Analysts at the Digital Money Finance Conference conducted a study based on public data on the top 100 Initial Coin Offering (ICO) funds raised by the country and ranked the countries according to the number of ICO projects. The study showed that the United States, Switzerland and Singapore were rated as the top three most favourable for ICO. The report highlights the U.S. as the most favorable country for ICOs with a total of 30 companies launched in the field. The second country is Switzerland, which is responsible for half as many of the projects, while Singapore is ranked third place with 11 projects. The study also listed Russia, Estonia and the United Kingdom as the most promising countries for fundraising for cryptocurrency projects.