This project is a collaboration between, EFI, and EIT, and will focus on developing a two-sided token market in a dynamic scenario.

Key Information
Deadline 23:59, 06 June 2021
UK/EU tuition fees plus £20,000 stipend awarded annually for up to 4 years
Contact Email Email Scholarship Support Team

Project Background is developing an innovative marketplace. The entire platform will be owned by its users (buyers, sellers, and the team that build and maintain the platform) through 'tokenisation'. The goal of the PhD project is to develop the mathematical models that will determine the optimal distribution of tokens in order to maximise platform revenue.

In existing digital marketplaces, customers and suppliers are not appropriately rewarded for their participation, with the surplus being captured by the marketplace's shareholders. Therefore, there is an opportunity to use advanced economic modelling skills to fully internalise the network effects by sharing the suprlus across all of the participants through 'tokenisation'. This would be fairer and more efficient.

This project aims to develop a token distribution mechanism in a dynamic two-sided market scenario, which could internalise the externalities between suppliers and consumers. To achieve this, the student will work closely with our industrial partner,, to calibrate the parameters and develop appropriate data structures for the dynamic algorithm of the marketplace.

The successful candidate will be expected to undertake the project under the supervision of Dr Tong Wang and Dr Joosung Lee along with industry experts at The successful candidate will also be part of the founding team at and will therefore earn tokens throughout the project as well as the stipend.


Academic Requirements

Meet the PhD in Financial Technology programme academic requirements. This normally requires a minimum qualification (or expected qualification if you are a current Master's student) of above-average academic achievement, quantified as 70% or above overall at the Masters level, with a distinction level dissertation (or UK equivalent) in the subject of: finance, economics, informatics, physics, mathematics, engineering, or another relevant programme with significant quantitative elements.

Students with significant finance and tech industry experience or with relevant professional qualifications and that also have a minimum of a Bachelor's degree in the programmes stated above will be given due consideration on a case-by-case basis.

English Requirements

The most commonly approved certificate is an IELTS, for which the minimum accepted score is 7.0 overall with at least 6.0 in each section.

Project Requirements

Essential Criteria

  • Bachelor's degree or its equivalent in economics or related field
  • Finance/economic modelling skills
  • Data analysis skills

Desirable Criteria

  • Knowledge of microeconomic theory, game theory, market design, and/or mechanism design
  • Knowledge of computer science/machine learning algorithm
  • Knowledge of network analysis


This award will cover the cost of UK/EU tuition fees plus a £20,000 stipend awarded annually for up to 4 years.

Please be aware that if you are joining us from overseas you will be required to self-fund any fee difference between the UK/EU and International tuition fee level.

How to Apply

The deadline to apply is 23:59 (GMT) on Sunday 6 June 2021.

Project applicants must apply online using our application form. When submitting, you should include a cover letter detailing why you are a good candidate for the particular project you would like to be considered for, and any other required documents.

If your application is successful, you will then be asked to submit additional details in order to be registered as a student.

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Selection Process

Eligible applicants will be ranked by a selection panel and applicants will be notified if they have been shortlisted for interview by 14 June 2021.

Interviews will be scheduled during the week commencing 21 June 2021. Candidates will be notified of the outcome of their application in the week commencing 5 July 2021.

We anticipate the awarded candidate will join the programme in late July 2021.


Supervisor: Dr Tong Wang

Supervisor: Dr Joosung Lee

Postgraduate Research Support and Development Officer: Lindsey Singleton