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How venture firms, corporates, regulators, and builders
are shaping blockchain technology's future.
The Future of
Blockchain Tech
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W I T H I N 2 4 H O U R S
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@cbinsights
@arieh313
#CBIblockchain
J O I N T H E C O N V E R S A T I O N O N T W I T T E R
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W H O W E A R E
The technology market
intelligence platform.
CB Insights software lets you predict, discuss,
and communicate emerging technology trends
using data in ways that are beyond human
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T R U S T E D B Y T H E W O R L D ' S L E A D I N G C O M P A N I E S
"We use CB Insights to find emerging trends
and interesting companies that might signal a shift in
technology or require us to reallocate resources."
Beti Cung, Corporate Strategy, Microsoft
6
The Disruption of
Financial Services
The Future of Fintech is an exclusive
gathering of the world's largest financial
institutions, best fintech startups, and
most active venture investors.
New York, NY
June 19-21, 2018
7
Arieh Levi
Arieh Levi is a tech industry analyst at CB Insights, where he produces
data-driven analysis and research reports on private company financing,
exit and performance trends across emerging industries, geographies, and
investors specifically, blockchain, and fintech.
Prior to joining CB Insights, Arieh held roles in healthcare and financial services.
Arieh is a summa cum laude graduate of Yeshiva University.
Arieh's most popular research:
What Is Blockchain Technology?
Blockchain Investment Trends In Review
Coinbase Strategy Teardown
@arieh313 | alevi@cbinsights.com
Tech Industry Analyst
A B O U T T H E A N A L Y S T
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Contents
9
13
15
30
48
74
Setting the stage
What's on the agenda?
Tokens and ICOs
Venture activity
Corporate activity
To recap
9
Setting the stage
10
A blockchain allows untrusted parties
to reach consensus on a shared digital
history, without a middleman.
W H A T ' S A B L O C K C H A I N ?
11
What if databases
were distributed,
not siloed?
When everyone holds a
copy of the ledger, it's
harder to cheat; there is no
single point of failure.
Decentralization makes
sense when participants
don't want to entrust a
single 3rd party.
12
"The real promise of these new technologies, many of their
evangelists believe, lies not in displacing our currencies but in
replacing much of what we now think of as the internet, while at the
same time returning the online world to a more decentralized and
egalitarian system. If you believe the evangelists, the blockchain is
the future. But it is also a way of getting back to the internet's roots."
R E T H I N K I N G T H E I N T E R N E T
Steven Johnson
Author, "Beyond the Bitcoin Bubble"
13
What's on the
agenda?
14
1. The line between ICOs and equity financing is blurring
2. Regulatory activity is a double-edged sword
3. Top VCs are embracing tokens, and theses are shifting to "crypto"
4. Security tokens are emerging as a new cryptoasset class
5. 2017's winners are turning into investors and acquirers
6. Mentions of 'blockchain' are skyrocketing on earnings calls
7. Corporate investment is up but we've been here before
8. Consortia move forward, but questions remain
15
Tokens
and ICOs
16
An initial coin offering (ICO) is when a
company sells tokens to the public.
Just like bitcoin or ether, these tokens
provide utility within a network.
W H A T A R E I N I T I A L C O I N O F F E R I N G S , A N Y W A Y ?
17
1. The line between ICOs and equity financing is blurring
2. Regulatory activity is a double-edged sword
3. Top VCs are embracing tokens, and theses are shifting to "crypto"
4. Security tokens are emerging as a new cryptoasset class
5. 2017's winners are turning into investors and acquirers
6. Mentions of 'blockchain' are skyrocketing on earnings calls
7. Corporate investment is up but we've been here before
8. Consortia move forward, but questions remain
18
How do pure-play ICOs work?
1
Blockchain
startup
seeks cash
2
ICOs embed
value in the
network itself
3
The startup
sells scarce
tokens
4
Tokens are
traded on
exchanges
5
Startup uses
cash to build
dApp
19
115 blockchain startups that have held big ICOs
Completed ICOs greater than or equal to $24M. Q2'17 Q1'18
Sources: CB Insights, TokenData. Map is illustrative; not exhaustive. We make no claims to the value of any of these
projects, and urge caution around ICOs given bad actors and regulatory stances.
Infrastructure has
been a key area of
ICO activity
Anticipating a world of
decentralized applications,
investors have poured
money into "base-layer"
protocols and projects.
CLIENTS: CLICK HERE TO SEE THE FULL MAP
20
$200M
$648M
$460M
$329M
$775M
$858M
$823M
$1.2B
$1.6B
$1.2B
$507M
$850M
$850M
5
12
2
15
17
35
30
62
99
150
136
215
170
121
113
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Pure-play ICOs are losing funding momentum
Disclosed funding of completed ICOs. January 2017 March 2018
Source: TokenData
Total Completed
ICOs
Total Disclosed
Raised ($M)
Telegram (TON)
Private Sale
21
Equity deals and dollars see massive uptick through Q1'18
Equity financing (excluding ICO). 2013 2018 (Q1'18)
Investors are
turning from ICOs
to equity funding
The sector saw gains across
the board; more investors,
more deals, more
acquisitions, and almost
100% more dollars deployed
to blockchain startups (YoY).
With an impressive Q1'18 in
the books, 2018 is on pace
to surpass any prior year in
terms of total deals and
dollars.
Total Completed
Equity Deals
Total Disclosed
USD Raised ($M)
$118M
$415M
$558M
$569M
$1,054M
$540M
51
144
166
140
231
145
2013
2014
2015
2016
2017
2018 (Q1'18)
Total Equity
Deals
Total Disclosed
Raised ($M)
22
$48M
$10M
$70M
$11M
$181M
$54M
$40M
$117M
$94M
$97M
$102M
$229M
$156M
$149M
$235M
19
14
16
8
17
16
16
19
24
22
22
38
42
34
69
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Lots of recent equity dollars go to 'pre-sales'
and private token sales
Equity financing (excluding ICOs). January 2017 March 2018
Total Equity
Deals
Total Disclosed
Raised ($M)
23
Basis is building a "stablecoin,"
that hopes to be less volatile than
other cryptocurrencies.
The company (fka Basecoin),
raised $125M from 225 investors
via a SAFT sale that took place at
the end of Q1'18.
B A S I S A ' S T A B L E C O I N ' R A I S E S M O N E Y V I A T H E S A F T
Funding
$125M
24
1. The line between ICOs and equity financing is blurring
2. Regulatory activity is a double-edged sword
3. Top VCs are embracing tokens, and theses are shifting to "crypto"
4. Security tokens are emerging as a new cryptoasset class
5. 2017's winners are turning into investors and acquirers
6. Mentions of 'blockchain' are skyrocketing on earnings calls
7. Corporate investment is up but we've been here before
8. Consortia move forward, but questions remain
25
Global regulators don't agree on ICOs, exchanges
Source: Bloomberg
26
The Howey Test: is your token a security?
1
An
investment
of money
2
In a
common
enterprise
3
With an
expectation
of profits
4
From the
efforts
of others
It's a
security
27
"Let me try and divide [cryptoassets] into two areas. A pure
medium of exchange, the one that's most often cited, is Bitcoin.
As a replacement for currency, that has been determined by
most people to not be a security.
Then there are tokens, which are used to finance projects. I've
been on the record saying there are very few there's no tokens
that I've seen that aren't securities."
Jay Clayton
Chairman, SEC
April 27, 2018
28
Larger share of deals move away from traditional venture
Equity financing by stage. 2013 2017
Regulation is bad
for ICOs: private/
pre-sale rounds
are on the rise
Companies that once might
have held ICOs are moving to
private and pre-sale rounds,
here categorized as "other"
rounds.
69%
71%
73%
59%
51%
14%
17%
7%
20%
18%
4%
2%
4%
4%
6%
1%
2%
2%
1%
1%
1% 1%
14%
9%
14%
14%
22%
2013
2014
2015
2016
2017
Seed/Angel
Series A
Series B
Series C
Series D
Series E+
Other
(pre-sales)
29
More players jump in with some regulatory clarity
The SEC's determination that bitcoin isn't a security is encouraging non-crypto players to
get in the game. In early May, Goldman Sachs announced that it was opening a bitcoin
trading operation, saying that it understands the risks.
Source: New York Times
"It is not a new risk that we
don't understand. It is just a
heightened risk that we need
to be extra aware of here."
Rana Yared
Managing Director, Goldman Sachs
30
Venture activity
31
1. The line between ICOs and equity financing is blurring
2. Regulatory activity is a double-edged sword
3. Top VCs are embracing tokens, and theses are shifting to "crypto"
4. Security tokens are emerging as a new cryptoasset class
5. 2017's winners are turning into investors and acquirers
6. Mentions of 'blockchain' are skyrocketing on earnings calls
7. Corporate investment is up but we've been here before
8. Consortia move forward, but questions remain
32
"We have a good thing going with the equity-based model, but we
understand that we have to adapt and react to changes in the
market, and we are doing that, fairly aggressively, with tokens."
T O K E N S S T A R T T O R E P L A C E V C
Fred Wilson
Co-founder & Managing Partner, Union Square Ventures
33
The median time between first
funding and IPO for US VC-backed
tech companies that went public in
2017 was 8.9 years
C O M P A R E D T O T R A D I T I O N A L V E N T U R E M O D E L , T O K E N S O F F E R F A S T E R L I Q U I D I T Y
34
How VC Powerhouses Are Catching Up And
Betting Big On Crypto
May 3, 2018 |
More investors enter the fray
35
Investors gain exposure through hedge funds
175 crypto funds got their start in 2017, with 26 launching in 2018 so far (through April 5th).
VCs have invested in cryptocurrency hedge funds as equity investors and as LPs.
Source: Autonomous Next
36
"Smart money" VCs are betting on tokens
Andreessen and USV's blockchain equity investments. 2013 2018 YTD (04/11/2018)
37
1. The line between ICOs and equity financing is blurring
2. Regulatory activity is a double-edged sword
3. Top VCs are embracing tokens, and theses are shifting to "crypto"
4. Security tokens are emerging as a new cryptoasset class
5. 2017's winners are turning into investors and acquirers
6. Mentions of 'blockchain' are skyrocketing on earnings calls
7. Corporate investment is up but we've been here before
8. Consortia move forward, but questions remain
38
A security token could digitally represent any number of
real-world assets, from real estate or vehicular title, to
shares of a company.
Importantly, security tokens are subject to securities
regulations.
W H A T I S A S E C U R I T Y T O K E N ?
39
What could be
tokenized?
Real estate could be tied
to a digital token, and
could become more liquid
as a result.
40
Harbor's $28M Series B in April
saw participation from a who's
who of the VC world, including
Andreessen Horowitz and
Founders Fund.
Harbor's "R-Token Standard"
encodes rules in tokens. These
only allow eligible investors to
invest, and require them to
follow KYC/AML regulations,
among others.
Funding
$40M
41
Backed by parent company
Overstock, and with over
$100M raised in its pre-sale,
tZero is building a distributed
ledger platform for for issuing
and trading securities.
tZero is under SEC
investigation.
Funding
$114M+
42
"The ICO craze of last year created a toxic waste dump
of financial assets. To me, that world of ICOs is a
Superfund site. What we're developing is a mechanism
so that there will be a legal way to go forward and not
create any new toxic waste."
S E C U R I T Y T O K E N S P R O V I D E A R E G U L A T O R Y - F R I E N D L Y A L T E R N A T I V E
Patrick Byrne
CEO, Overstock
43
1. The line between ICOs and equity financing is blurring
2. Regulatory activity is a double-edged sword
3. Top VCs are embracing tokens, and theses are shifting to "crypto"
4. Security tokens are emerging as a new cryptoasset class
5. 2017's winners are turning into investors and acquirers
6. Mentions of 'blockchain' are skyrocketing on earnings calls
7. Corporate investment is up but we've been here before
8. Consortia move forward, but questions remain
44
Coinbase values its own equity at a reported $8B
After wild 2017,
Coinbase is worth
a lot of money
According to reports,
Coinbase valued itself at
$8B when it acquired Earn.
The company is ramping up
its exchange infrastructure
and hiring in anticipation of
"institutional" investment.
$1B
$2B
$3B
$4B
$5B
$6B
$7B
$8B
$9B
$250M
$500M
$750M
$1000M
Jun-12
Jun-13
Jun-14
Jun-15
Jun-16
Jun-17
Valuation ($B)$25M Series B
$139M valuation
$75M Series C
$471M valuation
$11M Series C-III
$483M valuation
$100M Series D
$1.57B valuation
Earn acquisition
Reported $8B valuation
Cumulative Funding ($M)
45
As bitcoin slides, exchanges acquire and invest
Circle acquires
Poloniex
Coinbase Ventures
launches
Coinbase
acquires Cipher
Coinbase
acquires Earn
Binance invests
$15M in Bermuda
Huobi launches
$1B fund
$0
$2,500
$5,000
$7,500
$10,000
$12,500
$15,000
$17,500
$20,000
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Price of
bitcoin (USD)
46
Blockchain project raises $61 million from
Andreessen Horowitz, U.S. hedge fund
February 7, 2018 |
Startups are launching ecosystem funds
Companies flush with cash are using it to incentivize platform and
dApp development.
47
Ripple owns a majority of its associated
cryptocurrency, XRP, which peaked in
January at a $137B market capitalization
well above the company's private market
valuation.
The company is deploying XRP in curious
ways. In one instance, the company
invested $25M in home storage and rental
startup Omni. In another, it invested $25M
in Blockchain Capital, one of the company's
own investors.
R I P P L E ' S U S E O F X R P I S C U R I O U S
Funding
$94M
Valuation
$255M
Ripple Invests $25 Million in Blockchain
Capital's $150 Million Venture Fund
April 11, 2018 |
48
Corporate activity
49
1. The line between ICOs and equity financing is blurring
2. Regulatory activity is a double-edged sword
3. Top VCs are embracing tokens, and theses are shifting to "crypto"
4. Security tokens are emerging as a new cryptoasset class
5. 2017's winners are turning into investors and acquirers
6. Mentions of 'blockchain' are skyrocketing on earnings calls
7. Corporate investment is up but we've been here before
8. Consortia move forward, but questions remain
50
Mentions of 'blockchain' on earnings calls skyrocket
Q3'13 Q1'18
Everyone's talking
about blockchain
Besides for bitcoin, ICOs,
and tokens, corporations
were exploring use cases
for blockchain technology
in 2017 and talking about
it on earnings calls.
'blockchain'
51
"Really the way we're thinking about this whole area is that it's really a
much bigger topic, it's really the blockchain or the distributed
general ledger that is of great and very broad application
potentially [] We really want to distinguish the blockchain, which is
an area of huge emphasis and investments across our industry and
across many industries, from a particular application of blockchain
which tends to get all the news cycles; which is cryptocurrencies."
W H A T ' S A L L T H E F U S S A B O U T ?
Martin Chavez
CFO, Goldman Sachs
Q1'18 Earnings Call
52
Overstock talks the most about 'blockchain' on
earnings calls, but others are catching up
Mentions of 'blockchain' on earnings calls. Q3'13 Q1'18
53
MasterCard follows blockchain hype cycle
Mentions of 'blockchain' on MasterCard's earnings calls. Q3'13 Q1'18
54
Nasdaq shifts strategy around blockchain tech
Mentions of 'blockchain' or 'NFF' or 'NPM' on Nasdaq's earnings calls. Q3'13 Q1'18
'blockchain'
'Nasdaq Private Markets'
'Nasdaq Financial Framework'
Nasdaq first explored
blockchain in its private
markets platform, NPM
but then shifted to include
blockchain as part of its broader
financial infrastructure play, NFF
55
1. The line between ICOs and equity financing is blurring
2. Regulatory activity is a double-edged sword
3. Top VCs are embracing tokens, and theses are shifting to "crypto"
4. Security tokens are emerging as a new cryptoasset class
5. 2017's winners are turning into investors and acquirers
6. Mentions of 'blockchain' are skyrocketing on earnings calls
7. Corporate investment is up but we've been here before
8. Consortia move forward, but questions remain
56
43
104
111
91
141
96
3
19
89
70
119
56
2013
2014
2015
2016
2017
2018 (Q1'18)
More VCs and corporates are investing through Q1'18
Equity financing. 2013 2018 (Q1'18)
Total corporate
investors jumped
70% YoY between
2016 and 2017
Banks and other financial
institutions participated in
big rounds to R3 in 2015
and 2017 ($107M Series
A), pushing the total
number of corporate
investors up.
Venture capital
Corporates/ CVC
57
Citi and Goldman are among the most active investors
Q1'12 Q1'18
Graphic is illustrative; not exhaustive. Partnerships reflect lead partner, and other banks are excluded. Goldman
Sachs, JPMorgan, and Morgan Stanley have left R3.
Banks and financial
services firms have
been exploring the
tech since 2014
"Blockchain, but not bitcoin"
has become a familiar
refrain, as financial services
firms engage with the
technology underpinning the
fraught cryptocurrency.
58
Companies beyond financial services
have been exploring and investing
Corporate equity financing. Q1'12 Q1'18
Goldman Sachs has since left R3.
Investor
Rank Select Companies (equity investments)
Orb
Kraken
Coinplug
Veem
Wirex
bitFlyer
R3
Ripple
Bcause
1
Settlemint
Factom
Ripio
Symbiont
Bitt
Peernova
Spera
Voatz
Bitsy
2
Gyft
Blockchain
Ripple
LedgerX
Buttercoin
Veem
3
Digital Asset
R3
Axoni
Cobalt
Chain
4
Digital Asset
R3
Axoni
Circle
5
CoolBitX
Technology
59
Sectors and verticals exploring blockchain
F I N A N C I A L
S E R V I C E S
I N S U R A N C E
T E L E C O M
S U P P L Y
C H A I N
I N D U S T R Y
( A N D E N E R G Y )
60
Du Telecom partnered on blockchain for
health, but found limited success
In January 2017, Du announced a partnership with NMC Healthcare to implement electronic health
records using blockchain. Estonian blockchain technology startup Guardtime would also play a part in
the project, which was slated to launch in Q1'18. However, the former project lead at Du, has since left
the firm, and there have been no further announcements regarding the project.
"By digitizing all health records, and putting them in blockchain technology, data can be
shared and distributed across all hospitals. We are looking at fully digitizing the health
system with blockchain technology to assure data integrity with zero error and
guarantee end-to-end accountability of the patients' records."
Carlos Domingo
(Former) Chief New Business and Innovation Officer at Du
61
Heavy industry is exploring blockchain
but some projects appear to have stalled
At the end of 2016, mining firm BHP Billiton partnered with Blockapps and Consensys to apply
blockchain to its supply chain and enhance security around real-time mining data. BHP hoped to
coordinate disparate contractors on a blockchain-based system, but in April 2017 the blockchain head
at BHP left to join Consensys (an Ethereum development firm) as director of energy and consulting.
62
Supply chain is often pointed to as a use case
E V E R L E D G E R T R A C K S
1 M + D I A M O N D S , A N D I S
T A R G E T I N G F I N E W I N E
P R O V E N A N C E F O C U S E S
O N F O O D & D R I N K
O R I G I N A N D T R A C K I N G
V I A N T S E R V E S A
N U M B E R O F C A P I T A L -
I N T E N S I V E A R E A S
63
Marsh, IBM partner on 'proof of insurance'
Many industries require proof of insurance, and Marsh an insurance brokerage announced in April
that it is collaborating with IBM and other players to put proof of insurance on a Hyperledger Fabric
blockchain. This most recent partnership is continued evidence of IBM's focus on blockchain-as-a-
service; "blockchain" was mentioned 13 times on its Q1'18 earnings call.
64
Source: Tim Swanson
Blockchain tech is
one piece of a
broader ecosystem
Recall that blockchain
technology only makes sense
when a 3rd party isn't trusted
to administer the database.
Ledgers
Distributed
Ledgers
Blockchains
(decentralized)
65
Do you (really) need a blockchain?
Source: Do You Need A Blockchain
Distributed ledger
technology (DLT)
as an alternative
for enterprises
If a trusted 3rd party could
administer the ledger, then
a blockchain is a "solution
in search of a problem."
Administered DLT think:
enterprise-grade Google
Sheets might make more
sense in such a scenario,
and is often used instead of
blockchain for corporate
use cases.
Do you
need a
ledger?
Possible
blockchain
implementation
(permissioned,
permissionless,
public, private)
Are there
multiple
writers?
Do you
trust a 3rd
party?
Are all
writers
known?
Are all
writers
trusted?
Do you
need to
verify
publicly?
No blockchain
(possible DLT)
1
2
3
4
5
6
66
1. The line between ICOs and equity financing is blurring
2. Regulatory activity is a double-edged sword
3. Top VCs are embracing tokens, and theses are shifting to "crypto"
4. Security tokens are emerging as a new cryptoasset class
5. 2017's winners are turning into investors and acquirers
6. Mentions of 'blockchain' are skyrocketing on earnings calls
7. Corporate investment is up but we've been here before
8. Consortia move forward, but questions remain
67
200+ banks, DFIs are part of R3's consortium
While the firm saw early setback with some high-profile exits, R3
now has 200+ members, and its pilots - though limited in number
and small in scale - have been declared early successes.
Note: The business social graph above is not exhaustive of R3's members and partners.
A red line denotes an
investor that has since left
the consortium.
Corda isn't a blockchain per se; transactions aren't bundled in
blocks, but validated individually
Recent member additions include two Russian banks: Alfa-Bank,
and SBI Bank (a subsidiary of Japan's SBI Holdings)
Use Cases
Among other use cases, Corda is being used to create a new
syndicated loan marketplace
R3 is expanding its vision beyond financial services, to supply
chain, insurance, and healthcare
Cognizant and a group of Indian life insurers is using Corda to
share data between companies
Road Ahead
R3 plans to launch and distribute Enterprise Corda in Q2'18,
which will be available to businesses beyond its consortium
Investor
68
Hyperledger finds first use case in supply chain
Hyperledger's Fabric framework is geared toward supply chain. The consortium has seen members
come and go by the end of 2017, 15+ members had left or downgraded membership. Still,
Hyperledger is adding new members, and now counts over 200 of them.
Indy
Iroha
Fabric
Burrow
Sawtooth
Lake
Governed by the Linux Foundation, Hyperledger counts numerous
projects and working groups
Hyperledger counts over 200 members, but has seen member
attrition and churn
Use Cases
Supply chain (Walmart, Kroger, Nestle)
Ethereum smart contracts (via Monax integration with
Sawtooth, and Burrow)
Potential for tokens/ ICOs on top of Hyperledger platform
Commercial bond trading (with Russia's NSD)
Road Ahead
Indy is built around decentralized identity, with an expected
launch this year
Iroha is a mobile-first blockchain, with an expected launch in May
Projects are going live at a fast clip. Hyperledger continues to
focus on interoperability with other blockchain projects
Consortium members
Frameworks
69
Maersk, Hyperledger, and IBM form joint-venture
Yet to be named, the NYC-based company will aim to help shippers, ports, customs offices, banks, and
other stakeholders in global supply chains track freight and replace related paperwork with tamper-
resistant digital records. Presently, shipping supply chains are bogged down by paperwork shuffled
between a glut of middlemen. Documentation, when lost or delayed, causes perishable goods lying in
wait to spoil. In April, Holt Logistics (a port operator) conducted a pilot based via the joint venture.
70
Telcos band together to look at new use cases
The Carrier Blockchain Study Group (CBSG) is a consortium that aims to
develop secured clearing and settlement, identity and authentication, IoT
applications, and other services using blockchain technology.
71
BiTA, Bloomberg
BiTA is uniting big
logistics and
freight players
UPS, FedEx, BNSF Railway
(owned by Berkshire
Hathaway), and Schneider
Trucking are just a few of
the big names participating
in an alliance to explore
blockchain tech for the
coordination of freight
transport.
2 0 0 + M E M B E R S
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B3i builds out consortium, company for insurance
B3i is backed by insurers and reinsurers like AIG, AIA, Allianz, Aegon and Swiss Re among others
and now counts close to 40 members. The group has said that its preparing to invite brokers into the
consortium, while it repositions itself as an independent company offering specific insurance products.
In 2017, B3i built a prototype around property catastrophe excess of loss reinsurance contracts, and
hopes to launch a working product this year.
Image source: CoverageR
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"The problem is a social, coordination problem: You gotta get everyone to
agree to use one system, blockchain or otherwise. The word "blockchain"
gets people excited and so is useful in solving that coordination problem --
"come to the blockchain meeting!" is a lot more appealing than "come to
the paperwork reduction meeting!" -- but at this point it may have had too
much success. Why just go to the blockchain meeting when you can
build your own blockchain? But if everyone does that then it won't work."
B L O C K C H A I N S O N B L O C K C H A I N S
Matt Levine
Bloomberg
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To recap
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1. The line between ICOs and equity financing is blurring
2. Regulatory activity is a double-edged sword
3. Top VCs are embracing tokens, and theses are shifting to "crypto"
4. Security tokens are emerging as a new cryptoasset class
5. 2017's winners are turning into investors and acquirers
6. Mentions of 'blockchain' are skyrocketing on earnings calls
7. Corporate investment is up but we've been here before
8. Consortia move forward, but questions remain
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FURTHER READING:
What Is Blockchain Technology?
What is Ethereum?
Blockchain Investment Trends In Review
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