Who are the players in ICO Industry?


  • Investor

You could also say Token Fund, it means that this fund is mainly for investing in ICO project, by using cryptocurrency, ex. ETH, BTC. 

Generally, the traditional investor feels more comfortable to invest in the share of the company or giving money as a loan. They don't understand blockchain, cryptocurrency, and ICO so much, Although, they are starting to open the option for the token fund, they are afraid of the vulnerable value.

Investor's client

  1. fund provider
  2. financial advisor: if they got the fund source
  3. ICO project: if the token fund also arranges the roadshow

  • ICO Project


  1. It means the startup or the existing company, who would like to get financing. 
  2. The investor invests in ICO project by using ETH or BTC to buy ICO token.
  3. ICO project tries to connect their product with blockchain, so they got the reason to use token. The ICO project needs to have the users and the environment to use token needly. 
  4. ICO project needs to convince you why we can't use the current solution (ex. credit card) to make it happen, ex. they will convince you to transfer the reward point to token so it will be more widely used, or the credit card commission fee is more expensive than token. If their reason isn't strong enough to convince you, then this ICO project may not worth to invest.
  5. The final goal of ICO is to put their token on the exchange, normally there is a lock period to prevent selling immediately.

ICO project's client

  1. investor or user of their token

  • Media

Media focus on the blockchain, ICO, or cryptocurrency, sometimes it could be seen as a database, ex. they file the history of ICO project.

Media's client

  1. ICO project: marketing on report or interview
  2. event organizer

  • ICO maker

They are helping the startup or the existing company to do ICO. Make the blockchain unrelated industry to be related, preparing the whitepaper, arranging the roadshow, investor relationship for ICO project.

ICO maker's client

  1. ICO project

  • Blockchain Incubator

Accelerator or co-working space focuses on blockchain startup, they organize the blockchain/ICO event, startup renting the office from them.

Incubator's client

  1. ICO project
  2. Investors: sometimes will co-host some event

  • Exchange

It is the platform where people trade the cryptocurrency, there is some exchange mainly for the fund manager or OTC, sometimes cryptocurrency could change to FIAT currency.

Exchange's client:

  1. user: pay commission while trading
  2. ICO project: pay listing fee
  3. event organizer: invite for the keynote speech
  4. Institutional Trading

  • ICO Conference/Roadshow/Event Organizer

They are connecting the ICO or blockchain project with investors.

Organizer's client:

  1. ICO project: pay the ticket, sometimes demo competition is free for the speaker.
  2. exhibitor: pay exhibition booth fee, Project Showcase
  3. investor: pay Panel Speaker fee
  4. visitor: pay ticket
  5. sponsor: pay for marketing awareness, Media Mention

  • OTC

Over-the-counter, the people who trade big amount between cryptocurrency and FIAT.

OTC's client:

  1. investor
  2. ICO project
  • Payment system


Developing a technical solution allows people to use cryptocurrency paying online.

Payment's client:

  1. merchant: pay commission fee
  2. people: pay commission fee
  • Wallet
It could be virtual or physical, normally exchange will generate virtual wallet for you.

Wallet's client:

  1. cryptocurrency owner
  • ICO Rating
There is some Exchange, before listing an ICO project's token, they ask ICO project to make an assessment through the ICO rating company.

ICO Rating's client:

  1. ICO project
  2. Exchange
  • Merchant
It is the physical supplier allows people to use cryptocurrency to book the hotel, or buy store items.

Merchant's client:

  1. cryptocurrency owner
  • Advisor
Sometimes it could be referred to the financial advisor, who connect investors with ICO project. Or it could be the mentor of ICO project, help them to make a business plan or direction reasonable.

Advisor's client:

  1. ICO project
  2. Investor

If you have any question, please feel free to leave your comment, or discuss with me.

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