Tracxn Blockchain Applications Startup Landscape Report - July 2016

1. Blockchain Applications, July 2016 Tracxn World’s Largest Startup Research Platform 2

2. Blockchain Applications, July 2016 Contents Topic Page No. Scope of Report 05 Entrepreneur Activity 07 Investment Trend 09 Who is Investing 17 Exit Outlook - IPO, Acquisitions 21 Sub Sector Analysis 23 Interesting Companies 38 Useful Links 47 Company List 49 Team 158 3 3

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

4. Blockchain Applications, July 20165 Sector Overview Category Description Financial Services Applications of Blockchain Technology in Financial Services Enterprise Solutions Enterprise applications of Blockchain Technology Technology Enablers Companies enabling blockchain technology implementation Consumer Companies targeting consumer focused use-cases of blockchain technology Scope of report Blockchain is the technology that enables permanent, immutable and shared storage of data, where the exact same set of data can be accessed and operated on by multiple industry players simultaneously. This helps to eliminate the concerns related to interoperability of data management systems. The earliest use-case of blockchain technology is Bitcoin, the widely known cryptocurrency. Blockchain has applications across industries including but not limited to Financial Services, Supply Chain, Healthcare, IoT. Within Financial Services, its most exploited use cases have been: Post-Trade settlement solutions for Capital Markets, Cross border money transfer, P2P Insurance and Re-Insurance, Trade Finance. The broader categories into which blockchain use-cases can be divided is as per the following: The scope of this report includes equity as well as debt funding received by the companies.

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

6. Blockchain Applications, July 20167 YoY – Number of companies founded 1 3 12 47 159 150 32 0 36 72 108 144 180 2010 2011 2012 2013 2014 2015 2016 NumberofCompanies My Market Partners Mirror Ripple PeerNova Blockstream Symbiont Civic Technologies

8. Blockchain Applications, July 20169 YoY – Number of Rounds and Total Funding $8M $8M $92M $202M $178M 1 1 9 56 71 38 0 10 20 30 40 50 60 70 80 0 50 100 150 200 250 2010 2011 2012 2013 2014 2015 2016 NumberofRounds FundingAmount(inMillions) Funding Amount Number of Rounds Note: The funding includes debt rounds also.

9. Blockchain Applications, July 201610 YoY – Number of Rounds by Stage

10. Blockchain Applications, July 201611 YoY – Funding by Stage

11. Blockchain Applications, July 201612 Average Ticket Size – Early Stage

12. Blockchain Applications, July 201613 Top investments in last one year

13. Blockchain Applications, July 201614 Top investments in last one year

14. Blockchain Applications, July 201615 Funnel view of Sector

16. Blockchain Applications, July 201617 Most Active Investors in Sector 17 11 10 9 8 6 5 5 5 5 0 4 7 11 14 18 Digital Currency Group Blockchain Capital RRE Ventures Boost Pantera Capital 500 Startups Crypto Currency Partners Andreessen Horowitz SV Angel Union Square Ventures TotalNumberofCompanies Ripple Blockstream Chain Mirror Chain BlockCypher Chain Ripple Chain Onename Align Commerce Ripple Ripple Align Commerce Align Commerce Fluent Network PeerNova Keybase Onename Mediachain

17. Blockchain Applications, July 201618 Where are Top Investors investing

18. Blockchain Applications, July 201619 Top Investor by Stage of Entry

20. Blockchain Applications, July 201621 Major Acquisitions in last one year Date Company Acquirer Overview Apr-2016 elevence.com Elevence Digital Finance (Zurich, 2015) Digital Asset Holdings Technology for rights/obligation determination on blockchain Mar-2016 xapcash.com XAPCASH Technologies (Vancouver, 2015) Blockchain Technologies Ltd Blockchain based remittance company Oct-2015 blockstack.io Blockstack (San Francisco, 2015) Digital Asset Holdings Enterprise software stack for financial services to create blockchain 2.0 applications quickly and easily. Jun-2015 blockchaintechcorp.com Blockchain Technologies Corp (New York City, 2015) Global Arena Holdings Blockchain technnology provider and startup accelerator Jun-2015 bitsofproof.com Bits of Proof (Budapest, 2013) Digital Asset Holdings Enterprise level server to integrate blockchain technology into financial applications

22. Blockchain Applications, July 201623 June 2016Tracxn BlueBox : Blockchain Applications 400+ companies in the sector, 134 funded, $380M invested in 2015/2016

23. Blockchain Applications, July 201624 Top Business Models by Funding $222M $181M $68M $16M 0 50 100 150 200 250 Financial services Technology Enablers Enterprise Solutions Consumer TotalFundingAmount(inMillions) # Cos. 115 141 112 44 Avg. Age 2014.3 2014.1 2014.1 2014.4 Digital Asset Holdings Blockstream Filament Maidsafe Ripple Chain Keybase Augur

24. Blockchain Applications, July 201625 Financial Services – Business Model Description

25. Blockchain Applications, July 201626 Financial Services – Entrepreneur Activity and Investment Trend

26. Blockchain Applications, July 201627 Financial Services – Most Funded Companies

27. Blockchain Applications, July 201628 Technology Enablers – Business Model Description

28. Blockchain Applications, July 201629 Technology Enablers – Entrepreneur Activity and Investment Trend

29. Blockchain Applications, July 201630 Technology Enablers – Most Funded Companies

30. Blockchain Applications, July 201631 Enterprise Solutions – Business Model Description

31. Blockchain Applications, July 201632 Enterprise Solutions – Entrepreneur Activity and Investment Trend

32. Blockchain Applications, July 201633 Enterprise Solutions – Most Funded Companies

33. Blockchain Applications, July 201634 Consumer – Business Model Description

34. Blockchain Applications, July 201635 Consumer – Entrepreneur Activity and Investment Trend

35. Blockchain Applications, July 201636 Consumer – Most Funded Companies

37. Blockchain Applications, July 201638 Interesting Unfunded Companies Company Overview Business Model axoni.com Axoni (2016, New York City) Blockchain solutions for capital markets Financial services - Trading - Capital markets algorythmix.in Algorythmix Tech (2015, Mumbai) Application development projects based on Ethereum Technology Enablers - Service providers slock.it Slock.it (2015, Mittweida) Block chain based IoT smart contract solution Enterprise Solutions - Internet Of Things geopay.co.za GeoPay (2014, Sandton) Mobile wallet payment and money transfer service provider Financial services - Payments - Money Transfer banquapp.com BanQu (2015, Austin) Economic identity platform on blockchain Enterprise Solutions - Distributed Identity - Economic Identity syscoin.org Syscoin (2014, Brasilia) Blockchain services for merchants via marketplace Consumer – P2P Commerce switchless.com SWITCHLESS (2013, Singapore) Bitcoin software for banks, private wealth managers and brokerage firms Technology Enablers - Service providers bitsim.co Fuzo (2014, Hong Kong) Secure platform for developers to leverage and introduce bitcoin blockchain Financial services - Payments - Money Transfer Curated list of companies by the sector analyst are defined as Interesting

38. Blockchain Applications, July 201639 Interesting Unfunded Companies

39. Blockchain Applications, July 201640 Interesting Seed Companies

40. Blockchain Applications, July 201641 Interesting Seed Companies

41. Blockchain Applications, July 201642 Interesting Series A Companies

42. Blockchain Applications, July 201643 Interesting Series A Companies

43. Blockchain Applications, July 201644 Interesting Late Stage Companies

44. Blockchain Applications, July 201645 Top Funded Deadpooled Companies

46. Blockchain Applications, July 201647 Useful Links Slide Title Content Platform Link List of All Companies in readable format Companies Link Large Upcoming Sectors Entrepreneur Activity Link Niche Upcoming Sectors Entrepreneur Activity Link Top investments in last one year Investment Trend Link Major Acquisitions in last one year Exit Outlook - Acquisitions Link FinTech – Most Funded Companies Sub Sector Understand Link Enterprise Solutions– Most Funded companies Sub Sector Understand Link Technology Enablers – Most Funded Companies Sub Sector Understand Link Marketplaces – Most Funded Companies Sub Sector Understand Link Social Networks – Most Funded companies Sub Sector Understand Link Top Funded Deadpooled Companies Companies Link

48. Blockchain Applications, July 2016 DETAILS OF 412 COMPANIES (134 FUNDED COMPANIES) COVERS THE FOLLOWING SECTORS Financial Services Enterprise Solutions Technology Enablers Consumer 49 Blockchain Applications – Company List

49. Blockchain Applications, July 201650 Financial services (1/31) Financial Services Enterprise Solutions Technology Enablers Consumer Company Details Funding Investors ANX International [Hong Kong, 2013]: ANX is a Financial Technology company that enables companies and institutions harness Blockchain. They enable merging traditional payment networks with the new digital assets ecosystem.They offer full front-to-back stack of services and managed solution to the global market, providing all the core operational services such as customer service, payment processing, KYC compliance, AML monitoring, wallet management etc. Trading - White label Exchanges AlphaPoint [New York City, 2013]: AlphaPoint provides white label solutions to enables businesses to integrate with digital currencies by setting up their own bitcoin exchange. Currently implements XBT, LTC, PPC, FTC, NMC and TRC. The exchange platform is ready to trade with the fiat currencies of choice. Digital currency automation tied with bank integration result in a turn-key and easy to manage system. Full ability to customize pairs allows your institution to add new tradable products. Examples include fiat to fiat, crypto to fiat and crypto to crypto. Exchange performance of up to a million transactions per second. Their database is a next-generation design based on platforms currently used to process HFT risk analysis. $1.35M Crypto Currency Partners, Ben Franklin Technology Partners of Southeastern Pennsylvania, Blockchain Capital Trading - White label Exchanges BlinkTrade [New York City, 2013]: BlinkTrade provides clients with a white-label solution for building Bitcoin exchanges, thereby offering them a cost-effective way to start their own bitcoin exchanges and removing the need to hire a developer. Provides an open source platform that uses multi-signature technology to protect the customers and brokers. The platform is built on a WebSocket API, allowing any front-end developer to build applications with which users can convert bitcoin to fiat. $40.57k Trading - White label Exchanges Noble Markets [New York City, 2014]: Noble markets intends to deliver a marketplace for institutional financial, commercial and exchange clients and partners by leveraging blockchain. They leverage trading technology from Nasdaq OMX for their institutional- focused marketplace. They are looking to work with Bitcoin exchanges to provide further liquidity. Currently the exchanges show that there is money, but volume is lacking which affects liquidity of bitcoin as an asset. Hence by connecting with exchanges, Noble Markets will be able to help the institutional investors get in and out of bitcoin with more certainty. Tally Capital, Blockchain Capital

50. Blockchain Applications, July 201651 Financial services (2/31) Financial Services Enterprise Solutions Technology Enablers Consumer Company Details Funding Investors Trading - Capital markets - OTC Trading clearmatics [London, 2015]: Clearmatics is developing a clearing and settlement technology for financial OTC markets. Its blockchain technology brings together custodians and end- users on a single platform, where members can settle securities and automate the performance of financial contracts on a trusted and decentralized virtual machine. As of June 2015, the company is in stealth mode. The company recently demo-ed their OTC trading product with OpenGamma in Quantech 2016 in April Route 66 Ventures, Nyca Partners, Tellurian Capital Trading - Capital markets Digital Asset Holdings [New York City, 2014]: Digital Asset builds distributed, encrypted STP tools for capital markets and financial institutions. It develops technology that helps efficiency, transparency, compliance and settlement speed using cryptographic, distributed ledgers. Their offerings are 1) Open source distributed ledge infrastructure to create ledgers 2) Digital asset platform that interacts with ledgers and enable applications embedded with business logics in the form of low-level services 3) Business applications that are asset- specific plugins. In Jan, 2016 the company was selected by ASX to develop solutions for the Australian market utilizing Distributed Ledger Technology. $60M Accenture, IBM, Goldman Sachs, Broadridge Financial Solutions, Citigroup, J.P. Morgan, CME Group, BNP Paribas, ABN AMRO Bank, Australian Securities Exchange, PNC Financial Services Group, Deutsche, DTCC, ICAP plc, Santander InnoVentures Trading - Capital markets itBit [Tower, 2012]: itBit offers a suite of products leveraging traditional capital markets infrastructure and blockchain technology. The product offerings include: 1.Trading Services: Allows buying and selling of Bitcoins on global exchange and OTC counter.; 2.Bankchain: Clearing and settlement system that leverages private permissioned distributed ledger technology to execute post-trade.It facilitates trades between Bitcoin and U.S. Dollars, Singapore Dollars, and Euros. The company also offers 3 APIs - FIX, REST and Market Data for high frequency & Institutional traders. $28.25M Canaan Partners, RRE Ventures, Liberty City Ventures, Raptor Group, Blockchain Capital, Digital Currency Group

51. Blockchain Applications, July 201652 Financial services (3/31) Financial Services Enterprise Solutions Technology Enablers Consumer Company Details Funding Investors Trading - Capital markets PeerNova [San Jose, 2013]: Peernova provides solutions for securities exchange and financial services. PeerNova has developed a technology platform that provides immutability and data integrity for use in securities exchanges applications. Based on blockchain, their patent-pending technology enables use of immutable ledgers and databases in real-time for multi-asset and multi-party transactions. Traditional applications of blockchains involve de-centralized ledgers, distributed consensus protocols, and anonymous users. Received a pre-Series A investment from semiconductor industry veteran and ex-Sequoia Capital VC, Pierre Lamond, and FireEye’s founder Ashar Aziz in July 2014. With subsequent rounds of funding the firm has sought to move away from self mining and move more into a fullfledged blockchain application service provider $19.6M Overstock, Crypto Currency Partners, Mosaik Partners, Blockchain Capital Trading - Capital markets Cryex [Stockholm, 2013]: Cryex claims to provide an order driven, multi-currency matching platform with central counterparty clearing (CCP) for first Spot and later Derivatives. They plan to leverage blockchain based transaction settlement to offer the European market a clearing and trading model, providing transparency on price and cost, whilst increasing speed and lowering risk in clearing and settlement of FX products. $10M Northzone, White Star Capital, SparkLabs Global Ventures Trading - Capital markets ShellPay [Shanghai, 2015]: ShellPay is a block chain application for financial transactions. It offers users with different products, such as, a bitcoin wallet, a bitcoin currency - ShellCoin, bitcoin based technology solutions for stock exchange etc. It has raised Angel round of funding from Weijia Capital. $770K Trading - Capital markets Equibit Development Corporation [Canada, ]: Equibit is a blockchain-based securities register allowing for efficient management of OTC equity, warrants, partnership units and more. The system includes a shareholder communications system, as well as the ability to easily issue BTC-denominated dividends and distributions to holders of equity. $150k

52. Blockchain Applications, July 201653 Financial services (4/31) Financial Services Enterprise Solutions Technology Enablers Consumer

80. Blockchain Applications, July 201681 Enterprise Solutions (1/28) Financial Services Enterprise Solutions Technology Enablers Consumer

108. Blockchain Applications, July 2016109 Technology Enablers (1/36) Financial Services Enterprise Solutions Technology Enablers Consumer

144. Blockchain Applications, July 2016145 Consumer (1/12) Financial Services Enterprise Solutions Technology Enablers Consumer

157. Blockchain Applications, July 2016158 Team Tarun Bansal, Lead Analyst, Fin Tech Aman Trivedi, Analyst, Fin Tech

Tracxn Blockchain Applications Startup Landscape Report - July 2016

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