Abstract

ICO(Initial Coin Offering) based on Blockchain technology is in the spotlight as a method of investing funds for early start-ups. ICO is an investment method like as Angel Investment or Venture Capital, but it has unique characteristics that are different from other investment methods because it raises fund from the people who have enough fund, but most of them are not specialist in investment. This study analyzes the intention of investment and influencing factors in ICO. The theoretical model was built based on TAM(Technology Acceptance Model). To test, hypotheses, measurement model and structural model was verified with a survey of 187 samples who are potential investors to ICO. The research model was enough to find influence factors to ICO investment intention with the samples. The structural model showed the strong relationship among the perception of easy to use, usefulness, attitude, and intention to invest on ICO, but the quality of investment information about the offering company did not affect the usefulness of ICO. Concludingly, traditional TAM approach is enough to find influence factors on ICO investment intention like another technology based services.

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