Tracxn Research — Bitcoin Startup Landscape, September 2016

1. Bitcoin Report, September 2016 Tracxn World’s Largest Startup Research Platform 2

2. Bitcoin Report, September 20163 Contents Topic Page No. Scope of Report 05 Entrepreneur Activity 07 Investment Trend 11 Who is Investing 19 Exit Outlook - IPO, Acquisitions 23 Sub Sector Analysis 26 Interesting Companies 44 Useful Links 50 Company List 52 Team 253

3. Bitcoin Report, September 20164 Illustrative Sectors We Track ENTERPRISE INFRASTRUCTURE ENTERPRISE APPLICATIONS MOBILEFINTECH TECH CONSUMER EDUCATION HEALTHCARE SECURITY STORAGE NETWORKING MOBILITY IT OPS CLOUD INFRASTRUCTURE API MANAGEMENT BIGDATA INFRASTRUCTURE SAAS MOBILE-FIRST ENT. APPS INTELLIGENT ENT. APPS OPEN SOURCE RETAIL TECH MARKETING TECH STEALTH MODE VERTICAL SAAS MOBILE COMMERCE MOBILE PAYMENTS MOBILE MARKETING MOBILE DEV TOOLS MOBILE HEALTH MOBILE GAMING MOBILE LEARNING MOBILE COMMUNICATION BANKING TECH PAYMENTS CONSUMER FINANCE INVESTMENT TECH BLOCKCHAIN APPLICATIONS BITCOIN CROWDFUNDING ALTERNATIVE LENDING INTERNET OF THINGS 3D PRINTING MARKETPLACE FOOD TECH EDUCATION IT SELF LEARNING LIFE SCIENCES DIGITAL HEALTH

4. Bitcoin Report, September 20165 Sector Overview Bitcoin Satoshi Nakamoto, in 2009, released an open-source software which enabled peer to peer transactions, verifiable by network participants (or nodes) and recorded in a distributed ledger called the blockchain, the participants are rewarded with bitcoins for verifying these transactions, which in turn is tradable with fiat currencies on designated Exchanges. Bitcoin, therefore, embraced the currency use-case of blockchain, seeing a peak market capitalization around $12B in early 2014. However, Bitcoin observed a limited scalability potential, owing to its fundamental nature, bypassing traditional centralized banking systems and government regulated currencies, eventually operating on the sidelines as a parallel cryptocurrency market, with a two-way peg to the regulated fiat currency markets. Scope of report The scope of this report covers companies enabling circulation of bitcoin/ cryptocurrencies, they provide solutions pertaining to mining, payments, trading, investments and banking services for bitcoin/cryptocurrencies. The report excludes any companies working on the blockchain technology by way of creating private blockchains or application development platforms targeting use-cases different from currency, these companies are separately covered under the Blockchain Applications space.

5. Bitcoin Report, September 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 6

6. Bitcoin Report, September 2016 8 30 47 278 381 101 19 0 90 180 270 360 450 2010 2011 2012 2013 2014 2015 2016 NumberofCompanies 7 YoY – Number of companies founded ZipZap Bitpay Coinbase Circle Bitflyer Tech bureau Lab CapriPay BitMint Blockchain Bitfury 21 Inc. Quoine SurBTC Krypton

7. Bitcoin Report, September 20168 Large Upcoming Sectors

8. Bitcoin Report, September 20169 Niche Upcoming Sectors

9. Bitcoin Report, September 2016 Scope of Report Entrepreneur Activity Investment Trend Who is Investing Exit Outlook - IPO, Acquisitions Sub Sector Analysis Interesting Companies Useful Links Company List Team 0 10

10. Bitcoin Report, September 201611 YoY – Number of Rounds and Total Funding Note: The funding includes debt rounds also. $1M $1M $88M $304M $381M $158M 3 4 47 118 83 28 0 28 56 84 112 140 0 90 180 270 360 450 2011 2012 2013 2014 2015 2016 NumberofRounds FundingAmount(inMillions) Funding Amount Number of Rounds

11. Bitcoin Report, September 201612 YoY – Number of Rounds by Stage

12. Bitcoin Report, September 201613 YoY – Funding by Stage

13. Bitcoin Report, September 201614 Average Ticket Size – Early Stage

14. Bitcoin Report, September 201615 Top investments in last one year

15. Bitcoin Report, September 201616 Top investments in last one year

16. Bitcoin Report, September 201617 Funnel view of Sector

18. Bitcoin Report, September 201619 Most Active Investors in Sector 19 17 14 14 13 9 6 6 6 5 0 4 8 12 16 20 Boost VC Digital Currency Group 500 Startups Pantera Capital Crypto Currency Partners Blockchain Capital Future Perfect Ventures RRE Ventures Ribbit Capital Accel Partners TotalNumberofCompanies CoinJar Circle BTCJam Circle ChangeTip ChangeTip BitPesa Case Wallet Coinbase Circle BlockCypher Bitpay BlockCypher BTCJam BitAccess ZipZap FreshPay Bitpay BTCJam KnCMiner

19. Bitcoin Report, September 201620 Where are Top Investors investing

20. Bitcoin Report, September 201621 Top Investor by Stage of Entry

22. Bitcoin Report, September 201623 Top IPOs in last three years IPO Date Company Overview Funding Amount IPO Ticker Dec-2014 btcs.com BitcoinShop (Arlington, 2013) Online cryptocurrency based marketplace. $1.88M OTCQB: BTCS

23. Bitcoin Report, September 201624 Major Acquisitions

25. Bitcoin Report, September 201626 September 2016Tracxn BlueBox : Bitcoin 900+ companies in the sector, 196 funded in last 5 years, $539M invested in 2015/16

26. Bitcoin Report, September 201627 Top Business Models by Funding $377M $270M $245M $38M $11M $4M $4M $3M $2M $1M 0 80 160 240 320 400 Payments Trading and Investments Mining Technology Alternative Financing Social Network E-commerce Bitcoin Content Bitcoin Consulting Bitcoin Reseller TotalFundingAmount(inMillions) # Cos. 281 296 90 38 18 11 26 42 16 19 Avg. Age 2013.57 2013.30 2013.04 2013.68 2013.65 2014.55 2013.58 2013.68 2013.53 2013.89 Circle Coinbase 21 Inc. BTCJam Bonafide BitcoinShop BitKan Identity Mind Global Bitsimple Xapo Bitflyer Bitfury Netki Koinify Reveal Inc. Purse Skry scorechain Coincove

27. Bitcoin Report, September 201628 Payments – Business Model Description

28. Bitcoin Report, September 201629 Payments – Entrepreneur Activity and Investment Trend

29. Bitcoin Report, September 201630 Payments – Most Funded Companies

30. Bitcoin Report, September 201631 Trading and Investments – Business Model Description

31. Bitcoin Report, September 201632 Trading and Investments – Entrepreneur Activity and Investment Trend

32. Bitcoin Report, September 201633 Trading and Investments – Most Funded Companies

33. Bitcoin Report, September 201634 Mining – Business Model Description

34. Bitcoin Report, September 201635 Mining – Entrepreneur Activity and Investment Trend

35. Bitcoin Report, September 201636 Mining – Most Funded Companies

36. Bitcoin Report, September 201637 Technology – Business Model Description

37. Bitcoin Report, September 201638 Technology – Entrepreneur Activity and Investment Trend

38. Bitcoin Report, September 201639 Technology – Most Funded Companies

39. Bitcoin Report, September 201640 Alternative Financing – Business Model Description

40. Bitcoin Report, September 201641 Alternative Financing – Entrepreneur Activity and Investment Trend

41. Bitcoin Report, September 201642 Alternative Financing – Most Funded Companies

43. Bitcoin Report, September 201644 Interesting Seed Companies Company Overview Business Model Total Funding sldx.com SolidX Partners (2014, New York City) Digital currency investment software and blockchain platform Red Swan Ventures, Liberty City Ventures, Raptor Group, Red Sea Ventures Trading and Investments > Trading Platform > Derivatives $3M tradeblock.com TradeBlock (2013, New York City) Online cryptocurrency data and research Andreessen Horowitz, Data Collective, FinTech Collective, Digital Currency Group Trading and Investments > Enablers > Market Data Provider $2.8M getgems.org GetGems (2014, Tel Aviv) Mobile messaging app with built-in, bitcoin-based incentivization token Magma Venture Partners Social Network > Messaging App $400k Curated list of companies by the sector analyst are defined as Interesting

44. Bitcoin Report, September 201645 Interesting Series A Companies

45. Bitcoin Report, September 201646 Interesting Series A Companies

46. Bitcoin Report, September 201647 Interesting Late Stage Companies

47. Bitcoin Report, September 201648 Top Funded Deadpooled Companies

49. Bitcoin Report, September 201650 Useful Links Slide Title Content Platform Link List of All Companies in readable format Companies Link Large Upcoming Sectors Entrepreneur Activity Link Niche Upcoming Sectors Entrepreneur Activity Link Top investments in last one year Investment Trend Link Top IPOs in last three years Exit Outlook - IPO, Acquisitions Link Major Acquisitions in last one year Exit Outlook - IPO, Acquisitions Link Payments – Most Funded Companies Sub Sector Understand Link Trading & Investments – Most Funded companies Sub Sector Understand Link Mining – Most Funded Companies Sub Sector Understand Link Alternative Financing – Most Funded Companies Sub Sector Understand Link Technology – Most Funded companies Sub Sector Understand Link Top Funded Deadpooled Companies Companies Link

51. Bitcoin Report, September 201652 Bitcoin – Company List COVERS THE FOLLOWING SECTORS Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

52. Bitcoin Report, September 201653 Advertising Company Details Funding Investors btc4k [London, 2015]: BTC4k sells pixels, blocks and boards (ad spaces) in bitcoins to advertisers, allowing to make public a global market for the information provided by the advertiser. These ads are shown to users via two channels, i.e. visually through the ad board and filter-based using the ads search engine, their plan is to advertise business or projects, particularly those related to Bitcoin ecosystem. Among all the purchases a part is held to reward the winner of the 4000 BTC prize. In addition, there are several minor prizes that enable these do not reward solely on one winner. Kryptoz [Edmonton, 2014]: Kryptoz is a media company for the Bitcoin Market. It helps promote businesses that accept Bitcoin across the globe. The Company focuses on providing advertising and marketing opportunities to help Bitcoin businesses. The company maintains a database of all companies that accept bitcoin on bitpages.co. AnonymousAds [Perm, 2011]: Online advertising network that uses Bitcoins. Advertisers pay publishers any amount of money and get a proportional share of impressions from them. Advertisers don't pay for clicks/impressions. Goal tracking API enables advertisers to reward efficient publishers thus improving quality of the received traffic. It takes 20% commissions from advertisers. BTCClicks.com [Cairo, 2013]: BTC Clicks is an advertising platform where advertisers can receive quality traffic and members can earn bitcoins for viewing ads. Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

53. Bitcoin Report, September 201654 Alternative Cryptocurrency (1/9) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments Company Details Funding Investors CapriPay [Prague, 2016]: CapriPay is a web and mobile based wallet that allows users to transfer money to and from friends and family and also make purchases at participating merchants, using its proprietary cryptocurrency, Capricoins. In addition to facilitating payments, it also allows users to earn cashback in Capricoins when users purchase at participating merchants. Once fully mined, there will be a total of 208 million Capricoins. It counts Next Level Up and Kriella amongst its participating merchants. Krypton [Tallahassee, 2016]: Krypton enables enterprises to build their distributed applications. They claim to have developed $KR, a blockchain that can realize all of the features of Ethereum with fewer initial coins, faster speed and lower inflation. Krypton provides a platform to create DApps, i.e. DAOs & DACs, etc. They also provide KR wallets and enable KR mining and trading services whilst providing smart contracts & apps for business & the Internet of Things Nxt Group [Amsterdam, 2013]: Nxt Group started out as a community of prefessionals developing a decentralised cryptocurrency platform that issues tradable Nxt tokens that could be used for value transfer and are traded on exchanges. In July 2016, Nxt has announced its Ardor platform which it states will provide a scalable blockchain as well as smart contracts. Ardor offers a Decentralized Asset Exchange, a secure blockchain, and the ability to create customised blockchains. Other features included are Decentralized Voting and Governance Systems, and, Smart/Phased transactions, whereby users will be able to set multiple conditions before a transaction is executed. The platform will be open to everyone, including individual users, fintech start-ups, banks and governments Uncoin [Seoul, 2015]: UNCOIN (United Nations Commons Currency) operates United Nations coin, an alternative cryptocurrency in Seoul (South Korea). The currency is mined on the UNC blockchain with an objective to securely finance UN NGO projects related to anti-war, earth retention, financial convergence, human welfare and research.

54. Bitcoin Report, September 201655 Alternative Cryptocurrency (2/9) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments Company Details Funding Investors ArtByte Foundation [Houston, 2014]: ArtByte, by ArtByte Foundation (a non-profit organisation), is a cryptocurrency with a social platform to support artists via five channels 1) Tips from fans via our social media tipping applications 2) Promotion of artists’ works through their social media art community 3) Grants and awards from the ArtByte Foundation 4) Income from mining ArtBytes 5) Sale of art for ArtBytes, from their music download site, ArtByte Music Store. ArtByte is available on Poloniex and Bittrex exchanges in the pair BTC/ABY Franc Noir [Paris, 2014]: Franco Noir is a virtual currency project (Francs FRN) in France inspired by Bitcoin with a focus on wealth and luxury payments. They have a decentralized and anonymous transaction network in which 11 millions Francs circulate. Their wallet comes with an address from to receive and send francs instantly, 7/24, without fees. They also provide information on BTC/FRN/EUR price analysis and trend charts. Kobocoin [London, 2014]: Kobocoin is aimed for African financial inclusion. Kobocoin is a digital currency and payment system using public distributed ledger called the blockchain. The ledger uses its own unit of account, also called kobocoin(s). The kobocoin blockchain is distributed, to independently verify the chain of ownership of each and every kobocoin amount. In the Kobocoin ecosystem every person who holds a funded wallet (or a funded kobocoin address to be more precise) becomes a stakeholder. The kobocoin currency structure comprises of four denominations:- Kobocoin, Manilla, Cowrie, Mansa. Viacoin [London, 2014]: Viacoin is an Bitcoin blockchain based open-source project that integrates ClearingHouse, a protocol that allows for asset issuance and p2p trading on the Viacoin blockchain. Their core services include payment processing, giftcards, wallets, exchanges, blockchain explorer ARC [San Francisco, 2016]: Aquarius coin is a PoW/PoS cryptocurrency based on the Scrypt algorithm. The Block reward is 100 coins and total coin supply is 42000000 coins and their PoS hashing percentage is 1% per year. The company also provides a blockexplorer, wallet and exchange services to buy/sell ARC. The first block on the ARC blockchain was mined on 19.2.2016 at 10:54 AM (CET).

55. Bitcoin Report, September 201656 Alternative Cryptocurrency (3/9) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

62. Bitcoin Report, September 201663 Alternative Financing > Crowdfunding (1/4) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

66. Bitcoin Report, September 201667 Banking > Banking Platform Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

67. Bitcoin Report, September 201668 Bitcoin Consulting (1/4) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

71. Bitcoin Report, September 201672 Bitcoin Content (1/9) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

80. Bitcoin Report, September 201681 Bitcoin Reseller (1/4) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

84. Bitcoin Report, September 201685 E-commerce (1/6) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

90. Bitcoin Report, September 201691 Gaming (1/4) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

94. Bitcoin Report, September 201695 Mining (1/20) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

114. Bitcoin Report, September 2016115 Payments (1/63) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

177. Bitcoin Report, September 2016178 Social Network (1/3) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

180. Bitcoin Report, September 2016181 Technology (1/7) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

187. Bitcoin Report, September 2016188 Trading and Investments (1/64) Advertising Alternative Cryptocurrency Alternative Financing Banking Bitcoin Consulting Bitcoin Content Bitcoin Reseller E-commerce Gaming Mining Payments Social Network Technology Trading & Investments

252. Bitcoin Report, September 2016253 Team Tarun Bansal, Lead Analyst, Fin Tech Aman Trivedi, Analyst, Fin Tech