Such a great number of exchanges irritates me actually. There was a time when every second project and bounty I participated was about creating their own new exchange. And of course majority of them completely failed. Enough.
Lol, I remember that. I never joined those campaigns because it was always bullshit. An exchange is not an easy thing to deliver on. You need to many funds. There is already so much competition as well.
Some of ICO that created in my country did that, claimed to be good exchanges and then die left investor with their tokens. I think really need a lot of research and money to create exchange, maybe higher target for ICO so they have enough money to make it stable.
You have the wrong perception when it comes to this matter because it isn't really that necessary to have big accumulated amount of funds.
Success vary on the team itself if they would push through on making the platform stable and do its job into the public.The only wrong thing here
is that project owners aren't really that serious enough to that extent where they do only just target out on collecting their investors money and ran it off.