BY CNA team - October 2, 2018
German ICOs have lost up to 90% of value
Most German startups that conducted initial coin offerings (ICOs) have lost value, with some losing up to 90% of their value since their tokens were issued.
CoinTelegraph reported that German business magazine WirtschaftsWoche compared the token issue prices of ICOs carried out by German startups with the prices of early September 2018 and found that there was up to a 90% loss in value.
These tokens have lost even more value than bitcoin and ethereum, whose prices have fallen sharply from their all-time highs.
According to the magazine, only eight German blockchain firms with a head office in Germany have completed an ICO, with many others preferring to conduct their crowdfunding outside the country.
One such is the Hamburg-based financial firm NAGA, listed on the Frankfurt Stock Exchange but conducing its ICO in Belize.
Among those that conducted ICOs in the country, only financing platform Neufund and shopping app Wysker managed to keep the value of their tokens stable.
Five other projects, including the Frankfurt financial start-ups Savedroid and Iconiq Lab, have lost between 40% and 92% in value, respectively, the magazine says.