CV VC GLOBAL REPORT H1/2020 - ZUG, Summer 2020
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CV VC GLOBAL REPORT H1/2020
ZUG, Summer 2020
CV VC GLOBAL REPORT H1/2020 TABLE OF CONTENTS
01 INTRODUCTION
Introduction .5
02
BLOCKCHAIN IN ART
Introduction .7
Editorial from Mathias Ruch .5 Insights from Niko Kipouros .7
World Map of Companies .8
Company Descriptions .9
03 BROKERS &
CRYPTO BANKS
Introduction
Insights from Dave Chapman
.12
.12
04
CRYPTO EXCHANGES
Introduction
Insights from Roger Darin
.20
.20
insights from Yves Longchamp .13 World Map of Companies .21
Insights from Mathias Imbach .14 Company Descriptions .22
World Map of Companies .15
Company Descriptions .16
CV VC GLOBAL REPORT H1/2020 TABLE OF CONTENTS
05 CUSTODIANS
Introduction .25
06
MARKET MAKERS
Introduction .31
Insights from Adrien Treccani .25 Insights from Anton Golub .31
World Map of Companies .26 World Map of Companies .32
Company Description .27 Company Description .33
07 PLATFORMS &
PROTOCOLS
Introduction
Insights from Charles Hoskinson
.36
.36
08
TOKEN ISSUANCE
PLATFORMS
Introduction
Insights from Daniel Rutishauser
.43
.43
Insights from Hubertus Thonhauser .37 World Map of Companies .44
World Map of Companies .38 Company Description .45
Company Description .39
CV VC GLOBAL REPORT H1/2020 TABLE OF CONTENTS
09 VENTURE CAPITALISTS
IN BLOCKCHAIN
Introduction .49
10 OUTLOOK -
HOT NEW TOPICS
Introduction .55
Insights from Olaf Hannemann .49 Insights from Remo Prinz .55
World Map of Companies .51
Company Description .52
11 CV VC INVESTMENT
THESIS
Investment Thesis .56
12 ABOUT
About .59
Technology for Tomorrow Verticals .57
CV VC Portfolio .58
CV VC Global Report - H1/2020 .5
INTRODUCTION
The CV VC Global Report, created by CV companies are judged on their total Editorial from Mathias Ruch
VC in collaboration with PwC Switzer- investment into the blockchain space, as
land and distributed by Cointelegraph, well as capital raised in their respective Founder and CEO at CV VC, the leading
is a new periodical report that highlights fund. early-stage venture capital investor with
technology trends and showcases top a focus on start-ups that build on block-
global blockchain organizations across The top companies provide customers chain technology..
the following sectors (alphabetical or- with various services and trading tools
der): such as Cryptocurrency Exchanges, “We are expanding our research efforts
Custody Services and Brokerage. In or- by publishing our very first CV VC Glob-
• Blockchain in Art der to have a diversified list, the report al Report, building on the success of the
• Brokers & Crypto Banks only included the companies’ primary CV VC Crypto Valley Top 50 Report. I
• Crypto Exchanges services and listed the companies only am delighted that some of the top Swiss
• Custodians in their specific sector, as per the above. blockchain companies have found their
• Market Makers way into the Global Report.
• Platforms & Protocols The goal of the report is to map the
• Token Issuance Platforms global blockchain ecosystem, outlining This report shows
• Venture Capitalists in Blockchain the main activities of top organizations the global nature of
in each sector. the blockchain eco-
The main selection criteria are as follows: system we are build-
companies need to utilize blockchain The CV VC Global Report draws data ing. The report will be
technology and be relevant to the glob- from the following sources: Company published every six
al community. Other criteria covered in information, crypto exchanges and in- months and will show
this report also includes the total num- formation portals, media reports, and the growth and other
ber of employees, funding received and social media channels. Where no data development trends
the companies’ valuation. Additionally, was available, estimates were made. in the blockchain in-
Mathias Ruch,
exchanges are scrutinized according to dustry.” CEO, CV VC
their 30-day volume, and venture capital
BLOCKCHAIN IN ART
CV VC Global Report - H1/2020 .7
BLOCKCHAIN
IN ART
The Art market counts to one of the Insights from Niko Kipouros With ‘digital’ and ‘remote’ effectively be-
most dynamic, lucrative and compelling ing the new norm, one of the most im-
markets since many years. Nevertheless, Niko Kipouros has been a professional portant components is security. Today,
this market has a very high entry barri- art broker and passionate collector for the blockchain technology allows users
er for several reasons. On one side, the over 20 years. He founded 4ARTechnol- to manage collections or manage em-
unique and best art works are going for ogies in order to provide more trans- ployees, by giving them different levels
extremely high prices and getting ac- parency, safety and process efficiency of authorization and access, and even
cess to such pieces can be challenging. across the entire art market. manage the company account and keep
complete control of everything that hap-
On the other side, the rest of the art mar- “Technology is changing the way art is pens remotely. All of this is done with full
ket is highly flooded of choices, making both created and enjoyed. What remains privacy and security - only the artwork
it hard to gain an overview of what is unknown is how far will we take it? Un- owner has access to the collection, art-
on the market, ensuring the provenance doubtedly, we need to adapt and drive work passports and documentation.
of an artwork or protecting the pieces this change effort.
against fraud and counterfeit. Art and tech companies are creating
During the digital revolution, some of the the necessary tools,
Companies are using Blockchain tech- artwork can be viewed in virtual reality, enabling the artworld
nology to tackle these arising issues by enabling access to global showrooms to validate and track
steering the art market into its new dig- for artists and gallerists, anywhere in the artworks, whilst the
ital direction and changing the way we world. Galleries and art fairs are acceler- virtual reality features
buy, sell, support, view or even create ating their online presence. are an evolution of
art. This following list will introduce you With art appreciators enjoying their fa- the way the art is ac-
to the top blockchain companies who vorite creations from the comfort of their cessed and enjoyed.”
are revolutionizing the art market by us- home, will we digitize the art ex perience
ing blockchain technology. all together? Only the time will tell.
Niko Kipouros
CEO, 4ARTechnologies
CV VC Global Report - H1/2020 .8
BLOCKCHAIN
IN ART
Nifties
Decentral
Artory Portion ArtSquare 4ARTechnologies
New York New York London Zug
US US UK Switzerland
Dada.art SuperRare Maecenas dloop
New York New York London Zug
US US UK Switzerland
Masterworks Artblx Known Origin Arteia VR all art
New York New York Manchester Brussels Zug
US US UK Belgium Switzerland
Blockchain.art
San Francisco
US
TM
Verisart
Los Angeles
USCV VC Global Report - H1/2020 .9
BLOCKCHAIN
IN ART
4ARTechnologies solution combines with Artory exists to protect and grow the pros-
its unique and patented Augmented-Au- perity and enjoyment of those who buy, own,
DADA is a collaborative art platform where
thentication-Technology, thus offering more and sell art and collectibles. Artory’s core
people all over the world speak to each other
transparency, security and process efficiency product, the Registry, is a database of millions
through drawings. DADA has the biggest
to all players in the art world for the first time. of records, in which verified information about
collection of rare digital art with over 120,000
Using a smartphone camera, the microstruc- artworks, collectibles, and their history are
Zug, New York, New York, drawings made in our platform ready to be
Switzerland ture of an artwork is captured and converted US secured by blockchain technology, giving US tokenized as NFTs. We are building a token
into a digital “fingerprint”. Together with the confidence and peace of mind to buyers and
economy for the arts.
provenance data of an artwork, the informa- collectors that the information they are trans-
tion on its origin and history, it is secured as a acting upon is the latest and most accurate
tamper-proof “biometric passport”. information available.
ARTBLX is fine art investment brought to life. Dloop provides a marketplace for digital art.
Through their intuitive platform, individuals Artworks, validated by experts, will be to- The web app is all you need to buy, sell, and
can buy and sell shares in investment-grade kenized, and then listed and traded on the display digital artworks anywhere, anytime.
artwork. ArtSquare Exchange. With a click, users can securely invest in a digi-
tal art piece. What was once impossible
The art world is hard to break into. Artblx All Artwork Tokens will be easily traded on the Manchaster, to authenticate is now an owned original.
New York, London,
US
want to bridge the gap between the number UK
Secondary Market around the clock. Investors UK Blockchain technology makes limited editions
of art lovers and the number of art collectors will be protected by a guaranteed Liquidity possible, protects copyrights, and enables
by making ownership of investment-grade pool and by an optional Artwork Insurance. collectors to increase and protect the value of
artwork accessible to everyone. their investment.
bc/a enables the monetization of digital
art for the art industry, by providing a white
Arteïa’s solution is an integrated platform serv-
label solution to art galleries and the whole KnownOrigin is a successful marketplace
ing all the needs of actors in the art market. By
ecosystem. Artists, galleries, museums and selling digital artwork as non-fungible tokens
combining a cloud-based collection manage-
non-profits can integrate a digital shop into (NFTs), enabling hundreds of artists to mon-
ment with blockchain services of provenance,
their existing sales channels. They profit from etize their work in a borderless, unstoppable
Brussels, peer-to-peer trading and exchanging based San Francisco, Manchaster,
a custom solution and the safety of a private UK
world market, without intermediaries and free
Belgium on smart contracts, Arteïa brings a cut- US
blockchain exclusively made for the art indus- of cost.
ting-edge solution to the market.
try. Additionally, Bc/a features a royalty system
for artist and galleries.CV VC Global Report - H1/2020 .10
BLOCKCHAIN
IN ART
Maecenas is an art investment platform allow-
ing fractional ownership of artworks. Maecenas Portion is a blockchain exchange that bridges
leverages blockchain technology to create art, luxury and cryptocurrency to democratize
VR ALL ART is a platform and a marketplace
tamper-proof verifiable provenance and to the safety, transparency, and overall experi-
for artists, galleries, museums and the general
enable real-time digital settlement of transac- ence of making, selling, and buying art and
public to exhibit, explore and acquire art in
tions. collectibles. Artists, creators and collectors can
London, New York, Zug, virtual reality, augmented reality and mixed
US buy and sell their most beloved art and goods
UK Switzerland reality.
Maecenas lets investors create and manage in one safe space immediately and through a
their own liquid fine art portfolios. Through the live Bid/Ask model.
platform, art galleries and art collectors can
raise cash against their existing artworks.
SuperRare is a marketplace to collect and
Masterworks allows you to invest in great trade unique, single-edition digital artworks.
masterpieces. Each artwork is authentically created by an
artist in the network, and tokenized as a cryp-
Similar to investing in the stock market, They to-collectible digital item that you can own
allow you to invest and trade in great artworks and trade.
New York, New York,
US by 20th century masters like Picasso, Monet, US
Warhol, and more. You can think of SuperRare like Instagram
meets Robinhood. A new way to interact with
art, culture, and collecting on the internet!
NIFTIES was born out of a digital enthusiast’s
curiosity and the will to spread knowledge Verisart is building evidentiary infrastructure
about non-fungible tokens. TM
for artworks and collectibles that is verifiable
by anyone. Create a museum quality record for
This media platform aims to be one of the any object in 2 easy steps using your mobile
main online destinations for digital collectors device or computer. Records are encrypted
Decentral Los Angelas,
interested in premium NFTs. and timestamped by the world’s most-trusted
US
decentralized ledger. Certificates are easy to
NIFTIES team’s goal is to give collectors the manage and can be shared or transferred at
tools to build their own collections while they any time.
contribute to the rise of many creative minds.BROKERS & CRYPTO BANKS
CV VC Global Report - H1/2020 .12
BROKERS &
CRYPTO BANKS
A cryptocurrency broker is a firm or an Insights from Dave Chapman OSL provides digital asset brokerage,
individual that acts as an intermediary exchange, custody and software-as-a-
between the cryptocurrency markets Dave Chapman is an Australian serial service to institutions and profession-
to facilitate the buying and selling of entrepreneur with over a decade of ex- al investors. It was the first company to
cryptocurrencies. These brokers team perience in banking and financial tech- apply for and receive approval-in-princi-
up with banks and crypto exchanges nology and digital assets, specializing ple for Type 1 (dealing in securities) and
so that they can provide access and li- in the analysis of low-latency pre-trade Type 7 (automated trading services) li-
quidity to hundreds of trading pairs with risk and order management systems. censes from Hong Kong’s Securities and
highly competitive bid-ask spreads. Futures Commission (SFC).
“Switzerland has a long - and strong -
Crypto banks are banking institutions tradition of professional financial servic- Once licenses are granted, regulated
that engage in a traditional range of es around cryptocurrencies and cryp- digital asset firms like OSL will be per-
money-related activities such as depos- toassets. The founding history of Bitcoin mitted to rapidly expand client outreach
its and withdrawals, lending, saving, and Suisse in 2013 has become the stuff of and also offer access to trade virtual as-
investing across a wider range of mar- legends, and just a little over a year ago, sets including security tokens.
kets and instruments. This also describes on the 26th August 2019, two promising
a standard bank, however, crypto banks crypto startups received fully-fledged With this approv-
have integrated cryptocurrency into banking licenses. al-in-principle, OSL is
these financial functions and gained le- on track to become
gality in the eyes of the local financial Having said that, Asia’s reputation for the world’s only pub-
market supervision. pushing new technologies forward faster licly listed, licensed,
than anyone else equally applies to the insured and Big four
crypto space. One of these is OSL, a dig- audited digital asset
ital asset platform backed by HKEx-list- firm.”
ed BC Technology Group.
Dave Chapman
Executive Director,
BC GroupCV VC Global Report - H1/2020 .13
BROKERS &
CRYPTO BANKS
Insights from Yves Longchamp we could not imagine. How can we live vided a lot of comfort to the user. The
without them anymore? As the usage third era of the Internet, the Internet of
Yves Longchamp is Head of Research at of applications increased, the data that value, which runs on a blockchain, is the
SEBA Bank. His professional experience blue chips collect has increased both in last iteration. It emerged in the 2010s,
has taken him from the Swiss National quantity and in quality, offering a more and now, a decade later, it is established.
Bank to the world of crypto-currencies precise insight into consumer behavior.
via major banks and asset management. These three Internets form a complete
Market finance and macroeconomics are The emergence of smartphones revealed digital ecosystem that interacts and cre-
the research topics that mark out his ca- the power of the Internet of things to ates a wealth of new possibilities. Sta-
reer. Before joining SEBA, Yves worked complement the data already harvested blecoins link the Internet of value with
at Ethenea Independent Investor, Pictet on the Internet of information. These lit- e-commerce platforms running on the
& Cie, UBS and the Swiss National Bank. tle things follow us and track us closely, Internet of information. Meanwhile,
disclosing our innate behavior. smart contracts link the Internet of value
“The Internet has gradually changed and with the Internet of things via oracles.
shaped our lives in three distinct but The Internet of things is also a system
complementary eras – the Internet of where machines exchange information This situation re-
information, the Internet of things, and and propose real-life solutions based minds me of 29 June
the Internet of value. It started with the on this information. Whether you are 2007, the day Apple
Internet of information at the turn of stuck in a traffic jam, your train (or a few
released the first iP-
the millennium and led to the creation months ago, your flight) is cancelled, hone. The slogan at
of iconic websites and blue-chip firms or you want to track the parcel delivery that time was “This is
such as Amazon, Facebook, and Google, of your last e-purchase, the Internet of only the beginning”.
to name a few. Their potential is realized things is here to inform and to help. With a complete dig-
with the broad adoption of smartphones ital ecosystem in
in the 2010s. Smartphones are mobile The combination of the Internet of infor- place, we are again at
Yves Longchamp
devices that allow us to use applications mation and the Internet of things creat- the beginning. Stay Head of Research,
anytime, anywhere. Smartphones have ed value, which is reflected in the market tuned!” Seba Bank
taken over our lives to an extent that price of the iconic blue chips, and pro-CV VC Global Report - H1/2020 .14
BROKERS &
CRYPTO BANKS
Insights from Mathias Imbach Using our fiat-digital asset gateway, our tory clearance from the Swiss regulator
clients can use their deposited CHF, EUR, FINMA for its digital asset trading facility
Mathias Imbach is one of four Sygnum SGD and USD to securely buy, trade (OTF), a central element of our end-to-
Co-Founders, the others being Luka and hold an expanding range of digital end tokenization offering covering pri-
Müller, Manuel Krieger and Gerald Goh. assets seamlessly integrated in one ac- mary issuance, settlement, custody and
Mathias is CEO Singapore and a member count. These include Bitcoin, Ethereum now, secondary trading.
of Sygnum Bank AG’s Executive Board. and XRP, a Digital CHF token for instant
settlements and a diverse range of asset Sygnum is innovating within today’s reg-
“Sygnum is the world’s first digital asset tokens. Our portfolio of regulated digi- ulatory frameworks in reputable finan-
bank, and a digital asset specialist with tal asset banking services includes ac- cial hubs to shape the development of
global reach. The company is rooted in counts and custody, brokerage, lending, the emerging digital asset ecosystem to-
the financial hubs of Switzerland and asset management, tokenization and gether with our strategic partners such
Singapore, and has both a Swiss bank- B2B banking services. as Swisscom, and other industry leaders.
ing licence and a Singapore Capital Mar- Alongside our partners, we are building
kets Services (CMS) licence for asset We believe that Future Finance has her- tomorrow’s financial market infrastruc-
management. itage, and that a global, trusted, and ture – and enabling
regulatory compliant digital asset eco- institutional investors
Sygnum is building Future Finance by system is critical to realising the poten- to invest in the digital
leveraging the advantages of Distribut- tial of digital assets in the next wave of asset economy with
ed Ledger Technology (DLT) to serve financial innovation – asset tokenization. complete trust.”
clients with innovative digital asset This market is forecast to be worth USD
products and services. We operate an 24 trillion by 2027 (Source: Finoa), and
independently controlled, scalable and has the disruptive potential to reshape
future-proof regulated banking plat- the securitisation business model in the
form, providing a portfolio of regulated coming years. Sygnum is already work-
Mathias Imbach
banking services which makes the uni- ing with issuers to tokenize their shares Co-Founder, Sygnum
verse of digital assets bankable, conven- and raise capital in a fully digital manner.
ient and trusted. Sygnum also recently received regula-CV VC Global Report - H1/2020 .15
BROKERS &
CRYPTO BANKS
Cumberland Galaxy Digital B2C2 Bitwala Crypto Finance
Chicago New York London Berlin Zug
US US UK Germany Switzerland
Jump Trading Jane Street Market Securities Bitpanda Seba Bank
Chicago New York London Vienna Zug
US US UK Austria Switzerland
Tagomi Skew Bitcoin Suisse Sygnum Bank
Chicago London Zug Zurich
US UK Switzerland Switzerland
TP ICAP Diginex
London Hong Kong
UK
OSL
Hong Kong
FalconX Sfox Matrixport
San Mateo San Francisco Singapore
US USCV VC Global Report - H1/2020 .16
BROKERS &
CRYPTO BANKS
Founded in 2015, B2C2 is one of the largest
Bitwala offers the world’s first all-in-one
cryptocurrency liquidity providers and the
platform combining a regular bank account,
leader in electronic OTC trading. Bridging the Diginex is a digital financial services and
crypto wallets, and seamless bitcoin & Ethere-
gap between traditional financial and crypto- blockchain solutions company. They partner
um trading options. Their customers can easily
currency markets, the company is trusted by with institutional investors, corporations, and
London, Berlin, buy and sell bitcoin & ether - whether online or Hong Kong
retail brokerages, exchanges, banks and fund Germany
governments to make digital assets more
UK mobile - with fast liquidity directly from their
managers to provide 24/7/365 liquidity. Head- accessible, business processes more efficient,
bank account. The bank account is hosted by
quartered in the UK, with offices in London, and societies more secure.
a German partner bank.
Brussels and Tokyo, B2C2 is privately held.
Bitcoin Suisse has been pioneering crypto-fi-
nancial services since 2013. The company The aim of Crypto Finance AG is to facilitate
played a crucial role in the development of the the implementation of blockchain technolo- For open, permissionless, and truly global
Cypto Valley and the overall Swiss blockchain gy in the global economy through a range of digital assets to be adopted by mainstream
ecosystem. Services include Prime Broker- high-quality financial services. Crypto Finance institutions at scale, today’s digital infrastruc-
age, Custody, Collateralized Lending, Staking, has offices in Zurich, and is based in Zug in ture is grossly inadequate. FalconX’s mission is
Zug, Zug, San Mateo,
Tokenization, Payments and more. the Crypto Valley, which is home to one of the US
to build this connective tissue. Their technolo-
Switzerland Switzeerland
More than 140 employees in Switzerland, world’s densest clusters of crypto-economic gy provides the infrastructure for the future of
Denmark and Liechtenstein service private companies and innovative organisations that digital assets and enable seamless price dis-
and institutional clients and develop in-house utilise blockchain technology. covery, trade execution, and transfer of value
technology.
Cryptoassets are fundamentally changing Galaxy Digital is a diversified financial services
At Bitpanda they belive in the innovative
the way the world thinks about technology, and investment management company in the
power of cryptocurrencies, digitised assets
investments and how people interact with one digital asset,cryptocurrency and blockchain
and blockchain technology. Their mission is to
another. Cumberland DRW LLC has been at technology sector. Galaxy Digital currently
Vienna, tear down the barriers to personal finance and Chicago, New York,
the forefront of cryptoasset trading since 2014, US
operates four distinct business lines, which
Austria bring traditional financial products into the 21st US
giving innovative investors frictionless access include: Trading, Asset Management, Principal
century.
to this new world of possibility. Investments and Investment Banking.CV VC Global Report - H1/2020 .17
BROKERS &
CRYPTO BANKS
Founded in February 2019, Matrixport is a
gateway to digital economy where you can
Jane Street is a quantitative trading firm that
trade, custody, invest and borrow crypto as-
uses innovative technology, a scientific ap-
sets all in one stop. SFOX is a cryptocurrency prime dealer that
proach, and a deep understanding of markets
provides professional traders and institutional
to guide our business. Jane Street is a global
With rich industry resources and leading tech- investors higher returns when trading large
New York liquidity provider and market maker, operating Singapore Los Angelas,
nology capabilities, Matrixport aims to create volumes, through smart routing and a global
US around the clock and around the globe, out of US
the next generation digital financial service integrated order book.
offices in New York, London, Hong Kong and
platform. Their vision is to enable a more open
Amsterdam.
and equal financial system using blockchain
technologies.
The OSL platform is Asia’s premier institu-
Jump Trading combines sophisticated quanti- tional gateway to global digital asset capital
tative research, best-in-class technology, and markets, providing comprehensive brokerage, Skew. mission is to build cutting edge financial
an entrepreneurial culture to create a leading exchange, custody and software-as-a-service infrastructure for the digital assets industry.
global, quantitative-based trading firm. Jump (SaaS) to professional investors, traders and
Chicago, asset managers. London,
has more than 700 employees across offices Hong Kong UK
skew. was founded in 2018 by two derivatives
US
in Chicago, New York, London, Amsterdam, traders and is backed by leading international
Shanghai, Singapore, and Gurgaon, India. With worldwide coverage for large block venture funds.
trades or day-to-day transactions, OSL deliv-
ers access to a global network of counterparts
with a focus on Asia. OSL is part of BC Group
SEBA Bank is a pioneer in the financial industry, pro-
viding a seamless, secure and easy-to-use bridge be-
Sygnum is one of the world’s first digital asset
tween digital and traditional assets. In August 2019,
Market Securities offers large natural execu- SEBA Bank received a Swiss banking and securities bank, and a digital asset specialist with global
tion flows on various asset classes as well as dealer licence – the first time a reputed, regulatory reach. With Sygnum Bank AG’s Swiss banking
designated research and technical analysis authority such as FINMA has granted a licence to licence, as well as Sygnum Pte Ltd’s capital
to a wide institutional client base of invest- a financial services provider with a main focus on markets services (CMS) licence in Singapore,
London, Zug, digital assets and crypto. The integrated spectrum of Zurich,
UK
ment banks, hedge funds, asset managers, Switzerland Switzerland
Sygnum empowers institutional and private
proprietary trading desks, pension funds and services, as well as the high security standards make qualified investors, corporates, banks and oth-
SEBA’s business approach unique. SEBA Bank ena-
insurance companies. er financial institutions to invest in the digital
bles clients to invest, safely keep, trade and borrow
against traditional and digital assets, as well as issue asset economy with complete trust.
tokens in one place.CV VC Global Report - H1/2020 .18
BROKERS &
CRYPTO BANKS
Tagomi is an electronic brokerage for digital
assets, combining institutional-grade services
with proven robust infrastructure that clients
have come to expect in other institutional
Chicago, asset classes. Tagomi provides access to best-
US priced liquidity, low commissions, and maxi-
mized client returns, helping usher in transpar-
ency in otherwise opaque markets.
TP ICAP is a global firm of professional
intermediaries that plays a pivotal role in the
world’s financial, energy and commodities
London,
UK
markets.CRYPTO EXCHANGES
CV VC Global Report - H1/2020 .20
CRYPTO
EXCHANGES
Crypto exchanges set the value of cryp- Insights from Roger Darin that very few regulated exchanges would
tocurrencies. The cryptocurrency rate list knowingly.
usually depends on the supply and de- With an international background in in-
mand of a coin, though there are oth- vestment banking, Roger learned about What the crypto space needs, more than
er influences on the price such as news, Bitcoin around 2011. He is a board mem- anything, is a place to safely buy and sell
economic and political events, and even ber of the Bitcoin Association Switzer- security tokens. Ideally, that place is in a
technical issues. land and co-founded the Fintech chap- jurisdiction that investors associate with
ter of SICTIC, an established business stability, prosperity, and financial trust-
Cryptocurrency exchanges are com- angel organization in Switzerland. In his worthiness. It should be as easily acces-
parable to regular stock exchanges in current role, he is responsible for the sible to retail investors as it is to banks
that they are able to buy and sell their Blockchain Advisory and Crypto Asset and professional investors.
purchased cryptocurrencies, shares, or business at Zug-based firm Inacta AG.
derivatives on their respective markets. He’s a frequent lecturer at various uni- At the time of writing, there is an on-go-
The only caveat being that traditionally, versities. ing race between “that place” and pro-
cryptocurrencies don’t usually equate ponents of decentralized finance (DeFi).
to ownership/part-ownership of a com- “The promise of ‘liquidity’ is at the center The latter group aims
pany. of many tokenization projects: you can to solve all of these
finally sell off angel investments before problems with the
There are numerous different crypto ex- your start-up goes through an exit, you clever use of tech-
changes, but they differ in their options can finally buy or sell a piece of art in nology, including the
and functions; some exchanges are de- fractions and benefit from time diversi- replacement of reg-
signed for day traders, allowing them to fication, there’s finally a pool of liquidity ulation-based trust.
buy and sell crypto at lower commission for non-bankable assets. Whoever wins this
fees when compared to crypto-to-fiat race will have shaped
exchanges. The reality is somewhat bleaker, though. the landscape where
Roger Darin
Many worthwhile cryptoassets are cate- people buy and sell Principal, Inacta
gorized as security tokens, a category their cryptoassets for
decades.”CV VC Global Report - H1/2020 .21
CRYPTO
EXCHANGES
Coinbase Pro Poloniex Bittrex Global Bithumb
Binance Vaduz
San Francisco Wilmington Seoul
not disclosed Liechtenstein
US Delaware South Korea
Kraken Gemini OKEx Huobi bitFlyer
San Francisco New York Valletta Mahe Tokyo
US US Malta Seychelles Japan
Bitstamp Bitfinex
London Taipei
UK Taiwan
Crypto.com
Hong KongCV VC Global Report - H1/2020 .22
CRYPTO
EXCHANGES
Binance is a blockchain ecosystem comprised Founded in June of 2012, Coinbase is a digital
Bithumb Global is the digital asset exchange currency wallet and platform where merchants
of Exchange, Labs, Launchpad, Info, Acad-
launched to meet the diverse needs of users and consumers can transact with new digital
emy, Trust Wallet, and Blockchain Charity
around the world. Bithumb Global will leverage currencies like bitcoin, ethereum, and lite-
Foundation. The platform focuses on security,
on their deep resources and technology to coin. Their vision is to bring more innovation,
robustness, and execution speed - attracting
not disclosed Seoul, provide a wide range of services such as San Francisco,
efficiency, and equality of opportunity to the
enthusiasts and professional traders alike. South Korea US
digital asset exchange, digital asset issuance, world by building an open financial system.
The Binance exchange provides access to
blockchain project incubation, decentralized Our first step on that journey is making digital
hundreds of digital currency pairs, while main-
finance among other services. currency accessible and approachable for
taining security, liquidity and high-speed.
everyone.
Bitfinex strives to achieve it by providing users
with state-of-the-art trading tools, innovative Bitstamp is one of the world’s longest-stand-
technology and unparalleled levels of custom- ing cryptocurrency exchange, continuously
Crypto.com is the cryptocurrency and
er service. supporting the Bitcoin economy since 2011.
payment platform encompassing a range of
The digital asset space is evolving at abreak- With a proven track record and mature ap-
products aimed at promoting the adoption
neck pace. To keep up with such rapid proach to the industry, Bitstamp provides a
Taipei, London, Hong Kong of cryptocurrencies on a wider scale. At the
technological innovation requires an equally UK
secure and transparent venue to over four mil-
Taiwan moment, the platform offers MCO Visa cards,
forward-thinking and agile approach. Bitfinex lion customers and enables partners to access
wallet and portfolio building services.
provides state-of-the-art digital asset trad- emerging crypto markets through time-proven
ing services for our users and global liquidity infrastructure.
providers.
bitFlyer is Japan’s most famous crypto ex- Gemini Trust Company, LLC (Gemini) is a next
change in terms of Bitcoin volume and offers Bittrex Global is a secure, reliable and ad- generation cryptocurrency exchange and
a wide variety of cryptocurrencies for trading. vanced digital asset trading platform devel- custodian that allows customers to buy, sell,
The exchange was established in January 2014 oped for international customers and built and store digital assets such as bitcoin and
and is owned and operated by bitFlyer Inc. on Bittrex’s cutting-edge technology. This ether. Gemini is a New York trust company
The exchange has a headquarter in Tokyo, Ja- international trading platform provides innova- that is held to the highest level of fiduciary
Tokyo, Vaduz, New York,
pan but provides its service all over the globe. tive tokens a more streamlined approach for US
obligations, capital reserve requirements, and
Japan Liechtenstein
In 2016, bitFlyer extended their virtual trading being listed, while also providing instant trade banking compliance standards. Gemini was
services to the US and allows Bitcoin trading execution, dependable digital wallets, and founded in 2014, by brothers Cameron and Ty-
in three major continents, namely, Europe, Asia industry-leading security practices. ler Winklevoss, to build a bridge to the future
and the US. of money.CV VC Global Report - H1/2020 .23
CRYPTO
EXCHANGES
Established in 2013, Huobi has become one
of the world’s largest digital asset exchanges Polonoiex is building the most active crypto
with an accumulated trading volume of US $1 marketplace. Providing liquid markets that
trillion. Having once accounted for half of the connect passionate investors with diverse
Mahe, Wilmington,
world’s digital asset transactions, Huobi now blockchain developers who are revolutionizing
Seychelles Delaware
serves more than 5 million users in over 130 global finance.
countries around the world.
Kraken has employees located in 60+ coun-
tries, offering a wide selection of digital assets
and fiat currencies for trading. Known for
their best-in-class security, execution, and
regulatory compliance, Kraken is trusted by
millions of individuals and institutions to serve
San Francisco, their trading needs. Additionally, Kraken is the
US
first exchange to display its price data on the
Bloomberg Terminal, pass a cryptographically
verifiable proof-of-reserves audit, and one of
the earliest to offer leveraged margin trading,
regulated derivatives, and index services.
OKEx provides hundreds of token & futures
trading pairs to help traders to optimize their
strategy. OKEx is also one of the top digital
asset exchanges by trading volume, serving
millions of users in over 100 countries. OKEX
Valletta,
Malta
derivatives remains a top-notch venue globally
and has a daily volume of approximately $4
billion and is widely recognized as the golden
standard of crypto exchange.CUSTODIANS
CV VC Global Report - H1/2020 .25
CUSTODIANS
Custody services are available in the now serves as CEO. He is a leading soft- This development will likely encourage
crypto space. Nevertheless, it is still a ware engineer specialized in high-per- banks and financial institutions to turn
fledgling market and its importance has formance computing and financial engi- toward trusted infrastructure providers
not yet garnered the recognition that it neering. for the deployment of secure custody
deserves; custody providers are vital for infrastructure. METACO’s institution-
the adoption of cryptocurrencies and “The institutional adoption of custody al operating system for digital assets
crucial within the institutional space. solutions for managing digital assets has launched in 2018, known as SILO, the
entered an exciting new phase. Great- system is one such trusted solution that
Furthermore, custody services are nec- er regulatory clarity on digital assets in enables large financial institutions to
essary with regards to safely securing many jurisdictions, as well as adoption securely integrate cryptocurrencies, to-
cryptocurrencies kept on respective by large global institutions such as Libra kens, and distributed ledger use-cases
exchanges. There have been numerous and PayPal, are highlighting the need for into core infrastructure.
hacks and scams in the past that dam- trusted, secure, and flexible infrastruc-
aged the overall reputation of crypto- ture to manage such assets. SILO’s unique framework for digital asset
currencies, and so challenging these One of the most significant steps for- custody, transaction management,trad-
troubles has become an important issue ward has been the recent announcement ing, and tokenization,
to tackle. by the US Office of the Comptroller of has made it the lead-
the Currency (OCC) to allow all nation- ing choice for banks
The digital asset space needs ways to ally chartered banks in the US to provide and exchanges, with
safeguard these assets for private indi- custody services for cryptocurrencies. significant Tier 1 and
viduals, institutions, and enterprises. As Tier 2 bank imple-
a result, top custody providers are look- Enabling US banks to offer crypto cus- mentations, including
ing to build solutions for this problem. tody is another major advancement to- FINMA, BaFin, Banco
wards mainstream institutionalization de España, ECB, and
Insights from Adrien Treccani and retail cryptocurrency adoption, and MAS regulated banks
Adrien Treccani
we will probably see a domino effect as and exchanges.” CEO, METACO
Adrien founded METACO in 2015 and other jurisdictions follow suit.CV VC Global Report - H1/2020 .26
CUSTODIANS
Prime Trust BitGo Curv Copper Custodigit
Las Vegas Palo Alto New York London Zurich
US US US UK Switzerland
Aegis Custody Xapo itBit Koine Metaco
San Francisco Palo Alto New York London Lausanne
US US US UK Switzerland
Swiss Crypto
Anchorage Knox Fireblocks Vo1t Vault
San Francisco Montreal New York London Zug
US Canada US UK Switzerland
Ledger Vault
Legacy Trust
Paris
Hong Kong
France
Unchained Capital Kingdom Trust Bakkt Onchain
Austin Murray Atlanta Custodian
US US UK SingaporeCV VC Global Report - H1/2020 .27
CUSTODIANS
Safeguard your digital assets with the world’s
Until now, institutions that use digital assets most secure and compliant custody solution.
have had to rely on custody tools that were Since 2013, BitGo has been the market leader CUSTODIGIT provides secure access to and
difficult to operate and compromise on secu- in delivering institutional grade security solu- storage of digital assets through an institution-
rity. tions for blockchain-based currencies. Built al investor-grade custody solution targeting
on BitGo’s pioneering multi-signature security, regulated financial institutions. The platform
San Francisco Palo Alto, Zurich,
Therefore, Aegis Custody provides institution- US
BitGo Custody is purpose-built for securing Switzerland covers the entire lifecycle of digital assets:
US
al-grade security through an intuitive com- today’s digital assets. Clients seeking regulato- safekeeping, access to exchanges, tax decla-
bination of cold storage hardware, multisign ry compliance can choose to have assets held ration.
wallets, and policy-based approvals. by BitGo Trust Company, a qualified custodian
focused exclusively on digital assets.
Developing next-gen digital asset Fireblocks streamlines operations by bringing
Institutional investors in digital assets no
infrastructure for those that know all your exchanges, OTCs, counterparties, hot
longer have to choose between peace of mind
Copper builds infrastructure that will shape wallets, and custodians into one platform. Wal-
and asset productivity.
the financial services industry for a generation lets, deposit addresses, and API credentials are
to come. They do it with the guiding princi- secured using patent-pending chip isolation
San Francisco Anchorage brings the world’s most advanced London, New York,
Uk
ple that the problems our clients face can be US
technology and the newest breakthrough in
US and proven security architecture to cryptocur-
solved efficiently, collaboratively, and securely, cryptography (MPC). Institutions are using
rency custody, making digital assets safe to
to the benefit of the entire digital asset eco- Fireblocks to move funds securely in seconds
hold and to use.
system. – instead of hours.
Through the Bakkt Warehouse and Bakkt Bit-
Curv provides the industry’s first cloud-based
coin Futures and Options contracts, we serve
Institutional Digital Asset Wallet Service. Pow-
institutional clients in an end-to-end regulat- itBit is the world’s first regulated digital asset
ered by groundbreaking cryptography, Curv
ed market with true price transparency. For platform, built for institutional investors as
mitigates the blockchain’s irreversible single
consumers, Bakkt aggregates digital assets to the most reliable, secure and efficient way to
point of failure by eliminating the concept of
enable instant liquidity and to empower users hold and trade crypto assets. itBit offers fiat
Atlanta, New York, private keys and providing an enterprise-grade New York
to trade, transfer and pay however they want. to crypto trading, escrow, custody and OTC
US US policy engine. Curv makes it quick and easy to US
Merchants within the Bakkt ecosystem see a solutions for Bitcoin, Bitcoin Cash, Ethereum,
add new assets to any portfolio, without hav-
lower cost of payment acceptance, enhanced Litecoin, Stellar Lumens and more.
ing to use any hardware or manage blockchain
customer engagement, and decreased loyalty
infrastructures.
liability through a variety of redemption options.CV VC Global Report - H1/2020 .28
CUSTODIANS
Founded in 2014, Ledger is a leader in security
Kingdom Trust is an independent qualified and infrastructure solutions for cryptocurren-
custodian regulated by the South Dakota cies and blockchain applications. Headquar- Onchain Custodianoffers a global, standard-
Division of Banking. They specialize in unique tered in Paris, Vierzon, New York and Hong ised, resilient, insured and compliant custody
and innovative custody solutions for individual Kong, Ledger has a team of 170 professionals service for the safekeeping of institutional
investors, investment sponsors, family offices, developing a variety of products and servic- digital asset investments with incomparable
Murray, Paris, Singapore
US
advisory firms, broker-dealers and various France es to safeguard cryptocurrency assets for user experience. ONC’s solution is built with
other investment platforms. We currently serve individuals and companies – including the flexibility to meet the possible futures of cryp-
over 100,000 clients and have over $12 billion Ledger hardware wallets line already sold in to custody.
in assets under custody. 165 countries.
PrimeTrust holds cash and non-cash assets
such as stocks, bonds, Bitcoin and other
Forward-thinking and globally connected,
cryptocurrencies, tokens, real estate, and
Legacy Trust Company serves a client base of
private business ownership interests. They act
institutions, corporations, and high net worth
Managing Bitcoin keys is a usability and se- as custodian and trustee for a wide variety
individuals.
curity trade-off. Operating robust technology, of personal and corporate trusts, as well as a
Montreal, Hong Kong Las Vegas, major part of the crowdfunding industry, and
KNØX built our modular product for uncom-
Canada Legacy provides extensive digital asset ser- US
promising service levels and simple integration. work with individuals, corporations, lawyers,
vices, including custody and trust services for
brokers, investment advisers and others on
digital assets, in partnership with Ledger and
holding and managing specialized custodial,
especially suitable for institutional investors.
escrow and trust services.
Koine offers segregated, institutional custody METACO is the leading provider of securi- Swiss Crypto Vault developed a proprietary
& settlement of digital assets, providing essen- ty-critical infrastructure enabling financial insti- ISAE 3402 audited piece-of-mind cold storage
tial Financial Market Infrastructure (FMI). tutions to enter the digital asset ecosystem. solution based on a HSM (Hardware Security
Module). It applies the highest standards of
This brings together the full suite of govern- METACO brings together a diverse team of cryptographic, IT and physical security as well
London, ance, compliance, risk management and audit Lausanne, industry specialists in software, security, cryp- Zug, as multi-party segregation and multi-signing
UK of real-world asset trading to the digital asset Switzerland tography and banking to transform the finan- Switzerland features.
ecosystem for the first time. Institutional cli- cial services industry. The company is deeply
ents can engage with digital assets while fully integrated into the banking sector through Swiss Crypto Vault is a technology provider
adhering to regulated market practices. a growing network of strategic partners and and fully owned subsidiary of Bitcoin Suisse.
institutional shareholders.CV VC Global Report - H1/2020 .29
CUSTODIANS
Unchained Capital’s mission is to build a bit-
coin native ecosystem that ensures everyone
can secure and maximize the value of their
bitcoin holdings over multiple generations.
They believe bitcoin provides infrastructure for
Austin,
US
a free and open financial system far superior
to current fiat standards. Their open source
tools and financial services leverage the bit-
coin protocol to deliver safe, easy-to-use, and
transparent products that empower clients to
hold private keys.
Vo1t is a leading global custodian of block-
chain assets. We combine cutting-edge sys-
tem design with cybersecurity best practices
to provide the world’s most secure cold-stor-
London, age vault. Their innovative solutions are robust
US and enable same-day access to your assets.
Each client enjoys a dedicated account man-
ager, ensuring the best service possible.
Xapo was founded to address two of the
biggest issues with Bitcoin’s success and
adoption—accessibility and security. I
Xapo is expanding beyond Bitcoin to create
a robust banking alternative that provides
the same level of accessibility and security
Palo Alto,
to all facets of your financial life. Because no
US
matter who we are or where we’re from, we all
deserve the opportunity to have more options,
more control and more security in our financial
lives.MARKET MAKERS
CV VC Global Report - H1/2020 .31
MARKET MAKERS
Liquidity is the degree of simplicity and Insights from Anton Golub ty and the vast potential of decen-
speed with which a token can be trad- tralized financial systems threatens to
ed. In a liquid market, the buying or sell- Anton Golub is the founder and CEO of wither.
ing of a digital asset at a low spread is flov technologies, a financial technology Liquidity providers are leading the way
possible at any time, without causing a company with a focus on liquidity provi- to enable the growth of digital assets. In
drastic change in the price. A liquidity sion in space of digital assets. simple terms, this means that individuals
provider is a company that quotes both seeking to exchange assets at any point
the buy and sell price of a token at all “Liquidity is the missing piece in the dig- in time can rely on a liquidity provider
times, making tokens and exchanges liq- ital asset ecosystem!” to facilitate the exchange. By deploy-
uid, thereby providing the conditions for ing state-of-the-art software and algo-
Recently, the term “tokenization” has
a well-functioning market. rithms, liquidity providers quote efficient
become the buzz word in the alterna-
prices for tokens at exchanges, to be
tive world of technology-savvy finance.
The digital asset ecosystem can there- bought or sold at any time.
This involves the creation of digital as-
fore only succeed if exchanges, token sets, which are transferred to a block-
issuers, and liquidity providers work The future is digital, decentralized, and
chain. The possibilities associated with
together to ensure liquid and orderly liquid! Liquidity pro-
everything that represents value receiv-
markets, thereby enhancing the user ex- viders are helping
ing a digital representation and becom-
perience of market participants. It is al- shape that future, con-
ing accessible to all people are incon-
ready the case that both the quality of solidating the knowl-
ceivable. In other words, we are facing
exchanges and of individual tokens are edge of blockchain
the democratization of the financial sys-
assessed in terms of their liquidity. As pioneers, experienced
tem.
more investors from the liquid tradition- finance professionals,
al financial markets enter the space, this However, there exists one crucial hurdle quantitative research-
criterion will become even more impor- that obstructs this future development. ers, and developers,
tant in their assessment. The crucial success factor of the digital all within a regulated
asset ecosystem is liquidity. At the mo- and compliant frame- Anton Golub,
CEO, Flovtec
ment, we see that most tokens are not work.”
easily tradable due to the lack of liquid-CV VC Global Report - H1/2020 .32
MARKET MAKERS
Flovtec Kairon Labs Efficient Frontier Alameda Research
Zurich Antwerp Tel Aviv Hong Kong
Switzerland Belgium Israel
Woorton Keyrock AlphaTheta Amber Group
Paris Brussels Singapore Hong Kong
France Belgium
Wintermute Altonomy GSR
London Singapore Hong Kong
UKCV VC Global Report - H1/2020 .33
MARKET MAKERS
Founded in 2013, the firm is one of the oldest
Alameda Research is a quantitative crypto- Amber Group focuses on electronic market
established institutional market makers for
currency trading firm and liquidity provider. making and systematic trading in digital cur-
digital assets, and is a recognized innova-
According to the firm, it manages over $100 rencies - covering spot, futures, swaps, options
tor in developing digital asset derivatives,
million in digital assets and trades $600 million and other derivatives. It provides liquidity for
algorithmic solutions and proprietary trading
to $1.5 billion daily across thousands of prod- miners and mining pools, exchanges, hedge
Hong Kong Hong Kong Hong Kong strategies. The GSR leadership team consists
ucts: major coins and altcoins, as well as their funds and token issuers. According to the firm,
of finance and technology executives from
derivatives. it has executed over $100 billion of trades
companies such as Goldman Sachs, Two
across all products and categories since
Sigma, Nomura International, IBM and Oracle,
inception.
among others.
Efficient Frontier is a crypto algorithmic
The mission of AlphaTheta is to create solu- Founded in late 2018, Kairon Labs is based in
trading firm and market maker with over 13
tions for enhancing token marketability and Belgium and the Netherlands and offers mar-
years of experience in traditional markets and
Singapore building stability in the token ecosystem. Tel Aviv, Antwerp, ket making for all utility tokens using proprie-
Israel
3 years in crypto. They trade over $100M a day
Belgium tary trading software.
in spot and derivatives markets.
Founded in Belgium in 2017, Keyrock are cryp-
flovtec provides liquidity to tokens & exchang- tocurrency market makers building scalable,
es and offers investment products for institu- self-adaptive algorithmic technologies to
According to the Altonomy, it has direct
tional & professional investors. They have ex- support efficient digital asset markets.
partnerships with more than 80 token issuers,
tensive experience in the digital assets space
among which 40-plus are ranked top-200 by
and proven track-record in asset management. Through a combination of in-house algo-
market capitalization, as well as top global and Brussels,
Singapore Zurich, They run a low-latency trading infrastructure rithmic trading tools, high-frequency trading
regional investment funds. Headquartered in Belgium
Switzerland and a set of fully automated & highly success- infrastructure and industry expertise, Keyrock
Singapore, Altonomy closed a $7 million round
ful trading algorithms that enable them to provides unparalleled liquidity services to
funded by Polychain Capital last year.
provide liquidity to any token on any digital tokens, exchanges and brokerages within the
asset exchange. cryptocurrency ecosystem.CV VC Global Report - H1/2020 .34
MARKET MAKERS
Founded in July 2017 by three senior Optiver
traders and developers with the mission to
professionalise crypto market making, Winter-
mute Trading is one of the top global algorith-
Hong Kong mic market makers in crypto. They trade over
500 trading pairs on over 40 vetted exchang-
es, in both spot and derivatives.
As a leading European market maker, Woor-
ton generates deep liquidity that helps to
create more efficient markets. Their liquidity is
Singapore powered by innovative, proprietary technology
and designed to automate market making and
post-trade processes.PLATFORMS & PROTOCOLS
CV VC Global Report - H1/2020 .36
PLATFORMS &
PROTOCOLS
Blockchain is evolving across all of it’s Insights from Charles Hoskinson CEO recently describing the PoS techni-
immediate and broader industries, ex- cal challenge as “...much harder than we
panding from a digital currency infra- Charles Hoskinson is a Colorado-based expected to implement,” when it does
structure into a foundation for digital technology entrepreneur and mathe- happen, the ecosystem of (PoW familiar)
transformation. matician. He attended the Metropoli- Ethereum developers are likely to look
tan State University of Denver and the for other, PoW-based homes, where they
Blockchain has grown significantly since University of Colorado Boulder to study can utilize their very specific skills. At the
its inception and is believed to contin- analytic number theory before moving same time, there will be an acceleration
ue flourishing over the coming years. It into cryptography through industry ex- in the interest in PoS-specific program-
has the potential to change the way we posure. ming languages - like IOHK’s Plutus and
transact, work, execute tasks, and so on. Marlowe. Finally, decentralized applica-
Such growth can be attributed to the “In September 2016, IOHK presented tions, currently on Ethereum, when re-
high quality of developers who contin- the world’s first provably secure Proof of written to be compatible with the PoS
uously push the limits of technology to- Stake (PoS) blockchain protocol. Now version of that platform, are likely to be
ward newer innovation. realized - in decentralized fashion - in written to feature broad compatibility
the Cardano blockchain platform, PoS with a wide range of
Blockchain platforms and protocols en- neatly avoids the centralization and en- PoS protocols, includ-
able blockchain developers to develop ergy consumption issues of Proof of ing Cardano, bringing
apps which enhance and expand the Work (PoW) blockchains like Bitcoin. us closer to the in-
scope of the technology, from security teroperable ‘internet
to ease of access, blockchain technolo- In fact, so successful is the PoS protocol, of blockchains’ that
gy is evolving rapidly. that Ethereum - the platform on which will be required for
95% of all decentralized applications are the industry to final-
The following list does not look at the currently built - is in the midst of making ly achieve true global
technology of the protocols, but rather, a wholesale migration to the technology. adoption.”
Charles Hoskinson
focuses on the valuation, size, and fund- Although the Ethereum team expects Founder, Cardano
ing of the project. this transition to take years, with theirYou can also read
