The Blockchain Economy Research 

The Blockchain Economy - FT Partners Research

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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:




 

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


73
million

20%


$31.9
billion



$2.2
trillion

 

16

Current State of the Market – Cryptocurrency

A Growing Share of Total Market Capitalization (2)

Overview

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%

 

17

Current State of the Market – Cryptocurrency

Overview

Market Cap of Leading Stablecoins, USD Billion (1)

 

18

Current State of the Market – Cryptocurrency

Overview

Weekly Trade Volume of NFTs by Category (3)


Average Price of an NFT Sale by Category (7DMA) (3)

 

19

Current State of the Market – Cryptocurrency

Central Bank Digital Currency Development Status Map (1)

Overview

Common Pro-CBDC Arguments


Common Anti-CBDC Arguments



 

20

Current State of the Market – Cryptocurrency

Market Cap of Selected Mining Companies (2)

Overview

$2,924
$2,374

$1,391

$1,133

$1,052

HIVE Blockchain

Bitfarms

$797


Marathon Digital
Holdings

Riot Blockchain

Hut 8 Mining

Canaan

Transaction Fees as a Share of Miner Revenues (3)

 

21

Current State of the Market – Cryptocurrency

A Framework for Assessment

Mapping Select Players Against on Three Axes of Crypto





 

22

ii. Retail Interest

 

Current State of the Market – Retail Interest

Overview

Months Since First Crypto Investment (1)




Where Investors Get Crypto Information (1)

 

24

Current State of the Market – Retail Interest

Blockchain.com Wallets (Million) (1)



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

 

25

Current State of the Market – Retail Interest



 

26

Current State of the Market – Retail Interest

Overview of Memecoins

Implications of the Memecoin Market

Memecoin Spotlight: Dogecoin (2)

Tokenomics & Critiques of Memecoins



 

27

Current State of the Market – Retail Interest

Overview

Future Applications

Selected NFT Transactions

 

28

Current State of the Market – Retail Interest

Daily Total USD Spent on Completed NFT Sales ($ in mm) (1)

Commentary

Daily Unique Active Wallet Count (thousands) (1)

Selected Well-Funded Companies

 

29

iii. Institutional Adoption

 

Current State of the Market – Institutional Adoption

Overview

Greyscale Investor Profile 2020 (2)






Greyscale AUM since Inception (2)




 

31

Current State of the Market – Institutional Adoption

Hedge Fund and PFT Crypto Trading

Selected Examples


 

32

Current State of the Market – Institutional Adoption

Institutional Offerings

Select Examples

 

33

Current State of the Market – Institutional Adoption

OTC trading Desks are Frequently Only Partially “Electronified,”at Best

Pre-funding Requirements


Established Capital Markets Tech Vendors are Entering the Crypto Space

Trading Margins & Commissions


 

34

Current State of the Market – Institutional Adoption


Institutional Investment Trends

Notable Providers

ProShares Bitcoin Strategy ETF
Trading Volume ($ in mm) (2)

 

35

Current State of the Market – Institutional Adoption

Overview

Selected Examples





 

36

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)

 

37

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)

 

38

Current State of the Market – Institutional Adoption

 

39

Current State of the Market – Institutional Adoption




























 

40

Current State of the Market – Institutional Adoption



















































































































































































 

41

Current State of the Market – Institutional Adoption








































































































































 

42

iv. Decentralized Finance (DeFi)

 

Current State of the Market – DeFi

Overview

Total Value Locked (TVL) by Category and Ethereum DeFi Project (4)




 

44

Current State of the Market – DeFi




 

45

Current State of the Market – DeFi

Selected Examples

PancakeBunny

rDAI

Saddle

 

46

Current State of the Market – DeFi

Overview

Selected Use Cases of Smart Contracts





 

47

Current State of the Market – DeFi

Overview

Creation of a DAO






Selected DAOs

 

48

Current State of the Market – DeFi

Decentralized Application Revenues

DApp Revenue Distribution




DAO as Investment Pool



 

49

Current State of the Market – DeFi



 

50

Current State of the Market – DeFi





 

51

v. Regulation & Government
Adoption

 

Current State of the Market – Regulation

Overview

The White House’s Executive Order on Digital Assets Reporting Schedule

(1)





 

53

Current State of the Market – Regulation


 

54

Current State of the Market – Regulation




 

55

Current State of the Market – Regulation

Overview

Commentary

 

56

Current State of the Market – Regulation

Commentary

Overview








$50 million
to the SEC

$50 million
to 32 US States

 

57

Current State of the Market – Regulation



 

58

Current State of the Market – Regulation





 

59

Current State of the Market – Regulation


 

60

Current State of the Market – Regulation


 

61

Current State of the Market – Gov. Adoption

Overview

Commentary





 

62

Current State of the Market – Gov. Adoption

 

63

Current State of the Market – Gov. Adoption

 

64

IV. Industry Landscape

 

Industry Landscape








 

66

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)






 

71

Blockchain 101

Basics of Blockchain

Advantages of Blockchain









 

72

Blockchain 101

Blockchain Diagram

Details










 

73

Blockchain 101

Overview

Definitions






 

74

Blockchain 101

Overview

Definitions


 

75

Blockchain 101

Overview

Definitions









 

76

Blockchain 101

Overview

Selected Case Studies


 

77

Blockchain 101

Path of a Cryptocurrency Transaction

 

78

Blockchain 101

Overview

Selected Companies






 

79

Blockchain 101

Overview

Definitions





 

80

Blockchain 101








 

81

Blockchain 101

Overview

Invest in ICO







 

82

Blockchain 101


Overview

Early Timeline




 

83

Blockchain 101


Overview

Core Principles




 

84

Blockchain 101

Overview

Implications





 

85

Blockchain 101


Financial Applications

Semi-Financial Applications

Non-Financial Applications

 

86

Blockchain 101

 

87

Blockchain 101

Selected Risks and Concerns

Implications and Mitigating Factors






 

88

Blockchain 101
Overview

Select Ransomware Attacks


Total Cryptocurrency Value Received by Ransomware Addresses (1)

 

89

Blockchain 101

Profiles

Overview





 

90

Blockchain 101

 

91

Blockchain 101

Overview

Selected Large Crypto Hacks in 2021
Selected Companies / Protocols by Amount Lost, 2021 (3)
($ in mm)

$611 (2)

$196

$147

$140

$130

$120

 

92

Blockchain 101

Overview

Case Study: Ledger


 

93

VI. Use Cases of
Blockchain in FinTech

 

Use Cases of Blockchain in FinTech

Overview

Selected FinTech Use Cases

Selected Non-FinTech Use Cases

 

95

Use Cases of Blockchain in FinTech


Digital Identity

 

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


 

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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