Fintech revolution, crowdfunding and blockchain financing have dramatically reduced borrowing and lending transaction costs. Many argued that, ultimately, it would lead to complete disintermediation of start‐ups and SMEs financing. However, persistent asymmetric information and moral hazard...

ICOs are a new way for blockchain startups to finance project development by issuing coins or tokens in exchange for fiat money or Bitcoin or other cryptocurrencies. In this article, we start from the current distinction between different types of tokens and argue that it can create confusion...