed excited about the results. Mr. Feldman said that last year’s market is satisfactory to the sector.

The CEO added:

“The December 2017 and January 2018 boom and bust had a cleansing effect on the ecosystem, removing many of the speculators and leaving mainly real investors, operators, and builders in the market.”

According to Feldman, this is the requirement to move forward and build a successful ecosystem.

After the growth seen in the number of ICOs, Israel has been called “The Startup Nation.” The country currently holds the highest percentage of tech-startups that work with cutting-edge technologies.

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