Conclusive insights: The Global Digital Securities Ecosystem Study

Infrastructure providers

  • Every company except one offers an operational infrastructure
  • 11 companies come from the USA, 9 from Europe, 2 from Asia
  • Public and Private ledgers are both seeing application

Key findings

Types of verification algorithms

Research process

Issuance providers

  • Issuance providers again predominantly come from the US (17 companies)
  • Lots of information is undisclosed
  • Ethereum is the most commonly used infrastructure

Key findings

How many companies executed which amount of STOs?

Research process


  • The USA dominate this category like no other with 42 companies
  • 2nd place goes to German with just 6 investors
  • Investment firms tend to be smaller enterprises with max. 10 employees

Key findings

Distribution of investors

Research process

Secondary Markets

  • Largely not operational
  • Geographically spread out like no other category
  • Offering a wide range of additional services

Key findings

Target groups of secondary markets

Research process


  • 24% of banks are still developing their services
  • Ethereum and r3 corda are used most frequently
  • Banks mostly tokenise debt

Key findings

  • State owned banks,
  • coporate banks,
  • investment banks,
  • and commercial banks
Types of banks

Research process



  • Blockchain knowledge: We wrote a Medium article on how to acquire the necessary blockchain knowledge within a workload of 10 working days.
  • Our two blockchain books: We have edited two books on how blockchain will change our society (Amazon link) in general and the everything related to finance (Amazon link) in particular. Both books are available in print and for Kindle — currently in German and soon in English. The authors have been more than 20 well-known blockchain experts in startups, corporations and the government from Germany, Austria, Switzerland and Liechtenstein — all contributing their expertise to these two books.
Our two books: the first one on blockchain and the society and the second one on blockchain and finance





Professor | Lecturer | Author | Investor | Frankfurt School Blockchain Center

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

VegaX Release: VegaX USDC Yield Product (VUSDC)

The Curious Case of $SHDW’s Tokenomics


NGK Ecological Exchange, an encrypted trading platform tailored for NGK ecological builders!

Why PlutosNetwork is on BSC Binance Smart Chain is a blockchain service that allows developers to…

Analysing the Market: Key Strategies

MEXC Exchange Will List StarkMeta (SMETA) and Launch a Session of “MX DeFi”

Inmining: evolution of the mining industry

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Philipp Sandner

Philipp Sandner

Professor | Lecturer | Author | Investor | Frankfurt School Blockchain Center

More from Medium

A Quick & Simple Guide to Understanding ERC Standards

Why DAOs are the Future of Finance?

MEXC Global Integrates Wyre to Provide Users with International Wire Transfers

Top ten mainstream ecological cross-chain bridges