2022 Global Mobile Threat Report
2022 Global Mobile Threat Report [real3dflipbook pdf="...
The Blockchain Economy – FT Partners Research
FT PARTNERS FINTECH INDUSTRY RESEARCH
The Blockchain Economy
The Blockchain Economy
Company Profiles
Transaction Profiles
Amber Raises $100 million
in Series B Financing
Bitpanda Raises $263 million
in Series C Financing
VIH merges with Bakkt for
an EV of $2.1 billion
(SPAC)
Galaxy Digital Acquires
BitGo for $1.2 billion
Binance.US Raises $200
million in Financing at a $4.5
billion Valuation
BSGA Merges with Bitdeer at
an Enterprise Value of $4
billion (SPAC)
Blockchain Raises $300 million
in Series C Financing at a
$5.2 billion Valuation
Blockdaemon Raises $255
million in Series C Financing
The Blockchain Economy
Transaction Profiles (cont.)
FPAC Merges with Bullish at
an Enterprise Value of $2.5
billion (SPAC)
GWAC Merges with Cipher
Mining for an Enterprise Value
of $2 billion
Coinbase Completes
its Direct Public
Offering
XPDI Merges with Core
Scientific for an Enterprise
Value of $4.3 billion (SPAC)
FTCV merges with eToro
for an EV of ~$8.0 billion
(SPAC)
Figure Raises $200 million
in Series D Financing
Fireblocks Raises $550
million in Series E
Financing
Ledger Raises $380
million in Financing at a
Valuation of $1.5 billion
NCR Corporation (NYSE:
NCR) Acquiers LibertyX
MoonPay Raises $400
million in Financing at a
Valuation of $3.4 billion
NYDIG Raises $1 billion in
Financing at a Valuation
over $7 billion
OpenSea Raised $300 million in
Series C Financing at a
$13.3 Valuation
Revolut Raises $800 million
in Series E Financing
Robinhood Raises
$2.1 billion in its IPO
Securitize Raises $48
million in Series B
Financing
Stronghold Digital Mining Raises
$127 million In its IPO
I. Introducing FT Partners
FT Partners – Focused Exclusively on FinTech
Coming Soon…
CEO Monthly Market Update & Analysis: Cryptocurrencies & Blockchain
Each Monthly Report will Include:
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6
FT Partners – Focused Exclusively on FinTech
Payments
Growth Equity
Alt Lending
Minority Recap
Capital Markets
Real Estate Tech
Majority Recap
~500
Banking Tech
Wealth Tech
Health Tech
FMS
BPO
Full Sale
IPO
FinTech
Deals
Consortium
Merger
GRC
LBO
SaaS
Blockchain
SPAC
FT Partners Client
50,000+
Companies
tracked
20,000+
14,000+
Investment Firms
tracked
M&A transactions
recorded
20,000+
Financing transactions
recorded
FT Partners Relationships
FinTech Coverage
o In-Depth Industry
Research Reports
o Proprietary FinTech
Infographics
o Monthly FinTech
Market Analysis
o FinTech M&A / Financing
Transaction Profiles
1M
Industry Contacts
in our Database
7
FT Partners – Focused Exclusively on FinTech
8
II. Executive Summary
Executive Summary
Executive Summary (cont.)
Executive Summary (cont.)
Executive Summary – Timeline
1991
2008
2017
2014
2010
2013
2016
2018
2019
2020
2021
III. Current State of the Market
i. Cryptocurrency
Current State of the Market – Cryptocurrency
Key Stats
Overview
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73
million
20%
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$31.9
billion
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$2.2
trillion
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Current State of the Market – Cryptocurrency
A Growing Share of Total Market Capitalization (2)
Overview
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Selected Altcoin Events
2008
2011
2014
2015
2020
2021
Bitcoin domain
first registered
Altcoins
launch
Tether (first
stablecoin)
launches
Ethereum
platform
launches
Solana
officially
launches
Dogecoin
spikes
3,233%
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Current State of the Market – Cryptocurrency
Overview
Market Cap of Leading Stablecoins, USD Billion (1)
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Current State of the Market – Cryptocurrency
Overview
Weekly Trade Volume of NFTs by Category (3)
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Average Price of an NFT Sale by Category (7DMA) (3)
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Current State of the Market – Cryptocurrency
Central Bank Digital Currency Development Status Map (1)
Overview
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Current State of the Market – Cryptocurrency
Market Cap of Selected Mining Companies (2)
Overview
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$2,924
$2,374
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$1,391
$1,133
$1,052
HIVE Blockchain
Bitfarms
$797
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Marathon Digital
Holdings
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Riot Blockchain
Hut 8 Mining
Canaan
Transaction Fees as a Share of Miner Revenues (3)
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Current State of the Market – Cryptocurrency
A Framework for Assessment
Mapping Select Players Against on Three Axes of Crypto
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ii. Retail Interest
Current State of the Market – Retail Interest
Overview
Months Since First Crypto Investment (1)
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Where Investors Get Crypto Information (1)
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Current State of the Market – Retail Interest
Blockchain.com Wallets (Million) (1)
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Non-Crypto Native Platforms
Respond to Retail Demand by
Adding Crypto Trading Capabilities
Jan 2018
Square reported $2.7bn
in Bitcoin revenue in
2Q21, up 211% year
over year and $1.8bn in
Q321, up 115% year
over year
Coming
Soon
Apr 2021
Sep 2019
Oct 2020
“Bitcoin changes absolutely
everything. I don’t think there is
anything more important in my
lifetime to work on.”
Jack Dorsey
CEO Square
Sep 2021
“The shift to digital forms of currencies
is inevitable, bringing with it clear
advantages: efficiency, speed and
resilience of the payments system.”
Dan Schulman
CEO Paypal
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Current State of the Market – Retail Interest
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Current State of the Market – Retail Interest
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Overview of Memecoins
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Implications of the Memecoin Market
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Memecoin Spotlight: Dogecoin (2)
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Tokenomics & Critiques of Memecoins
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Current State of the Market – Retail Interest
Overview
Future Applications
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Selected NFT Transactions
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Current State of the Market – Retail Interest
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Daily Total USD Spent on Completed NFT Sales ($ in mm) (1)
Commentary
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Daily Unique Active Wallet Count (thousands) (1)
Selected Well-Funded Companies
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iii. Institutional Adoption
Current State of the Market – Institutional Adoption
Overview
Greyscale Investor Profile 2020 (2)
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Greyscale AUM since Inception (2)
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Current State of the Market – Institutional Adoption
Hedge Fund and PFT Crypto Trading
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Current State of the Market – Institutional Adoption
Institutional Offerings
Select Examples
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Current State of the Market – Institutional Adoption
OTC trading Desks are Frequently Only Partially “Electronified,”at Best
Pre-funding Requirements
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Established Capital Markets Tech Vendors are Entering the Crypto Space
Trading Margins & Commissions
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Current State of the Market – Institutional Adoption
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Institutional Investment Trends
Notable Providers
ProShares Bitcoin Strategy ETF
Trading Volume ($ in mm) (2)
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Current State of the Market – Institutional Adoption
Overview
Selected Examples
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Current State of the Market – Institutional Adoption
Crypto-focused Financing Volume, 2015 – Present
Selected Notable Transactions
Venture & Private Investment in Crypto and Blockchain-focused Companies
($ in billion) (1)
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Current State of the Market – Institutional Adoption
“
Institutional Investment Trends (1)
Notable Investments
Share of Grayscale Digital Asset Investors That Are Institutions (1)
Grayscale Average Institutional Allocation ($ in mm)
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Current State of the Market – Institutional Adoption
“
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Current State of the Market – Institutional Adoption
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Current State of the Market – Institutional Adoption
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Current State of the Market – Institutional Adoption
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iv. Decentralized Finance (DeFi)
Current State of the Market – DeFi
Overview
Total Value Locked (TVL) by Category and Ethereum DeFi Project (4)
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Current State of the Market – DeFi
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Current State of the Market – DeFi
Selected Examples
PancakeBunny
rDAI
Saddle
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46
Current State of the Market – DeFi
Overview
Selected Use Cases of Smart Contracts
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47
Current State of the Market – DeFi
Overview
Creation of a DAO
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Selected DAOs
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Current State of the Market – DeFi
Decentralized Application Revenues
DApp Revenue Distribution
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DAO as Investment Pool
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Current State of the Market – DeFi
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Current State of the Market – DeFi
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v. Regulation & Government
Adoption
Current State of the Market – Regulation
Overview
The White House’s Executive Order on Digital Assets Reporting Schedule
(1)
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Current State of the Market – Regulation
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Current State of the Market – Regulation
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55
Current State of the Market – Regulation
Overview
Commentary
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Current State of the Market – Regulation
Commentary
Overview
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$50 million
to the SEC
$50 million
to 32 US States
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Current State of the Market – Regulation
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Current State of the Market – Regulation
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Current State of the Market – Regulation
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Current State of the Market – Regulation
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Current State of the Market – Gov. Adoption
Overview
Commentary
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62
Current State of the Market – Gov. Adoption
63
Current State of the Market – Gov. Adoption
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IV. Industry Landscape
Industry Landscape
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Industry Landscape
Coin
Category
Price
LTM Low
LTM High
LTM %
MTD %
YTD %
Market Cap
($ in mm)
LTM Low
LTM High
Bitcoin
Currency
$46,820.5
$29,807.35
$67,566.83
-16%
6%
1%
$889,385,706,663.00
Ethereum
Platform
$3,291.6
$1,787.51
$4,812.09
95%
11%
-11%
$395,441,924,036.00
Tether
Stablecoin
$1.0
$1.00
$1.01
0%
0%
0%
$81,362,292,668.00
$40,467,698,670 $81,362,292,668
Binance_Coin
Currency
$430.5
$261.82
$675.68
60%
5%
-16%
$71,083,302,849.00
$40,171,507,065 $109,140,493,553
USDC
Stablecoin
$1.0
$1.00
$1.01
0%
0%
0%
$52,083,027,076.00
$10,555,729,469 $53,528,807,318
Cardano
Platform
$1.2
$0.79
$2.97
-1%
23%
-10%
$39,869,330,421.00
$26,616,389,148 $95,025,501,146
Solana
Platform
$107.1
$18.85
$258.93
494%
9%
-37%
$34,798,921,341.00
$5,056,832,100
XRP
Currency
$0.9
$0.53
$1.84
56%
9%
3%
$41,256,704,403.00
$24,489,903,049 $83,508,712,026
TerraLUNA
Currency
$94.2
$4.11
$101.59
406%
5%
10%
$33,552,358,835.00
$1,599,297,262
Polkadot
Platform
$22.5
$10.98
$53.88
-30%
19%
-25%
$22,169,044,497.00
$10,729,927,136 $53,212,483,900
Dogecoin
Currency
$0.1
$0.05
$0.68
189%
8%
-15%
$19,201,643,340.00
$6,921,249,082
$88,680,824,303
Avalanche
Platform
$89.8
$9.65
$134.53
213%
4%
-18%
$24,006,949,475.00
$1,663,936,715
$30,114,621,585
Shiba Inu
Currency
$0.0
$0.000000
$0.0000800
42517%
-6%
-23%
$14,041,471,288.00
–
$41,083,235,078
Binance_USD
Stablecoin
$1.0
$1.00
$1.01
0%
0%
0%
$17,582,026,845.00
$3,479,639,368
$18,549,890,792
Polygon
Platform
$1.7
$0.33
$2.88
383%
4%
-33%
$13,041,615,029.00
$1,697,642,282
$20,411,914,262
Crypto.com
Currency
$0.5
$0.07
$0.90
-10%
11%
99%
$12,256,067,159.00
$1,615,500,497
$22,749,793,366
Wrapped_Bitcoin
DeFi
$46,757.0
$29,707.06
$67,549.23
-16%
6%
1%
$12,826,849,673.00
$5,795,104,612
$15,883,105,422
TerraUSD
Stablecoin
$1.0
$0.95
$1.01
0%
0%
0%
$16,173,236,212.00
$1,579,518,388
$16,220,732,654
Dai
Stablecoin
$1.0
$0.99
$1.01
0%
0%
0%
$9,681,422,761.00
$3,016,432,493
$10,376,305,259
Litecoin
Currency
$129.4
$98.87
$386.45
-30%
15%
-12%
$9,049,850,376.00
$6,900,277,990
$25,796,522,602
Cosmos
Platform
$29.9
$8.97
$44.54
55%
-4%
-8%
$8,560,676,880.00
$1,891,278,062
$11,185,104,250
Chainlink
DeFi
$16.9
$12.71
$52.20
-37%
10%
-14%
$7,868,890,176.00
$5,936,962,311
$21,871,752,692
Near
Platform
$13.2
$1.68
$20.20
136%
12%
-10%
$8,721,182,630.00
$698,376,770
$12,393,044,820
Uniswap
DeFi
$11.4
$8.21
$43.16
-59%
10%
-33%
$7,851,622,337.00
$5,411,254,211
$22,591,622,401
Tron
Platform
$0.1
$0.05
$0.16
15%
11%
-8%
$7,034,548,747.00
$3,622,981,952
$11,798,738,090
$559,244,324,356
$208,735,078,074
$1,274,831,490,851
$569,094,330,697
$77,993,805,663
$36,748,141,331
67
Industry Landscape
Exchanges
Tokenization
DeFi
Infrastructure
Borrowing / Lending
CeFi
Tax Solutions
Custody
Institutional Trading
CeFi
Crypto Banking
Miners
Retail Wallets/Execution
NFT Solutions
Payments
DeFi
Crypto ATMs
Asset Management
Data
68
Industry Landscape
Exchanges
Tokenization
DeFi
Infrastructure
Borrowing / Lending
CeFi
Tax Solutions
Custody
Institutional Trading
CeFi
Crypto Banking
Miners
Retail Wallets/Execution
NFT Solutions
Payments
DeFi
Crypto ATMs
Asset Management
Data
69
V. Blockchain 101
Blockchain 101
Cryptocurrency Overview
Selected Cryptocurrencies
Cryptocurrency Asset Management Basics
Return on Selected Cryptocurrencies (2)
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71
Blockchain 101
Basics of Blockchain
Advantages of Blockchain
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72
Blockchain 101
Blockchain Diagram
Details
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Blockchain 101
Overview
Definitions
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Blockchain 101
Overview
Definitions
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Blockchain 101
Overview
Definitions
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Blockchain 101
Overview
Selected Case Studies
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Blockchain 101
Path of a Cryptocurrency Transaction
78
Blockchain 101
Overview
Selected Companies
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Blockchain 101
Overview
Definitions
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Blockchain 101
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Blockchain 101
Overview
Invest in ICO
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82
Blockchain 101
“
Overview
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Early Timeline
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Blockchain 101
“
Overview
Core Principles
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84
Blockchain 101
Overview
Implications
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Blockchain 101
“
Financial Applications
Semi-Financial Applications
Non-Financial Applications
86
Blockchain 101
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87
Blockchain 101
Selected Risks and Concerns
Implications and Mitigating Factors
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88
Blockchain 101
Overview
Select Ransomware Attacks
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Total Cryptocurrency Value Received by Ransomware Addresses (1)
89
Blockchain 101
“
Profiles
Overview
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90
Blockchain 101
91
Blockchain 101
Overview
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Selected Large Crypto Hacks in 2021
Selected Companies / Protocols by Amount Lost, 2021 (3)
($ in mm)
$611 (2)
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$196
$147
$140
$130
$120
92
Blockchain 101
Overview
Case Study: Ledger
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93
VI. Use Cases of
Blockchain in FinTech
Use Cases of Blockchain in FinTech
Overview
Selected FinTech Use Cases
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Selected Non-FinTech Use Cases
95
Use Cases of Blockchain in FinTech
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Digital Identity
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96
Use Cases of Blockchain in FinTech
“
Digital Credit Scoring
•
•
•
•
•
97
Use Cases of Blockchain in FinTech
“
Security Tokens
•
•
•
•
•
98
Use Cases of Blockchain in FinTech
“
Security Token Exchanges
•
•
•
•
•
•
99
Use Cases of Blockchain in FinTech
Digital Asset Exchanges
•
•
•
•
•
•
•
100
Use Cases of Blockchain in FinTech
Wallets & Retail Trading
•
•
•
•
101
Use Cases of Blockchain in FinTech
“
Demand for Institutional Digital Asset Trading Infrastructure
•
•
•
•
•
•
102
Use Cases of Blockchain in FinTech
“
Clearance and Settlement Systems
•
•
•
•
103
Use Cases of Blockchain in FinTech
“
B2B Payments & Remittances
•
•
•
•
•
104
Use Cases of Blockchain in FinTech
“
Both major U.S. Payment Networks have started to adopt Blockchain solutions for payments:
•
•
•
•
B2B Connect
•
•
•
•
•
105
Use Cases of Blockchain in FinTech
Consumer Payments
•
•
•
•
•
•
106
Use Cases of Blockchain in FinTech
Case Study: Facebook’s Attempt at building a Cryptocurrency-Based Payments System
•
•
•
•
•
•
•
107
Use Cases of Blockchain in FinTech
Lending
•
•
•
•
•
108
Use Cases of Blockchain in FinTech
“
Trade Finance
•
•
•
•
109
Use Cases of Blockchain in FinTech
“
InsurTech
•
•
•
•
•
110
VII. Selected Transactions
i. Private Company
Blockchain-Related
FinTech Equity Financings
Private Company Equity Financings
Announced
Date
Transaction Overview
Company
Selected Investor(s)
Amount
($ in mm)
113
Private Company Equity Financings
Announced
Date
Transaction Overview
Company
Selected Investor(s)
Amount
($ in mm)
114
Private Company Equity Financings
Announced
Date
Transaction Overview
Company
Selected Investor(s)
Amount
($ in mm)
115
Private Company Equity Financings
Announced
Date
Transaction Overview
Company
Selected Investor(s)
Amount
($ in mm)
116
Private Company Equity Financings
Announced
Date
Transaction Overview
Company
Selected Investor(s)
Amount
($ in mm)
117
Private Company Equity Financings
Announced
Date
Transaction Overview
Company
Selected Investor(s)
Amount
($ in mm)
118
ii. Blockchain-Related
FinTech M&A
Transactions
M&A Transactions
Announced
Date
Transaction Overview
Company
Selected Buyer(s)
Amount
($ in mm)
120
M&A Transactions
Announced
Date
Transaction Overview
Company
Selected Buyer(s)
Amount
($ in mm)
121
M&A Transactions
Announced
Date
Transaction Overview
Company
Selected Buyer(s)
Amount
($ in mm)
122
VIII. Selected Company Profiles
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
124
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
125
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
126
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
•
Selected Financing History
127
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
128
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
•
Selected Financing History
129
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
•
•
•
Selected Financing History
130
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
131
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
•
•
•
•
Selected Financing History
•
•
•
132
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
133
Selected Company Profiles
Company Overview
How the Bosonic Network Works
•
•
•
•
Selected Financing History
134
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
135
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
•
Selected Financing History
136
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
137
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
138
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
•
Selected Financing History
139
Selected Company Profiles
Company Overview
How DFINITY’s Internet Computer Works
•
•
•
•
Selected Financing History
140
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
•
Selected Financing History
141
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
•
•
•
•
142
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
143
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
144
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
•
Selected Financing History
145
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
Selected Financing History
Stock Performance (TSX: GLXY), May2020 – February 2022 (1)
146
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
•
Selected Financing History
147
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
Kava Ecosystem TVL in USD Million, Nov 2020 – Feb 22 (1)
•
Selected Financing History
148
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
149
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
151
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
152
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
153
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
154
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
155
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
XRP Market Cap and Trading Volume, Jan 2017 – Feb 2022 (1)
•
Selected Financing History
156
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
157
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
158
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
–
Selected Financing History
159
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
o
o
160
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
161
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
162
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
•
Selected Financing History
163
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
164
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
•
•
Selected Financing History
165
Selected Company Profiles
Company Overview
Products and Services Overview
•
•
•
Selected Financing History
166
X. Selected Transaction Profiles
Amber Group Raises $100 mm in Series B Financing
•
‒
•
•
•
“
169
Amber Group Raises $100 mm in Series B Financing
•
•
•
•
•
•
•
•
•
•
•
•
•
•
VPC Impact Acquisition Holdings Merges with Bakkt
Transaction Summary
Transaction Commentary
•
•
•
•
•
•
•
172
VPC Impact Acquisition Holdings Merges with Bakkt
Company Overview
Products / Solutions
•
•
•
Key Financing History
Selected Partners and Integrations
173
VPC Impact Acquisition Holdings Merges with Bakkt
Implied Transaction Multiples
Key Metrics
Revenue Model
174
VPC Impact Acquisition Holdings Merges with Bakkt
Annual Cohort CAC
Revenue ($ in mm) (1)
Operating Expenses ($ in mm)
Adj. EBITDA ($ in mm)
175
Binance.US Raises $200 million in Financing
•
•
•
•
177
Blue Safari Group Acquisition Corp. Merges w/ Bitdeer
•
•
•
•
•
•
179
Blue Safari Group Acquisition Corp. Merges w/ Bitdeer
•
•
•
•
‒
•
•
‒
•
•
•
•
Bitpanda Raises $263 million in Series C Financing
•
•
•
182
Bitpanda Raises $263 million in Series C Financing
•
•
•
•
•
•
•
•
•
•
•
183
Galaxy Digital Acquires BitGo for $1.2 billion
Transaction Summary
Transaction Commentary
•
•
•
•
•
•
185
Galaxy Digital Acquires BitGo for $1.2 billion
Company Overview
Solutions Overview
•
•
•
•
•
•
•
•
▪
•
Key Metrics
20%
of all global BTC
transactions processed
through BitGo
400+
Coins & Tokens
50+
Countries
•
•
186
Blockchain.com Raises $300 million in Financing
•
•
•
•
188
Blockdaemon Raises $255 mm in Series C Financing
•
‒
‒
‒
•
‒
•
‒
‒
190
Blockdaemon Raises $255 mm in Series C Financing
•
•
•
191
Far Peak Acquisition Corp. Merges with Bullish
•
•
•
193
Far Peak Acquisition Corp. Merges with Bullish
•
•
•
•
194
Far Peak Acquisition Corp. Merges with Bullish
195
Good Works Acquisition Corp. Merges w/ Cipher Mining
•
•
•
•
197
Good Works Acquisition Corp. Merges w/ Cipher Mining
•
•
•
•
•
•
•
•
198
Good Works Acquisition Corp. Merges w/ Cipher Mining
o
o
o
o
199
Good Works Acquisition Corp. Merges w/ Cipher Mining
200
Coinbase Completes Its Direct Public Offering
o
o
o
o
202
Coinbase Completes Its Direct Public Offering
Key DPO Statistics
203
Coinbase Completes Its Direct Public Offering
Company Overview
Products and Services
•
•
•
•
•
‒
•
•
‒
•
•
‒
•
‒
•
•
‒
•
204
Coinbase Completes Its Direct Public Offering
205
Coinbase Completes Its Direct Public Offering
206
Coinbase Completes Its Direct Public Offering
Key Industry Trends
–
–
–
–
–
–
207
Coinbase Completes Its Direct Public Offering
(1)
208
Coinbase Completes Its Direct Public Offering
209
Coinbase Completes Its Direct Public Offering
210
Coinbase Completes Its Direct Public Offering
Implied Transaction Multiples
Revenue Breakout
211
Coinbase Completes Its Direct Public Offering
212
XPDI Merges with Core Scientific
•
‒
•
‒
‒
“
•
‒
214
XPDI Merges with Core Scientific
215
FinTech Acquisition Corp. V Merges with eToro
Transaction Summary
Transaction Commentary
•
•
•
•
•
•
217
FinTech Acquisition Corp. V Merges with eToro
Company Overview
•
Products & Solutions
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Selected Transaction History
•
•
•
•
•
218
FinTech Acquisition Corp. V Merges with eToro
Registered Users
Average Monthly Registrations
Average Monthly Trades
Average Cost Per Registration
219
FinTech Acquisition Corp. V Merges with eToro
Implied Transaction Multiples
Revenue Split by Asset Class
220
FinTech Acquisition Corp. V Merges with eToro
How eToro Generates Revenue
Total Revenue ($ in mm)
EBITDA ($ in mm)
221
Figure Raises $200 million in Series D Financing
•
‒
‒
•
•
•
•
‒
‒
223
Fireblocks Raises $550 million in Financing
•
•
•
•
225
Ledger Raises $380 million in Series C Financing
•
•
•
227
NCR Acquires LibertyX for ~$73 million in Stock
•
•
•
•
NCR Acquires LibertyX for ~$73 million in Stock
•
•
•
•
‒
•
‒
•
•
•
•
‒
•
•
•
•
NCR Acquires LibertyX for ~$73 million in Stock
•
•
•
Moonpay Raises $400 million in Financing
•
‒
•
•
‒
•
•
•
‒
•
•
‒
•
•
•
•
•
•
233
Moonpay Raises $400 million in Financing
•
•
•
•
•
•
•
•
•
•
•
•
•
234
NYDIG Raises $1 billion in Financing
•
•
–
•
236
NYDIG Raises $1 billion in Financing
CEO & Co-Founder:
Headquarters:
Founded:
•
•
•
Robert Gutmann
New York, USA
2018
Banking – NYDIG partners with banks to provide solutions for
Bitcoin accounts, cash and Bitcoin rewards programs, Bitcoin
interest payments, asset-backed borrowing and lending
opportunities, and Bitcoin payroll options
FinTech – NYDIG empowers FinTech companies to offer
Bitcoin accounts, rewards programs, interest payments, payroll,
and more
Investment Management – NYDIG provides investment
management firms with asset management services, a fullservice brokerage, flexible financing products, and structured
solutions like risk management and cashflow optimization
Insurance – Insurance companies get exposure to a variety of
accounts, life and annuity products, property and casualty
products, a full-service brokerage, and other solutions like risk
management and cashflow optimization
Corporation – Corporations get access to wide variety of
solutions including asset management services, a full-service
brokerage, loyalty programs, flexible financing products, payroll,
and structured solutions
Nonprofit – NYDIG helps accept gifts in the form of Bitcoin,
facilitates the conversion of Bitcoin to dollars, provides asset
management services and a full-service brokerage, and creates
structured solutions for nonprofit organizations
Mining – NYDIG offers several miner-specific services including
flexible financing, the lowest-cost North American Mining Pool,
custody and liquidation, treasury management, revenue
optimization, carbon offset purchases, and renewable energy
consulting services
OpenSea Raises $300 million in Series C Financing
•
•
•
•
Revolut Raises $800 million in Series E Financing
Overview of Transaction
•
•
•
Significance of Transaction
•
•
•
FT Partners’ Role
•
•
241
Revolut Raises $800 million in Series E Financing
242
Revolut Raises $800 million in Series E Financing
Company Overview
Selected Product Features
•
•
•
•
•
•
•
•
•
•
243
Robinhood Completes its IPO
o
o
o
Robinhood Completes its IPO
Key IPO Statistics
Use of Proceeds
Robinhood Completes its IPO
Company Overview
Products & Services Overview
•
•
•
•
•
•
•
‒
‒
•
•
•
•
Co-Founders
•
•
•
•
•
Securitize Raises $48 million in Series B Financing
Transaction Summary
Transaction Commentary
•
‒
•
•
•
•
Selected Financing History
Stronghold Digital Mining Completes its IPO
o
o
o
o
o
o
251
Stronghold Digital Mining Completes its IPO
252
Stronghold Digital Mining Completes its IPO
•
•
•
•
•
‒
‒
•
•
•
•
253
Stronghold Digital Mining Completes its IPO
$17.6
$11.0
$9.8
3.8
2.1
1.6
3.1
1.5
$4.1
5.6
2.6
2019
3.4
2020
LTM June 30, 2021
8.4
2019
2019
$1.3
3.7
$6.6
3.3
7.0
2.8
$18.8
5.6
2.3
4.4
4.8
3.3
4.2
2020
LTM June 30, 2021
2020
LTM June 30, 2021
($0.1)
$0.7
$0.0
2019
2020
LTM June 30, 2021
($1.9)
($1.6)
254
XI. Overview of FT Partners
FT Partners – Focused Exclusively on FinTech
Selected Billion Dollar+ Clients
Selected Transactions with Multi-Billion Dollar Valuations
256
FT Partners – Focused Exclusively on FinTech
Company
Amount Raised
Selected Prominent Investors in FT Partners Led Rounds
257
FT Partners – Focused Exclusively on FinTech
Target
Buyer / Investor
International Aspect
258
FT Partners – Focused Exclusively on FinTech
•
•
•
•
•
•
•
•
259
FT Partners – Focused Exclusively on FinTech
•
•
•
•
•
•
•
•
•
•
260
FT Partners – Focused Exclusively on FinTech
•
−
•
•
•
•
•
•
•
261
FT Partners – Focused Exclusively on FinTech
•
–
•
•
•
•
•
•
•
•
262
FT Partners – Focused Exclusively on FinTech
•
•
•
•
•
•
•
263
FT Partners – Focused Exclusively on FinTech
•
•
•
•
•
•
•
•
•
264
FT Partners – Focused Exclusively on FinTech
Overview of Transaction
•
•
•
Significance of Transaction
•
•
FT Partners’ Role
•
•
265
FT Partners – Focused Exclusively on FinTech
•
•
•
•
•
•
•
•
266
FT Partners – Focused Exclusively on FinTech
Overview of Transaction
•
•
•
Significance of Transaction
•
•
FT Partners’ Role
•
•
267
FT Partners – Focused Exclusively on FinTech
•
•
•
•
•
•
•
268
FT Partners – Focused Exclusively on FinTech
•
−
•
−
•
•
•
•
•
•
269
FT Partners – Focused Exclusively on FinTech
Bloomberg
o
o
M&A Advisor Awards
o
o
o
o
LendIt FinTech Industry Awards 2018:
o
The FinTech Finance 40:
o
The Information’s “Silicon Valley’s Most Popular Dealmakers”
o
o
270
FT Partners – Focused Exclusively on FinTech
o
o
271
FT Partners – Focused Exclusively on FinTech
PROPRIETARY FINTECH RESEARCH
FT Partners regularly publishes detailed research highlighting key trends
driving market activity across all sectors of FinTech.
Our research and analysis has been featured on Bloomberg, The New
York Times, The Wall Street Journal, Dow Jones and the Financial Times
and are regularly viewed by CEOs and industry leaders.
FT Partners’ unique insight into FinTech is a direct result of successfully
executing hundreds of transactions combined with over 19 years of
exclusive focus on the FinTech sector.
Each report published by FT Partners contains an in-depth review of a
unique area of the FinTech marketplace and is highly valuable and
topical to CEOs, board members, investors and key stakeholders across
the FinTech landscape.
Industry Deep
Dive Reports
Regional Reports
WWW.FTPARTNERS.COM
Monthly Market
Updates
Transaction
Case Studies
Video
Conferences
Executive
Interviews
Real-Time
Infographics
Quarterly
& Annual
Insights
In-Depth
Company
Profiles
272
