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Deal Discovery Made Easy
Bitcoin – Sector Overview
• Over $450M invested
• 90+ funded companies.
Some $100M+ valuation companies:
Xapo - Wallet
Coinbase – Payment platform
Bitpay - Payment Processing
Circle - Wallet (& Insurance)
• Most active funds:
Pantera Capital (Bitstamp, Bitpagos, Korbit, Gliph, Circle, Ripple Labs, Xapo, Chain, ChangeTip)
Lightspeed Ventures (BTCChina, Ripple Labs, Blockchain, Blockskore)
Ribbit Capital (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)
Deal Discovery Made Easy
EXCHANGE
Bitcoin Startup LandscapeA
pp
lic
ati
on
sIn
fra
str
uc
ture
&
En
ab
lers
White label
ATM
Hardware
Mining Hardware
White label
ATM
Network
(Operator)
Mining Contracts
Open-
Source
Blockchain API
Security
Analytics
Mining Software
Financial
Trading
Mining Contracts
Marketplace
Futures Trading
Derivatives
Trading
Deb
it C
ard
Mo
bile
Po
S
Card
Rea
de
r
PAYMENT
SERVICESTRADING
Mobile Financial
Trading
Ga
tew
ay -
Pro
ce
sso
r
ATM
Software
@tracxn
Rem
itta
nc
es
Es
cro
w S
erv
ice
Mic
rop
aym
en
ts
Offline
Storage
WALLET &
BANKING
Vaults
Mobile
Wallet
ATM
PAYMENT PLATFORM
MINING
Crowdfunding
BLOCK CHAIN
APPLICATIONS
Smart Contracts
ALTERNATE
CURRENCY
350+ Alternative
Digital Currency
MERCHANT
SERVICES
Open
Source
TECHNOLOGY
Institutional Exchange
Supply Chain
Deal Discovery Made Easy
Summary of key business models
Category Description Illustrative companies
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 bitcoins and fiat currency Bitstamp, OKCoin
MINING Hardware manufacturer and mining contract sellers Bitfury, CloudHashing
ATM White label bitcoin ATM 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 bitcoins as
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 Bitcoin API, blockchain explorer, Security and white-label exchanges Chain, Tradeblock
BLOCKCHAIN
APPLICATION
Platforms relying on decentralized architecture to offer distributes services
based on Bitcoin Blockchain technology
Filecoin, Koinify
Deal Discovery Made Easy
EXCHANGE
Bitstamp, OKCoin, BTCChina, HitBTC
INSTITUTIONAL
itBit, Vaurum
Notable companies across categoriesA
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frastr
uctu
re &
En
ab
lers
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
BiT Access,
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
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 investmentsA
pp
licati
on
sIn
fra
str
uc
ture
&
En
ab
lers
White label
ATM Hardware
Mining
Hardware Open-Source
Blockchain API
Security
Analytics
Mining Software
Mining
Contracts
Marketplace
PAYMENT SERVICES
Bitcoin can power payment
transfers at an ultra low cost.
From micropayment to
remittances to merchant point-of
sale, bitcoin will make transaction
lossless. With businesses like
Dell, Expedia, Target and others
accepting bitcoin as a currency,
payments ecosystem will be the
biggest winner in the crypto
currency market. eg. Bitpay,
Coinjar, Gocoin, Ripple LabsATM Software
@tracxn
WALLET
Due to increased
hacking & bitcoin thefts
lately, wallet services
saw a major shift
towards vault. Vault is
offline storage of
bitcoins in 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
ATMMINING
ALTERNATE
CURRENCY
350+ alternative
digital currency
TECHNOLOGY
MINING
CONTRACTS
Sells bitcoin
mining 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 trading
eg. Kraken,
Coinsetter,
Wax.is
ATM
OPERATORS
Operates
bitcoin ATM.
Creating wide
network of
such ATMs. eg.
CryptVision,
CoinVaultATM
BLOCKCHAIN
APPLICATIONS
Building
application
based on
concept of
Bitcoin protocol/
Blockchain
eg. SecureAE,
Blocksig.io,
Trustatom,
Blockstream
Deal Discovery Made Easy
Active InvestorsRRE
VenturesA16Z Lightspeed
CeyuanVentures
KhosalaVentures
FundersClub
Union Square
Ventures
RibbitCapital
PanteraCapital
ExchangeMirrorX,
itBitBTCChina
itBitSolidX
Purse Bitstamp
Payment platforms / Merchant services
Coinbase Coinbase Coinbase CoinbaseBitPagos
Korbit
Wallet Blockchain BitGo Xapo XapoCircleXapo
Trading Tradeblock
Technology Chain, Gem BlockscoreBlockscore,
ChainBlockscore
ChainOneName
Chain
Payment protocol Ripple Labs Ripple Labs Ripple Labs
BlockchainApplications
Blockstream Blockstream
Others LibraTax BTCJam BTCJamGliph
Change Tip
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
