The average cost to develop an ICO project in Russia is hovering around $18,000 USD but the price can go down to as little as $1,500, according to a study that explores the market for such services. The hourly rate for a blockchain developer is averaging a little over $44, the authors found after surveying 60 companies.
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Elaborate Projects Can Reach $50,000 USD
If you’ve ever wondered how much it would cost to create a project to raise funds through an Initial Coin Offering (ICO), a Russian rating agency focused on the web development sector has prepared an estimate that you may find interesting. True, it’s based on what’s currently offered in Russia but in the global village, and especially in the crypto space, outsourcing shouldn’t be a problem.
According to the study conducted by Ratingratingov.ru, the development of an ICO project in Russia costs between 100,000 rubles (~$1,500) and 3.3 million rubles (~$50,000 USD), Insider Pro reported. The agency has contacted 60 companies working in the field to collect and summarize pricing and other data and listed the top 15 firms offering this type of services in the local market.
The researchers found that the average price tag for these orders, the blockchain and web development part, is 1.2 million rubles (almost $18,000), not counting marketing and legal expenses. At the same time, a blockchain programmer makes over 2,990 rubles (~$44 USD) an hour, a wage that far exceeds the remuneration of most Russian employees. The median monthly salary in the country is about 42,000 rubles, or $660 dollars.
The companies in the survey have been ranked using a formula that
