Since the launch of the first decentralized cryptocurrency, Bitcoin, in 2009, blockchain technology has developed a wave of innovations and the rise of cryptocurrencies tokens as a new asset class. Initial coin offerings (ICOs) have developed as a new method for entrepreneurial finance, with parallels to initial public offerings, venture capital, and presale crowdfunding (Howell, Niessner & Yermack, 2020). Today, cryptocurrencies market capitalization hovers around 1.6 trillion dollars, and t...