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CoinDesk Research Blockchain ICOs Spotlight Study

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CoinDesk Research's second spotlight study focusing in on blockchain ICOs and how entrepreneurs are using it to fund their projects.

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CoinDesk Research Blockchain ICOs Spotlight Study

  1. 1. CoinDesk Research BLOCKCHAIN ICOS Spotlight Study
  2. 2. ICO Funding is Closing in on Blockchain Venture Capital ICOs are becoming attractive fundraising and investment alternatives for both entrepreneurs and investors Data Sources: CoinDesk’s 2017 ICO Survey, CoinDesk’s Venture Capital database, Smith and Crown *Spotlight Study* - ICOs | 2
  3. 3. Two Funding Models Are Emerging Blockchain protocols, companies, and applications are also considering hybrid models, raising from ICOs as well as VCs Entrepreneurs have begun considering blockchain token sales (“ICOs”) as fundraising alternatives to traditional venture capital and angel investment PROTOCOL APPLICATION COMPANY HYBRIDICO Notes: Numerous protocols are also maintained by companies like the Zerocoin Electric Coin Company, open source communities, non-profits like the Ethereum Foundation, and consortiums like Hyperledger *Spotlight Study* - ICOs | 3
  4. 4. Our 2017 ICO Survey Highlights the Viewpoints of 400+ Blockchain Enthusiasts - Entrepreneurial insights into selling blockchain tokens to raise funds for a project - Retail public on ICO investment opportunities - Institutional capital entering the market Data Sources: CoinDesk’s 2017 ICO Survey OUR GOALS - Identify perception around ICOs from both a fundraising and investing perspective - Determine factors driving and repelling investment - Gauge viewpoints on structuring ICOs and the relation to raising funds traditionally - Determine the balance of retail and institutional demand for ICOs INSTITUTIONAL enterprise managed money RETAIL general public investors *Spotlight Study* - ICOs | 4
  5. 5. ICO Sentiment Survey: Key Takeaways 76% 57% 29% 26% 91% 45% Of entrepreneurs reported they have not raised money with an ICO but had seriously considered or attempted it Of ICO investors cited investment and speculation as their primary motivations for investing Believe that institutional capital will start to control ICOs over retail investors Believe the majority of ICOs could have raised traditional VC or angel investment Of investors who have participated in an ICO would invest again Of those yet to participate in an ICO felt limited by the lack of information and third party research + insights into ICO caps, multiple rounds, portfolio allocations and mixing in traditional investment *Spotlight Study* - ICOs | 5 Data Sources: CoinDesk’s 2017 ICO Survey
  6. 6. INTRODUCTION TO ICOS *Spotlight Study* - ICOs | 6
  7. 7. What is an “ICO”? “An ICO is a popular way to raise money for a new cryptocurrency project by distributing a percentage of the initial coin supply among the early supporters and backers.” - Smith and Crown “A blockchain token is a digital token created on a blockchain as part of a decentralized software protocol.” - Coinbase, Coin Center, USV and Consensys Data Sources: CoinDesk’s 2017 ICO Survey, Smith and Crown, “A Securities Law Framework for Blockchain Tokens” *Spotlight Study* - ICOs | 7 “ICO?” “Crowdsale?” “Blockchain Asset?” “Cryptocurrency?” “Protocol Token?” “Crowdfunding?” “Token Launch?” Confusion around blockchain naming conventions unsurprisingly extends to new protocol token sales
  8. 8. Industry Perspectives Data Sources: CoinDesk’s 2017 ICO Survey “I call it a token launch, particularly we’re thinking of calling it a token auction. With the dutch auction for Gnosis, we’ve essentially designed a new auction mechanism.” - Matt Liston Gnosis, Strategy “I don’t know if ICO or token launch are the exact right terms. I think it’s still pretty early days to settle on terms, but we should at least try and use terms that try to adequately describe what the thing is that people are buying in the first place. ” - Patrick Murck Cooley, Special Counsel *Spotlight Study* - ICOs | 8 “In 2017, the negativity bias [around cryptocurrencies] seems to be evaporating and institutional investors interested in public blockchain’s will look to create the flexibility to put capital to work.” - Alex Felix CoinFund “Institutional capital flowing into the space is an important aspect of growth today, but the retail investor access these systems seem to promise speaks to the democratizing nature of the technology.” - Jake Brukhman CoinFund
  9. 9. MARKET DEMOGRAPHICS *Spotlight Study* - ICOs | 9
  10. 10. ICO Investment: Market Familiarity 83%of those familiar with cryptocurrency were also familiar with ICOs Data Sources: CoinDesk’s 2017 ICO Survey Survey Segment: Aggregate Survey Segment: Entrepreneurs 29%of entrepreneurs without experience raising with an ICO had seriously considered or attempted it *Spotlight Study* - ICOs | 10
  11. 11. ICO Investment: Preferences Data Sources: CoinDesk’s 2017 ICO Survey 28%of investors would consider allocating over 10% of their overall portfolio into an ICO 20%of investors would invest in an ICO with an unknown and private team Survey Segment: Investors Survey Segment: Investors *Spotlight Study* - ICOs | 11
  12. 12. ICO Investment: Experience Nearly halfhad participated in 1 or more ICO Data Sources: CoinDesk’s 2017 ICO Survey Survey Segment: Aggregate Survey Segment: Aggregate 91% of investors said they would consider participating in additional ICOs *Spotlight Study* - ICOs | 12
  13. 13. ICO Investment: Motivations Data Sources: CoinDesk’s 2017 ICO Survey “Curiosity” – wanted to learn about the opportunity and technology “Consumer interest” – I needed to purchase the tokens to use a blockchain platform “Investment” – I believed in the long-term vision for the project and believed the value of the tokens I purchased would increase “Speculation” – I believed the value of the tokens was likely to rise regardless of the utility of the platform Over three quarters of ICO participants cited “investment” and “speculation” as primary investment motivations “Team” and “use case” were the most important factors in analysis Survey Segment: Aggregate Survey Segment: Aggregate *Spotlight Study* - ICOs | 13
  14. 14. ICO Investment: Hesitations Data Sources: CoinDesk’s 2017 ICO Survey Over halfof non-ICO investors cited “lack of information and third party research” as dominating concerns Only 29% of investors and 11% of entrepreneurs believe “the industry has done enough to self-regulate and raise awareness” Survey Segment: Aggregate Survey Segment: Investors Survey Segment: Entrepreneurs *Spotlight Study* - ICOs | 14
  15. 15. ICO INVESTMENT STRUCTURE *Spotlight Study* - ICOs | 15
  16. 16. ICO Structure: Funding Caps 56% believe that ICO issuers should place a maximum cap on their funding rounds 68% of those who specified a reasonable cap chose $1 - $9.9 million Data Sources: CoinDesk’s 2017 ICO Survey Notes: For example, a cap like 1 million ether or $10 million Survey Segment: Aggregate Survey Segment: Aggregate *Spotlight Study* - ICOs | 16
  17. 17. ICO Structure: Follow-on Rounds Data Sources: CoinDesk’s 2017 ICO Survey Notes: For example, funding rounds like ”seed”, ”series A”, ”series B”, etc. from startup equity markets Survey Segment: Investors Survey Segment: Entrepreneurs Nearly halfof investors agree that ICO issuers should plan for multiple rounds Over a thirdof entrepreneurs agree *Spotlight Study* - ICOs | 17
  18. 18. ICOS AND TRADITIONAL FUNDING *Spotlight Study* - ICOs | 18
  19. 19. ICO vs. VC: Fundraising Ease Data Sources: CoinDesk’s 2017 ICO Survey Survey Segment: Aggregate Just over a quarteragree that ICO issuers could have raised traditional funding *Spotlight Study* - ICOs | 19 ICOs are often praised as an opportunity for: - entrepreneurs to raise funding from a widened global investor pool - expanding the retail public’s access to investing in new projects But, many in the community have concerns: - are ICOs taking advantage of underinformed retail investors that accreditation and other requirements traditionally help address?
  20. 20. ICO vs. VC: Mixing Funding Sources Data Sources: CoinDesk’s 2017 ICO Survey Notes: For example, raising a seed round of VC funding before or after an ICO Survey Segment: Investors Survey Segment: Entrepreneurs Nearly halfof both investors and entrepreneurs agree that blockchain startups should consider traditional funding in addition to ICOs *Spotlight Study* - ICOs | 20
  21. 21. ICO vs. VC: Institutional vs. Retail Capital Data Sources: CoinDesk’s 2017 ICO Survey Survey Segment: Aggregate Nearly halfbelieve ICOs are an opportunity for institutional investors *Spotlight Study* - ICOs | 21
  22. 22. About CoinDesk - Find out more at www.coindesk.com - Follow us on Twitter: @CoinDesk - Subscribe to our daily email newsletters for the latest blockchain news - If you have data or a topic you think should be included in future Spotlight Studies, email research@coindesk.com - We also welcome any general feedback you have on the report *Spotlight Study* - ICOs | 22
  23. 23. Authors Pete Rizzo Editor Bradley Miles Researcher Alex Sunnarborg Researcher @pete_rizzo_ @Bradley_Miles_ @alexsunnarborg @CoinDesk *Spotlight Study* - ICOs | 23
  24. 24. Disclaimer CoinDesk makes every effort to ensure the information used these slides is accurate and up to date. We cannot, however, accept responsibility for any loss or inconvenience caused by reliance on the material contained here. This presentation does not constitute financial advice or an investment recommendation in any way whatsoever. It is recommended you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions. CoinDesk is owned by Digital Currency Group, one of the most active investors in the bitcoin and blockchain technology industry. Many DCG investments are referenced in this report, and a full list can be reviewed at www.dcg.co. CoinDesk is run as an independent entity, and its editorial team does not give preferential treatment to DCG investments when they are referenced in research reports or news posts. DCG portfolio companies referenced in this report include Zcash Company. *Spotlight Study* - ICOs | 24

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