Investigating the Multihoming of Initial Exchange Offerings

Initial exchange offering (IEO), an emerging crowdfunding approach for blockchain ventures, exploded in popularity during the late initial coin offering (ICO) bubble. Most researchers in this field focused on the factors of ICO success, while empirical research on how IEO works is limited. To address this research gap, we investigate the factors that affect the success of IEO projects with regard to multihoming. Our results show that the higher the exchange credibility where the IEO project is launched, the more likely it is to be multihomed. Furthermore, the post-IEO return of the associated token is a significant factor signaling the time interval of its listing on the following exchanges. Our paper extends previous research on crowdfunding for blockchain startups and paves the way for IEO projects to achieve long-term success.