The US is leading the race with the highest volume of ICOs originating from the country (over US$1b). Russia and China follow, with each over US$300m, according to a new research by the Ernst &Young, one of the world's "big four" professional services firms.
Honk Kong, Israel, Germany, Canada, UK, Switzerland and Estonia also made it to the top 10.
Total ICO proceeds are approaching US$4 billion and have exceeded venture capital investments in blockchain projects.