Techtalks: Traveltech

To answer this research question, we draw on a unique feature of the ICO context: the possibility to trade tokens in secondary markets after the ICO List completion. This aftermarket trading adds a speculative function for ICO investors and resembles the trading of shares after an IPO (e.g., Momtaz, 2020d; Fisch, 2019; Lyandres et al., 2019).