The document summarizes the key U.S. retail crypto onramps in 2017 and 2018, including Robinhood, eToro, Circle, Square, and Coinbase. It provides an overview of each company's founding year, headquarters, number of users, states served, assets offered, recent developments, and notable investors. The document also discusses how these firms are competing through differences in fee structures, rewards programs, token selection, and unique features like social trading and stable coins. It concludes by questioning what developments may come in 2019.

1. Crypto
Goes
Mainstream
The Battle for the
U.S. Retail Investor
A. Patel
May 2018

2. U.S. Retail
Onramps
in 2017

3. U.S. Retail
Onramps
in 2018

4. Robinhood
1.

5. Robinhood in now second most valuable fintech
startup in US at $5.6bn
Already a registered broker-dealer with the
Securities and Exchange Commission (SEC).
Users are able to trade crypto, stocks and ETF’s
from a single App
Zero transaction fees on trades
Robinhood
Est: 2013
HQ: Palo Alto, California
Customers: 80% millennials
Raised: $363m in Series D (2018)
STATES SERVED
● Arizona
● California
● Colorado
● Florida
● Massachusetts
● Michigan
● Mississippi
● Missouri
● Montana
● New Mexico
● Pennsylvania
● Utah
● Wisconsin
ASSETS OFFERED
“We’re planning to operate this business
on a break-even basis and we don’t plan
to profit from it for the foreseeable future.”
-Vlad Tenev (co-founder)
4m
USERS (US)
INVESTORS
● Google Ventures
● Sequoia
● A16z
● RocNation (JayZ)

7. eToro
2.

8. Features to include ‘copy trader’ and a Crypto
CopyFund investment strategy
Launching mobile wallets for both iOS and
Android
Long-term view that tokenisation of other assets
will occur- commodities, brand equity, intellectual
property
eToro
Est: 2007
Offices: UK, Israel & Cyprus
Operates: 140 countries
Raised: $100m in Series E (2018)
STATES SERVED
*Yet to launch
Plans to service all
jurisdictions
ASSETS TO BE
OFFERED AT LAUNCH
“Every time there is a mention about bitcoin
by some other user you'll be able to see that in
your news feed. You'll be able to comment on
that, share that or like it.”
-Guy Hirsch (US Managing Director)
10m
USERS (global)
INVESTORS
● SBT Capital
● Spark Capital
● Venture 51

10. Circle
3.

11. Buy the Market feature allows users to gain
exposure to seven cryptocurrencies in one click
Users can link their bank account to make
purchases up to $10,000
Recently purchased crypto exchange Poloniex for
$400m
Raised $110m from Bitmain to create a USD stable
coin
Awarded BitLicense to operate in NY state
Circle
Est: 2013
HQ: Boston, MA
Employees: 400 by end of 2018
OTC Trade Vol: $2bn/month
STATES SERVED
46
excludes MN, HI, WY
NY coming soon*
ASSETS OFFERED
“There’s still a major market need for people who
haven’t invested in this space and want a product
where they can invest in a broader range of assets.”
-Jeremy Allaire (CEO)
INVESTORS
● Goldman Sachs
● Pantera Capital
● Baidu
● Digital Currency
Group
● Bitmain
● Accel

13. Square
(Cash App)
4.

14. “Cash App” #1 on US iOS App Store (Finance)
Individual limit of $10,000 per week
Created illustrated story book ‘My First Bitcoin’ to
help educate public
Capability to allow for merchants to accept BTC
through Square’s PoS terminals
Square (Square Cash)
Est: 2009
HQ: San Francisco, CA
CEO: Jack Dorsey (Twitter)
STATES SERVED
46
excludes NY, MN, HI, WY
ASSETS OFFERED
7m
USERS (US)
INVESTORS
● Virgin Group
● VISA
● Sequoia
● Goldman Sachs
● Starbucks
● Citi Ventures

16. Coinbase
5.

17. Recent acquisitions: Earn.com, Paradex.io
Rebranding of GDAX to Coinbase Pro for better
retail trading experience with more intuitive UI
Launch of Coinbase Vault- allows for multisig
wallets
Coinbase Custody for institutional investors to
reinforce confidence among retail sector
Coinbase
Est: 2012
HQ: San Francisco, CA
Markets: 32 countries
Revenue: $1bn (2017)
STATES SERVED
47
excludes MN, HI, WY
ASSETS OFFERED
“Very simply said, we want to
be the Google of crypto.”
-Adam White (VP & GM)
20m
USERS (US)
INVESTORS
● NYSE
● Union Square
Ventures
● A16z
● USAA
● Greylock Partners

19. Unique
Features
Fee Structure &
Rewards
Token
Selection
How are
Firms
Competing?

20. What’s in
store for
2019?
Credit: REUTERS/JIM YOUNG

21. What to read next..

22. Anil Patel
Consultant and educator in the areas of cryptoasset
management, trends and custody. Over the last
decade, Anil has worked across the entertainment,
tech and education sectors. He holds a MBA and is
a certified Project Manager (PMP). Anil recently
launched the first blockchain-specific university
scholarship in Canada.