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Blockchain Capital Markets — Part II: IPO 2.0 in a Web 3.0 World

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31 January 2018
John Dwyer

Initial coin offerings present an entirely new method of capital raising for a new asset class. ECM franchises will need to adapt quickly to this new environment to remain relevant to those clients/industries which embrace tokenization.

Key research questions

  • What factors are driving IPO 2.0?
  • What is meant by the term IPO 2.0?
  • What does Web 3.0 mean for ECM?

Abstract

Equity capital markets is a highly-valued area within investment banking.

Global coordinator and bookrunner roles in large IPOs bring lucrative fees to those investment banks executing these deals.

Regulation and technology are already bringing change with unconnected analysts being given greater prominence in UK IPOs.

However, initial coin offerings will have an enormous impact on the traditional origination and distribution capabilities of equity capital markets.

There are two major challenges facing equity capital markets (ECM) bankers and traditional sell side franchises:

  • Direct Listings may replace traditional IPO offerings for privately held companies.
  • Initial coin offerings are an entirely new means of raising capital embedded into new technology.

This is also coinciding with the implementation of MiFID II and unbundling, which will inevitably lead to reshaping of research coverage and sales distribution.

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