Initial coin offerings (ICOs) raised 25% less funds during fourth quarter 2018 compared to the previous quarter, according to a recent report by ICObench, a service that provides ratings and reviews on cryptocurrency token sales.

During Q4 2018, there were 594 ICOs completed by startups throughout the world, and 554 ICOs were successfully conducted in Q3 2018, the ICObench revealed (in a report shared with Cointelegraph).

Notably, ICObench’s report mentioned that the number of ICO projects that were unable to raise funds increased in Q4 2018 (when compared to Q3 2018). Approximately $1.4 billion were raised through ICOs during the final quarter of last year, ICObench noted. During Q3 2018, crypto startups raised a total of $1.8 billion.

The average amount raised per crypto project dropped from $8.9 million in Q3 2018 to around $6.7 million in the fourth quarter of last year. Despite a considerable decline in the price of Ethereum’s native token, ICObench found that 88% of ICOs accepted ether (ETH) as payment – in order to help fund their development.

Most ICOs Launched In Singapore, Switzerland

Since November 2018, the ether price has dropped by more than 43% which could have negatively impacted the ICO market during Q4 2018, according to ICObench. Although the ICO market did not perform as well in the last quarter of 2018 (as more funds were raised in the previous quarter), ICObench’s report pointed out that fourth quarter of last year saw more public token sales reach their hard cap target.

Achieving the hard cap target suggests that ICO projects (in Q4 2018) were able to more accurately estimate the amount of funds they could obtain from investors. Significantly, 85 ICOs conducted in Singapore managed to raise a combined $251 million – an amount which puts the Southeast Asian country in first place when it comes to generating investments from token sales. Switzerland’s ICO markets continue to remain active as the European nation reportedly raised $238 million from the popular crowdfunding method in Q4 2018. Meanwhile, US-based ICOs raised about $159 million in the final quarter of 2018.

ICOs Still Banned In South Korea

More recently, Canada appears to be leading all other countries so far this year as ICOs launched in the North American nation have raised a total of $80 million, ICObench reported. Moreover, the US remains one of the most popular place for ICOs as more public token sales have been conducted in the United States this year than any other country.

Although many jurisdictions allow companies to raise funds through ICOs, South Korea recently announced that it would continue to maintain its ban on the crowdfunding method. South Korea’s financial regulator, the Financial Services Commission (FSC), issued a repeated warning to local investors of the risks involved in investing in crypto tokens due to the large number of scams associated with ICOs.