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

IF 7.7 1区管理学 Q1 BUSINESS

Journal of Business Venturing Pub Date : 2024-09-20 DOI:10.1016/j.jbusvent.2024.106450

引用次数: 0

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.

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为去中心化数字平台的发展提供资金：加密货币基金在区块链初创企业中的作用

协调摩擦阻碍了区块链平台的有效采用和治理。加密货币基金（CF）通过消除去中心化数字平台（DDP）上的摩擦来创造价值。CF 支持的 DDP 在一级代币市场上获得更高的估值，在发行代币后表现优于同行，并受益于二级市场上围绕 CF 投资披露的代币价格上涨。来自以太坊分类账的一级交易数据显示，采用率较低、代币所有权集中化程度较高的 DDP 的估值从 CF 支持中获益更多。对于在投资者网络中更为集中的 CF，CF 支持的 DDP 在估值和业绩方面的正面效应更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Venturing BUSINESS-

CiteScore

16.70

自引率

6.90%

发文量

审稿时长

77 days

期刊介绍： The Journal of Business Venturing: Entrepreneurship, Entrepreneurial Finance, Innovation and Regional Development serves as a scholarly platform for the exchange of valuable insights, theories, narratives, and interpretations related to entrepreneurship and its implications. With a focus on enriching the understanding of entrepreneurship in its various manifestations, the journal seeks to publish papers that (1) draw from the experiences of entrepreneurs, innovators, and their ecosystem; and (2) tackle issues relevant to scholars, educators, facilitators, and practitioners involved in entrepreneurship. Embracing diversity in approach, methodology, and disciplinary perspective, the journal encourages contributions that contribute to the advancement of knowledge in entrepreneurship and its associated domains.