Investing.com - Cryptocurrency prices may be in a deep slump, but the initial coin offering market is booming.
A new report says ICO projects have already raised more money in 2018 than in all of 2017.
The report by PricewaterhouseCoopers and Crypto Valley says 557 ICOs raised $13.7 billion through May of this year.
Two ICOs accou nted for more than a third of the money. EOS pulled in $4.1 billion, while Telegram raised $1.7 billion.
None of the other top 15 ICOs raised more than $320 million.
The report says more than $21 billion has been raised through ICOs since record keeping for the projects began.
The leading countries for ICOs in 2018 are the U.S., Singapore, the UK and Estonia, according to the report.
ICOs have drawn the attention of regulators around the globe because of their potential for fraud.