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Product cover image for KaspaCom: Capturing Value from the Kaspa Blockchain

KaspaCom: Capturing Value from the Kaspa Blockchain

Ilan Alon

Product #:W49037
Supplier:Ivey
Discipline:Entrepreneurship, Finance
Setting:Israel, World (Remote), 2026
Details:Case (PDF) • 19 pages • 2026-05-15

Subjects:

EntrepreneurshipFinance and investingBlockchainStart-upsFinancing

Industries:

Information technology and telecom sector

Geography:

Israel
Your Price:$9.71

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KaspaCom was a decentralized finance platform built on the Kaspa blockchain, led by founder and chief executive officer Sione Milhem. By early 2026, the company had emerged as the dominant decentralized finance hub within the Kaspa ecosystem, offering an integrated suite of products that included trading, lending, and token launches. Despite strong relative traction, KaspaCom operated within a small and evolving proof-of-work network, with limited capital and high execution complexity. As the platform prepared for its next growth phase, Milhem faced a critical decision about how to finance expansion while balancing speed, control, and exposure to market volatility.

Learning Objectives

This case is suitable for use in the following graduate business administration courses: blockchain and crypto economics, entrepreneurial finance, and digital platforms and ecosystems. It works particularly well in modules on platform scaling, alternative financing mechanisms, and strategy under uncertainty. After working through the case and assignment questions, students will be able to do the following:
  • Evaluate the strategic trade-offs between token-based financing and traditional equity financing in platform-based ventures.
  • Analyze how token design (tokenomics) can serve as a coordination and incentive alignment mechanism, rather than merely a fundraising tool.
  • Assess the implications of financing choices for founder control, governance structure, and strategic flexibility in decentralized ecosystem-dependent businesses.
  • Examine how capital structure decisions influence long-term positioning, scalability, and business model sustainability.
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Case Study: KaspaCom: Capturing Value from the Kaspa Blockchain (English version) | Ivey Publishing