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State of Bitcoin Startups 
Dec 2014 
Deal Discovery Made Easy
Deal Discovery Made Easy 
Bitcoin–Sector Overview 
•Over $450M invested 
•90+ funded companies. Some $100M+ valuation comp...
Deal Discovery Made Easy 
EXCHANGE 
BitcoinStartup Landscape 
Applications 
Infrastructure & 
Enablers 
White label 
ATM H...
Deal Discovery Made Easy 
Summary of key business models 
Category 
Description 
Illustrativecompanies 
WALLET 
A file tha...
Deal Discovery Made Easy 
EXCHANGE 
Bitstamp, OKCoin, BTCChina, HitBTC 
INSTITUTIONAL 
itBit, Vaurum 
Notable companies ac...
Deal Discovery Made Easy 
EXCHANGE 
High fragmentation with 120+ exchanges in 20+ countries. Likely to consolidate. Curren...
Deal Discovery Made Easy 
Active Investors 
RRE Ventures 
A16Z 
Lightspeed 
CeyuanVentures 
KhosalaVentures 
FundersClub 
...
Deal Discovery Made Easy 
Active Investors (… contd.) 
Accelerators 
•Crypto Currency Partners -Bex.io, BTCChina, Coinsett...
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State of Bitcoin Startups 2014

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As of Dec 2014, more than $450M invested in this space.

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State of Bitcoin Startups 2014

  1. 1. State of Bitcoin Startups Dec 2014 Deal Discovery Made Easy
  2. 2. Deal Discovery Made Easy Bitcoin–Sector Overview •Over $450M invested •90+ funded companies. Some $100M+ valuation companies: Xapo-WalletCoinbase–Payment platformBitpay-Payment ProcessingCircle -Wallet (& Insurance) •Most active funds: PanteraCapital (Bitstamp, Bitpagos, Korbit, Gliph, Circle, Ripple Labs, Xapo, Chain, ChangeTip) LightspeedVentures (BTCChina, Ripple Labs, Blockchain, Blockskore) RibbitCapital (BTCJam, Xapo, Coinbase, Blockstream) Funders Club (BTCJam, Purse, Coinbase) Liberty City Ventures (LibraTax, itBit, BitGo, SolidX) RRE Ventures (itBit, Gem, Chain, MirrorX) Andreessen Horowitz (Coinbase, Ripple Labs, Tradeblock)
  3. 3. Deal Discovery Made Easy EXCHANGE BitcoinStartup Landscape Applications Infrastructure & Enablers White label ATM Hardware Mining Hardware White label ATM Network(Operator) Mining Contracts Open- Source Blockchain API Security Analytics Mining Software Financial Trading Mining ContractsMarketplace Futures Trading Derivatives Trading Debit Card Mobile PoSCard Reader PAYMENT SERVICES TRADING Mobile Financial Trading Gateway -Processor ATM Software @tracxn Remittances Escrow Service Micropayments Offline Storage WALLET & BANKING Vaults Mobile Wallet ATM PAYMENT PLATFORM MINING Crowdfunding BLOCK CHAIN APPLICATIONS Smart Contracts ALTERNATE CURRENCY 350+ AlternativeDigital Currency MERCHANT SERVICES Open Source TECHNOLOGY Institutional Exchange Supply Chain
  4. 4. Deal Discovery Made Easy Summary of key business models Category Description Illustrativecompanies WALLET A file that contains a collection of private keys using which one can access/transfer bitcoins BitGo, Xapo EXCHANGE Platform for bi-directional trading bitcoinsand fiat currency Bitstamp, OKCoin MINING Hardware manufacturer and mining contract sellers Bitfury, CloudHashing ATM White label bitcoinATM manufacturer and operators Robocoin, Lamassu FINANCIAL PLATFORM Trading platform for crypto currency, derivatives and futures Coinsetter, Kraken MERCHANT SERVICE Payment gateway and point of sale system for merchants accepting bitcoinsas payments BitPay, GoCoin PAYMENT PLATFORM Platform offering wallets and merchants services Coinbase, Coinjar PAYMENTS Payment processors, Transfers, Remittances, Micro payments and Escrow Service Coinery, Cryptiv TECHNOLOGY Offering BitcoinAPI, blockchainexplorer, Security and white-label exchanges Chain, Tradeblock BLOCKCHAINAPPLICATION Platforms relying on decentralized architecture to offer distributes services based on BitcoinBlockchaintechnology Filecoin, Koinify
  5. 5. Deal Discovery Made Easy EXCHANGE Bitstamp, OKCoin, BTCChina, HitBTC INSTITUTIONAL itBit, Vaurum Notable companies across categories Applications Infrastructure & Enablers PAYMENT SERVICES REMITTANCES Bitpesa, Hellobit TRANSFER Gliph, Coingram ESCROW SERVICE Coinsigner, Bitrated MICROPAYMENTS Bitwall, Bitmonet PROTOCOL Ripple TRADING Kraken, Coinsetter, DERIVATIVES Derivabit, Coindash FUTURES icBit @tracxn WALLET OFFLINE STORAGE Xapo, BitGo, Circle, Elliptic OPEN SOURCE Armory, Copay DEBIT CARD Bitwal, Gogocoin MOBILE Mobile, Mycelium, Kipochi ATM BiTAccess, Robocoin, Lamassu, Tembusu, BitXATM, SkyHook PAYMENT PLATFORM Coinbase, Coinjar, Monetsu, QuadrigaCX, Maicoin, eCash MINING HARDWARE AvalonClones BitFury CONTRACT CloudHashing Hashop MARKETPLACE Hashtrade BLOCK CHAIN APPLICATIONS Smart Contract, SecureAE, Blocksig, Ethereum CROWDFUNDING Swarm Corp, Coinshare ALTERNATE CURRENCY Litecoin, Nxt, Peercoin, Dodgecoin MERCHANT SERVICES PAYMENT GATEWAY Bitpay, Gocoin, Bitnet, Bitpagos, Snap Card POS SYSTEM Coinkite, Coincommerce, XbTerminal TECHNOLOGY BLOCKCHAIN API Chain, Helloblock WHITE LABEL EX. Buttercoin, Bexio SECURITY Blockscore, Onename $88m $26m $49m $50m $50m $10m $111m $8m $22m $23M
  6. 6. Deal Discovery Made Easy EXCHANGE High fragmentation with 120+ exchanges in 20+ countries. Likely to consolidate. Current market of ~$1M per day on all exchanges. eg. Bitstamp, BTCChina, OKCoin, HitBTC Interesting segments for investments Applications Infrastructure & Enablers White label ATM Hardware Mining Hardware Open-Source Blockchain API Security Analytics Mining Software Mining ContractsMarketplace PAYMENT SERVICES Bitcoincan power payment transfers at an ultra low cost. From micropayment to remittances to merchant point-of sale, bitcoinwill make transaction lossless. With businesses like Dell, Expedia, Target and others accepting bitcoinas a currency, payments ecosystem will be the biggest winner in the crypto currency market. eg.Bitpay, Coinjar, Gocoin, Ripple Labs ATM Software @tracxn WALLET Due to increased hacking & bitcointhefts lately, wallet services saw a major shift towards vault. Vault is offline storage of bitcoinsin user’s vault account. Pros -Highly secure (+insurance). Cons -Delays during withdrawal of bitcoins Wallet businesses likely to expand to Banking or Merchant Services. eg. Xapo, Coinbase, Circle, BitGo ATM MINING ALTERNATE CURRENCY 350+ alternativedigital currency TECHNOLOGY MINING CONTRACTS Sells bitcoinmining contract and mine on the behalf of contract holder. eg. Clouhashing, Hashop, Hashplex TRADING PLATFORM Platform for intra crypto currency trading. Supports high frequency and margin tradingeg. Kraken, Coinsetter, Wax.is ATM OPERATORS Operates bitcoinATM. Creating wide network of such ATMs. eg. CryptVision, CoinVaultATM BLOCKCHAIN APPLICATIONS Building application based on concept of Bitcoinprotocol/ Blockchain eg. SecureAE, Blocksig.io, Trustatom, Blockstream
  7. 7. Deal Discovery Made Easy Active Investors RRE Ventures A16Z Lightspeed CeyuanVentures KhosalaVentures FundersClub Union Square Ventures RibbitCapital PanteraCapital Exchange MirrorX, itBit BTCChina itBitSolidX Purse Bitstamp Paymentplatforms / Merchant services Coinbase Coinbase Coinbase Coinbase BitPagosKorbit Wallet Blockchain BitGo Xapo Xapo Circle Xapo Trading Tradeblock Technology Chain, Gem Blockscore Blockscore, Chain Blockscore ChainOneName Chain Payment protocol Ripple Labs Ripple Labs Ripple Labs BlockchainApplications Blockstream Blockstream Others LibraTax BTCJam BTCJam GliphChange Tip
  8. 8. Deal Discovery Made Easy Active Investors (… contd.) Accelerators •Crypto Currency Partners -Bex.io, BTCChina, Coinsetter, BitPesa, BitAccess, ZipZap, BitGo, FreshPay, Paypay, Koinify, SnapCard, Gem, LedgerX, AlphaPoint, Xapo, GoCoin, BlockCypher, Chain, Kraken, PeerNova, Zenbox, Expresscoin, Blockstream, ChangeTip •Bitcoin Opportunity Corp –BTCJam, Korbit, HashPlex, BitPesa, Coinapult, Circle, Coincove, BitGo, Bitflyer, Melotic, BitX, Safello, OneName, Chain, Bitnet, TradeBlock, Coinbase, BlockScore, BitPay •Boost VC –BitBox, Bitpagos, BitWall, Gliph, Coincove, HashRaabit, SnapCard, ZapChain, Hedgy, Pylon Loans, BlockCypher, MirrorX, BlockScore •500 Startups –BTCJam, Coinalytics, Bonafide, Monetsu, GogoCoin, Melotic, Neuroware, Chain, ChangeTip •YCombinator–Buttercoin, BitAccess, Filecoin, Shift Payments, Coinbase, BlockScore

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