The role of environmental sustainability in the success of initial coin offerings

Initial Coin Offerings (ICOs) have emerged as a popular fundraising method in the cryptocurrency sector. Previous studies have identified various factors affecting fundraising success. This study goes further, exploring the broader range of success factors in ICOs, with a particular focus on environmental sustainability, which is divided into direct and indirect categories. Direct sustainability refers to ICOs that offer products or services directly related to environmental sustainability initiatives and Indirect sustainability includes ICOs that may not have sustainability as their primary focus but contribute to sustainability goals in other ways. The research uses data from 1212 ICOs from ICO-related websites. Our findings reveal that ICOs directly linked to environmental sustainability may face challenges in fundraising success. We couldn't find any significant relationship between indirect sustainability and ICO success.