Tracxn Research — Bitcoin Startup Landscape, September 2016

Bitcoin Report, September 2016

TracxnWorld’s Largest Startup Research Platform

2


Contents

Topic Page No.

Scope of Report 05

Entrepreneur Activity 07

Investment Trend 11

Who is Investing 19

Exit Outlook - IPO, Acquisitions 23

Sub Sector Analysis 26

Interesting Companies 44

Useful Links 50

Company List 52

Team 253


Illustrative Sectors We Track

ENTERPRISEINFRASTRUCTURE

ENTERPRISEAPPLICATIONS

MOBILEFINTECH

TECH CONSUMER EDUCATION HEALTHCARE

SECURITY

STORAGE

NETWORKING

MOBILITY

IT OPS

CLOUD INFRASTRUCTURE

API MANAGEMENT

BIGDATA INFRASTRUCTURE

SAAS

MOBILE-FIRST ENT. APPS

INTELLIGENT ENT. APPS

OPEN SOURCE

RETAIL TECH

MARKETING TECH

STEALTH MODE

VERTICAL SAAS

MOBILE COMMERCE

MOBILE PAYMENTS

MOBILE MARKETING

MOBILE DEV TOOLS

MOBILE HEALTH

MOBILE GAMING

MOBILE LEARNING

MOBILE COMMUNICATION

BANKING TECH

PAYMENTS

CONSUMER FINANCE

INVESTMENT TECH

BLOCKCHAIN APPLICATIONS

BITCOIN

CROWDFUNDING

ALTERNATIVE LENDING

INTERNET OF THINGS

3D PRINTING

MARKETPLACE

FOOD TECH

EDUCATION IT

SELF LEARNING

LIFE SCIENCES

DIGITAL HEALTH


Sector Overview

Bitcoin

Satoshi Nakamoto, in 2009, released an open-source software which enabled peer to peer transactions, verifiable by networkparticipants (or nodes) and recorded in a distributed ledger called the blockchain, the participants are rewarded with bitcoins forverifying these transactions, which in turn is tradable with fiat currencies on designated Exchanges. Bitcoin, therefore, embracedthe currency use-case of blockchain, seeing a peak market capitalization around $12B in early 2014. However, Bitcoin observeda limited scalability potential, owing to its fundamental nature, bypassing traditional centralized banking systems andgovernment regulated currencies, eventually operating on the sidelines as a parallel cryptocurrency market, with a two-way pegto the regulated fiat currency markets.

Scope of report

The scope of this report covers companies enabling circulation of bitcoin/ cryptocurrencies, they provide solutions pertaining tomining, payments, trading, investments and banking services for bitcoin/cryptocurrencies.

The report excludes any companies working on the blockchain technology by way of creating private blockchains or applicationdevelopment platforms targeting use-cases different from currency, these companies are separately covered under theBlockchain Applications space.


Scope of Report

Entrepreneur Activity

Investment Trend

Who is Investing

Exit Outlook - IPO, Acquisitions

Sub Sector Analysis

Interesting Companies

Useful Links

Company List

Team

6


830

47

278

381

101

19

0

90

180

270

360

450

2010 2011 2012 2013 2014 2015 2016

Nu

mb

er o

f C

om

pan

ies

7

YoY – Number of companies founded

ZipZap Bitpay Coinbase Circle Bitflyer Tech bureau Lab CapriPay

BitMint Blockchain Bitfury 21 Inc. Quoine SurBTC Krypton


Large Upcoming Sectors


Niche Upcoming Sectors


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

10

10


YoY – Number of Rounds and Total Funding

Note: The funding includes debt rounds also.

$1M $1M

$88M

$304M

$381M

$158M

3 4

47

118

83

28

0

28

56

84

112

140

0

90

180

270

360

450

2011 2012 2013 2014 2015 2016

Nu

mb

er of R

ou

nd

sFu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

Funding Amount Number of Rounds


YoY – Number of Rounds by Stage


YoY – Funding by Stage


Average Ticket Size – Early Stage


Top investments in last one year


Funnel view of Sector


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

18

18


Most Active Investors in Sector

19

17

14 1413

9

6 6 65

0

4

8

12

16

20

Boost VC Digital CurrencyGroup

500 Startups Pantera Capital Crypto CurrencyPartners

BlockchainCapital

Future PerfectVentures

RRE Ventures Ribbit Capital Accel Partners

Tota

l Nu

mb

er o

f C

om

pan

ies

CoinJar Circle BTCJam Circle ChangeTip ChangeTip BitPesa Case Wallet Coinbase Circle

BlockCypher Bitpay BlockCypher BTCJam BitAccess ZipZap FreshPay Bitpay BTCJam KnCMiner


Where are Top Investors investing


Top Investor by Stage of Entry


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

22

22


Top IPOs in last three years

IPO Date

Company OverviewFunding Amount

IPO Ticker

Dec-2014 btcs.comBitcoinShop

(Arlington, 2013)Online cryptocurrency based marketplace. $1.88M OTCQB: BTCS


Major Acquisitions


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

25

25


September 2016Tracxn BlueBox : Bitcoin900+ companies in the sector, 196 funded in last 5 years, $539M invested in 2015/16


Top Business Models by Funding

$377M

$270M$245M

$38M$11M $4M $4M $3M $2M $1M

0

80

160

240

320

400

Payments Trading andInvestments

Mining Technology AlternativeFinancing

Social Network E-commerce Bitcoin Content BitcoinConsulting

Bitcoin Reseller

Tota

l Fu

nd

ing

Am

ou

nt

(in

Mill

ion

s)

# Cos. 281 296 90 38 18 11 26 42 16 19

Avg. Age 2013.57 2013.30 2013.04 2013.68 2013.65 2014.55 2013.58 2013.68 2013.53 2013.89

Circle Coinbase 21 Inc. BTCJam Bonafide BitcoinShop BitKan Identity Mind Global Bitsimple

Xapo Bitflyer Bitfury Netki Koinify Reveal Inc. Purse Skry scorechain Coincove


Payments – Business Model Description


Payments – Entrepreneur Activity and Investment Trend


Payments – Most Funded Companies


Trading and Investments – Business Model Description


Trading and Investments – Entrepreneur Activity and Investment Trend


Trading and Investments – Most Funded Companies


Mining – Business Model Description


Mining – Entrepreneur Activity and Investment Trend


Mining – Most Funded Companies


Technology – Business Model Description


Technology – Entrepreneur Activity and Investment Trend


Technology – Most Funded Companies


Alternative Financing – Business Model Description


Alternative Financing – Entrepreneur Activity and Investment Trend


Alternative Financing – Most Funded Companies


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

43


Interesting Seed Companies

Company Overview Business ModelTotal

Funding

sldx.comSolidX Partners

(2014, New York City)

Digital currency investment software and blockchain platformRed Swan Ventures, Liberty City Ventures, Raptor Group, Red Sea Ventures

Trading and Investments > Trading Platform > Derivatives

$3M

tradeblock.comTradeBlock

(2013, New York City)

Online cryptocurrency data and researchAndreessen Horowitz, Data Collective, FinTech Collective, Digital Currency Group

Trading and Investments > Enablers > Market Data Provider

$2.8M

getgems.orgGetGems

(2014, Tel Aviv)

Mobile messaging app with built-in, bitcoin-based incentivization tokenMagma Venture Partners

Social Network > Messaging App

$400k

Curated list of companies by the sector analyst are defined as Interesting


Interesting Series A Companies


Interesting Late Stage Companies


Top Funded Deadpooled Companies


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

4949


Useful Links

Slide Title Content Platform Link

List of All Companies in readable format Companies Link

Large Upcoming Sectors Entrepreneur Activity Link

Niche Upcoming Sectors Entrepreneur Activity Link

Top investments in last one year Investment Trend Link

Top IPOs in last three years Exit Outlook - IPO, Acquisitions Link

Major Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link

Payments – Most Funded Companies Sub Sector Understand Link

Trading & Investments – Most Funded companies Sub Sector Understand Link

Mining – Most Funded Companies Sub Sector Understand Link

Alternative Financing – Most Funded Companies Sub Sector Understand Link

Technology – Most Funded companies Sub Sector Understand Link

Top Funded Deadpooled Companies Companies Link

http://tracxn.com/theme/feedview/52ff3221e4b0b193ed664d68#%7Csort%3DdatePublished%7Corder%3DDEFAULT%7CfeedName%3DBitcoin%7CcompanyType%3DFUND%2CPRIVATE%2CNOT_COMPANY%2CACQUIRER%2CPUBLIC%2CACQUIRED%2CCOMPANY

http://tracxn.com/theme/upcoming/52ff3221e4b0b193ed664d68#%7Csort%3DdatePublished%7Corder%3DDEFAULT%7CfeedName%3DBitcoin%7CcompanyType%3DFUND%2CPRIVATE%2CNOT_COMPANY%2CACQUIRER%2CPUBLIC%2CACQUIRED%2CCOMPANY

http://tracxn.com/theme/upcoming/52ff3221e4b0b193ed664d68#%7Csort%3DdatePublished%7Corder%3DDEFAULT%7CfeedName%3DBitcoin%7CcompanyType%3DFUND%2CPRIVATE%2CNOT_COMPANY%2CACQUIRER%2CPUBLIC%2CACQUIRED%2CCOMPANY

http://tracxn.com/theme/feedview/52ff3221e4b0b193ed664d68#%7Csort%3DtotalMoneyRaised%7Corder%3DDEFAULT%7CfeedName%3DBitcoin%7CcompanyType%3DFUND%2CPRIVATE%2CNOT_COMPANY%2CACQUIRER%2CPUBLIC%2CACQUIRED%2CCOMPANY%7CfundedDate%5Emin%3D01%2F08%2F2015%5Emax%3D01%2F08%2F2016

http://tracxn.com/theme/feedview/52ff3221e4b0b193ed664d68#%7Csort%3DtotalMoneyRaised%7Corder%3DDEFAULT%7CfeedName%3DBitcoin%7CcompanyType%3DFUND%2CNOT_COMPANY%2CACQUIRER%2CPUBLIC%7CfundedDate%5Emin%3D01%2F08%2F2015%5Emax%3D01%2F08%2F2016

http://tracxn.com/theme/feedview/52ff3221e4b0b193ed664d68#%7Csort%3DdatePublished%7Corder%3DDEFAULT%7CfeedName%3DBitcoin%7CcompanyType%3DACQUIRED%7CacquisitionDate%5Emin%3D01%2F08%2F2015%5Emax%3D01%2F08%2F2016

http://tracxn.com/theme/feedview/52ff3221e4b0b193ed664d68#%7Csort%3DtotalMoneyRaised%7Corder%3DDEFAULT%7CfeedName%3DBitcoin%7CbusinessModel%3D564b03b5e4b00288c0efda41%3APayments

http://tracxn.com/theme/feedview/52ff3221e4b0b193ed664d68#%7Csort%3DtotalMoneyRaised%7Corder%3DDEFAULT%7CfeedName%3DBitcoin%7CbusinessModel%3D56694dd0e4b000951d9ea1cf%3ATrading%20and%20Investments

http://tracxn.com/theme/feedview/52ff3221e4b0b193ed664d68#%7Csort%3DtotalMoneyRaised%7Corder%3DDEFAULT%7CfeedName%3DBitcoin%7CbusinessModel%3D52ff3403e4b0b193ed664d81%3AMining

http://tracxn.com/theme/feedview/52ff3221e4b0b193ed664d68#feedName%3DBitcoin%7CbusinessModel%3D56697959e4b0454c073a2c3c%3AAlternative%20Financing

http://tracxn.com/theme/feedview/52ff3221e4b0b193ed664d68#feedName%3DBitcoin%7CbusinessModel%3D533d9dafe4b03bb69fb23180%3ATechnology

http://tracxn.com/theme/feedview/52ff3221e4b0b193ed664d68#%7Csort%3DtotalMoneyRaised%7Corder%3DDEFAULT%7CfeedName%3DBitcoin%7CcompanyType%3DDEADPOOLED%7CisFunded%3Dtrue


Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

5151


Bitcoin – Company List

COVERS THE FOLLOWING SECTORS

Advertising Alternative

CryptocurrencyAlternative Financing

BankingBitcoin

ConsultingBitcoin Content Bitcoin Reseller

E-commerce Gaming Mining Payments Social Network TechnologyTrading &

Investments


Advertising

Company Details Funding Investors

btc4k [London, 2015]: BTC4k sells pixels, blocks and boards (ad spaces) in bitcoins to advertisers,allowing to make public a global market for the information provided by the advertiser. These adsare shown to users via two channels, i.e. visually through the ad board and filter-based using the adssearch engine, their plan is to advertise business or projects, particularly those related to Bitcoinecosystem. Among all the purchases a part is held to reward the winner of the 4000 BTC prize. Inaddition, there are several minor prizes that enable these do not reward solely on one winner.

Kryptoz [Edmonton, 2014]: Kryptoz is a media company for the Bitcoin Market. It helps promotebusinesses that accept Bitcoin across the globe. The Company focuses on providing advertising andmarketing opportunities to help Bitcoin businesses. The company maintains a database of allcompanies that accept bitcoin on bitpages.co.

AnonymousAds [Perm, 2011]: Online advertising network that uses Bitcoins. Advertisers paypublishers any amount of money and get a proportional share of impressions from them.Advertisers don't pay for clicks/impressions. Goal tracking API enables advertisers to rewardefficient publishers thus improving quality of the received traffic. It takes 20% commissions fromadvertisers.

BTCClicks.com [Cairo, 2013]: BTC Clicks is an advertising platform where advertisers can receivequality traffic and members can earn bitcoins for viewing ads.



BankingBitcoin

ConsultingBitcoin

ContentBitcoin Reseller

E-commerce Gaming Mining PaymentsSocial

NetworkTechnology

Trading & Investments

http://www.btc4k.com/

http://www.kryptoz.com/

http://www.a-ads.com/

http://www.btcclicks.com/


Alternative Cryptocurrency (1/9)



BankingBitcoin

ConsultingBitcoin



NetworkTechnology



CapriPay [Prague, 2016]: CapriPay is a web and mobile based wallet that allows users to transfermoney to and from friends and family and also make purchases at participating merchants, using itsproprietary cryptocurrency, Capricoins. In addition to facilitating payments, it also allows users toearn cashback in Capricoins when users purchase at participating merchants. Once fully mined,there will be a total of 208 million Capricoins. It counts Next Level Up and Kriella amongst itsparticipating merchants.

Krypton [Tallahassee, 2016]: Krypton enables enterprises to build their distributed applications.They claim to have developed $KR, a blockchain that can realize all of the features of Ethereum withfewer initial coins, faster speed and lower inflation. Krypton provides a platform to create DApps,i.e. DAOs & DACs, etc. They also provide KR wallets and enable KR mining and trading serviceswhilst providing smart contracts & apps for business & the Internet of Things

Nxt Group [Amsterdam, 2013]: Nxt Group started out as a community of prefessionals developing adecentralised cryptocurrency platform that issues tradable Nxt tokens that could be used for valuetransfer and are traded on exchanges. In July 2016, Nxt has announced its Ardor platform which itstates will provide a scalable blockchain as well as smart contracts. Ardor offers a DecentralizedAsset Exchange, a secure blockchain, and the ability to create customised blockchains. Otherfeatures included are Decentralized Voting and Governance Systems, and, Smart/Phasedtransactions, whereby users will be able to set multiple conditions before a transaction is executed.The platform will be open to everyone, including individual users, fintech start-ups, banks andgovernments

Uncoin [Seoul, 2015]: UNCOIN (United Nations Commons Currency) operates United Nations coin,an alternative cryptocurrency in Seoul (South Korea). The currency is mined on the UNC blockchainwith an objective to securely finance UN NGO projects related to anti-war, earth retention, financialconvergence, human welfare and research.

http://www.capripay.com/

http://www.krypton.rocks/

http://www.nxt.org/

http://www.uncoin.biz/





BankingBitcoin

ConsultingBitcoin



NetworkTechnology



ArtByte Foundation [Houston, 2014]: ArtByte, by ArtByte Foundation (a non-profit organisation), isa cryptocurrency with a social platform to support artists via five channels 1) Tips from fans via oursocial media tipping applications 2) Promotion of artists’ works through their social media artcommunity 3) Grants and awards from the ArtByte Foundation 4) Income from mining ArtBytes 5)Sale of art for ArtBytes, from their music download site, ArtByte Music Store. ArtByte is available onPoloniex and Bittrex exchanges in the pair BTC/ABY

Franc Noir [Paris, 2014]: Franco Noir is a virtual currency project (Francs FRN) in France inspired byBitcoin with a focus on wealth and luxury payments. They have a decentralized and anonymoustransaction network in which 11 millions Francs circulate. Their wallet comes with an address fromto receive and send francs instantly, 7/24, without fees. They also provide information onBTC/FRN/EUR price analysis and trend charts.

Kobocoin [London, 2014]: Kobocoin is aimed for African financial inclusion. Kobocoin is a digitalcurrency and payment system using public distributed ledger called the blockchain. The ledger usesits own unit of account, also called kobocoin(s). The kobocoin blockchain is distributed, toindependently verify the chain of ownership of each and every kobocoin amount. In the Kobocoinecosystem every person who holds a funded wallet (or a funded kobocoin address to be moreprecise) becomes a stakeholder. The kobocoin currency structure comprises of four denominations:-Kobocoin, Manilla, Cowrie, Mansa.

Viacoin [London, 2014]: Viacoin is an Bitcoin blockchain based open-source project that integratesClearingHouse, a protocol that allows for asset issuance and p2p trading on the Viacoin blockchain.Their core services include payment processing, giftcards, wallets, exchanges, blockchain explorer

ARC [San Francisco, 2016]: Aquarius coin is a PoW/PoS cryptocurrency based on the Scryptalgorithm. The Block reward is 100 coins and total coin supply is 42000000 coins and their PoShashing percentage is 1% per year. The company also provides a blockexplorer, wallet and exchangeservices to buy/sell ARC. The first block on the ARC blockchain was mined on 19.2.2016 at 10:54 AM(CET).

http://www.artbyte.me/

http://www.francs.paris/

http://www.kobocoin.com/

http://www.viacoin.org/

http://www.aquariuscoin.com/





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BankingBitcoin

ConsultingBitcoin



NetworkTechnology



Technology (4/7)



BankingBitcoin

ConsultingBitcoin



NetworkTechnology



Technology (5/7)



BankingBitcoin

ConsultingBitcoin



NetworkTechnology



Technology (6/7)



BankingBitcoin

ConsultingBitcoin



NetworkTechnology



Technology (7/7)



BankingBitcoin

ConsultingBitcoin



NetworkTechnology



Trading and Investments (1/64)



BankingBitcoin

ConsultingBitcoin



NetworkTechnology






BankingBitcoin

ConsultingBitcoin



NetworkTechnology



Scope of Report


Investment Trend

Who is Investing


Sub Sector Analysis


Useful Links

Company List

Team

252252


Team

Tarun Bansal,

Lead Analyst, Fin Tech

Aman Trivedi,

Analyst, Fin Tech

https://in.linkedin.com/in/aman-trivedi-63b9a733

https://in.linkedin.com/in/aman-trivedi-63b9a733

https://twitter.com/ZeFinTechGuy

https://twitter.com/ZeFinTechGuy

https://www.linkedin.com/in/tarunbansal19

https://www.linkedin.com/in/tarunbansal19

https://twitter.com/tbansal19

https://twitter.com/tbansal19

Tracxn Research — Bitcoin Startup Landscape, September 2016

Data & Analytics

Transcript of Tracxn Research — Bitcoin Startup Landscape, September 2016