CV VC GLOBAL REPORT H1/2020 - ZUG, Summer 2020

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CV VC GLOBAL REPORT H1/2020 - ZUG, Summer 2020

       ZUG, Summer 2020
CV VC GLOBAL REPORT H1/2020 - ZUG, Summer 2020
CV VC GLOBAL REPORT H1/2020                                             TABLE OF CONTENTS


    Introduction                   .5
                                          BLOCKCHAIN IN ART

                                          Introduction                          .7
    Editorial from Mathias Ruch    .5     Insights from Niko Kipouros           .7
                                          World Map of Companies                .8
                                          Company Descriptions                  .9


    Insights from Dave Chapman
                                          CRYPTO EXCHANGES

                                          Insights from Roger Darin
    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 - ZUG, Summer 2020
CV VC GLOBAL REPORT H1/2020                                                       TABLE OF CONTENTS


    Introduction                        .25
                                               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


    Insights from Charles Hoskinson
                                               TOKEN ISSUANCE

                                               Insights from Daniel Rutishauser
    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 - ZUG, Summer 2020
CV VC GLOBAL REPORT H1/2020                                                    TABLE OF CONTENTS


     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


     Investment Thesis                   .56
                                               12   ABOUT

                                                    About                             .59
     Technology for Tomorrow Verticals   .57
     CV VC Portfolio                     .58
CV VC GLOBAL REPORT H1/2020 - ZUG, Summer 2020
CV VC Global Report - H1/2020   .5


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
CV VC GLOBAL REPORT H1/2020 - ZUG, Summer 2020
CV VC GLOBAL REPORT H1/2020 - ZUG, Summer 2020
CV VC Global Report - H1/2020   .7

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 - ZUG, Summer 2020
CV VC Global Report - H1/2020   .8


       Artory           Portion     ArtSquare                        4ARTechnologies
       New York         New York    London                           Zug
       US               US          UK                               Switzerland         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
       San Francisco

       Los Angeles
CV VC Global Report - H1/2020   .9


              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,
              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


            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
                                                                                 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.
CV VC Global Report - H1/2020   .12

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 Group
CV VC Global Report - H1/2020   .13

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

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

   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

                                                                                Hong Kong

   FalconX        Sfox                                 Matrixport
   San Mateo      San Francisco                        Singapore
   US             US
CV VC Global Report - H1/2020   .16


              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

                                                                                  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
                                                                                  to this new world of possibility.                               Investments and Investment Banking.
CV VC Global Report - H1/2020   .17


                                                                           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
                                                                           and equal financial system using blockchain

                                                                           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
           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,
           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


           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
CV VC Global Report - H1/2020   .20

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
CV VC Global Report - H1/2020   .21

   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

                                                Hong Kong
CV VC Global Report - H1/2020   .22


              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.

              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
                                                                                                                                          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.

              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


               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
               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
               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.
CV VC Global Report - H1/2020   .25


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


   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
                                                                           Hong Kong

   Unchained Capital   Kingdom Trust   Bakkt        Onchain
   Austin              Murray          Atlanta      Custodian
   US                  US              UK           Singapore
CV VC Global Report - H1/2020    .27


                                                                             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:
             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,
                                                                             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
              liability through a variety of redemption options.
CV VC Global Report - H1/2020   .28


                                                                             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
            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
            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


             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
             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
             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
CV VC Global Report - H1/2020   .31


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
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


           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
CV VC Global Report - H1/2020   .33


                                                                                                                                             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,
                                                                                                                                             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-
                                                                              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


            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.
CV VC Global Report - H1/2020   .36

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 their
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