A survey among 3,864 respondents that is representative of the adult Internet population in Germany allows deep and reliable insights into the adoption and usage of cryptocurrencies. 18% of all respondents either own or owned cryptocurrency.
This study provides the first overview of security tokens and the STO model for corporate financing. Our analysis investigates security tokens from the perspective of a firm looking to raise capital. The results show that cheap signals are effective, which raises concerns for investor protection.