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Next generation financing models: Using tokens to raise capital

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This deck was co-presented with Credit Suisse at the EY Global Blockchain Summit on April 18, 2018 as part of the Technology Track.

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Next generation financing models: Using tokens to raise capital

  1. 1. EY Global Blockchain Summit Next Generation Financing Models: Using Tokens to Raise Capital New York City, NY
  2. 2. Page 2 EY Global Blockchain Summit Tokens Investors Blockchain Token data is held on the blockchain A B C ED F Issuer F $ Illustrative token issuance model: ► Tokens generated ► Using blockchain ► Value backed by any means What? Raise capital using new technology and tokens
  3. 3. Page 3 EY Global Blockchain Summit ► US$4 billion raised for FY2017 ► Surpassed monthly venture capital and seed funding (US$200-300 million) ► US$8 million trimmed mean Magnitude? Access to billons of dollars raised in market capital All-time cumulative ICO funding Source: https://www.coindesk.com/ico-tracker/
  4. 4. Page 4 EY Global Blockchain Summit Token price appreciation  increase initial investment) 1 Liquidity  trade actively 2 Cheaper administration infrastructure  track blockchain records and data sets 4 Faster to market opportunity  raise money without hard assets or IP 3 Current opportunity Long-term opportunity Investors Issuers Traditional financing pain points Benefits of capital raising using tokens versus traditional financing Why? Benefit from tokens versus traditional financing
  5. 5. Page 5 EY Global Blockchain Summit Token price appreciation  increase initial investment) 1 Liquidity  trade actively 2 Cheaper administration infrastructure  track blockchain records and data sets 4 Faster to market opportunity  raise money without hard assets or IP 3 Current opportunity Long-term opportunity Investors Issuers Enhanced automation and data integrity  build into the blockchain 5 New asset classes and structures  reduce barriers to entry 6 Cheaper compliance and reporting infrastructure  enable automation through digitized data sets 8 Greater market penetration  access to new jurisdictions 7 Benefits of capital raising using tokens versus traditional financing Why? Benefit from tokens versus traditional financing Traditional financing pain points
  6. 6. Page 6 EY Global Blockchain Summit Token price appreciation  increase initial investment) 1 Liquidity  trade actively 2 Cheaper administration infrastructure  track blockchain records and data sets 4 Faster to market opportunity  raise money without hard assets or IP 3 Current opportunity Long-term opportunity Investors Issuers Enhanced automation and data integrity  build into the blockchain 5 New asset classes and structures  reduce barriers to entry 6 Cheaper compliance and reporting infrastructure  enable automation through digitized data sets 8 Greater market penetration  access to new jurisdictions 7 Stale information: manual and costly to update High barriers to entry: critical mass required and costs inhibit entry Warehouse line of credit: arduous and costly Poor data integrity: inconsistent controls and multiple breakpoints in information flow Traditional financing pain points Benefits of capital raising using tokens versus traditional financing Why? Benefit from tokens versus traditional financing
  7. 7. Page 7 EY Global Blockchain Summit What began as a mechanism to raise capital for smaller, emerging technology providers has become an increasingly mainstream mechanism to raise capital and address social issues: Who? FinTechs, corporates and governments FinTechs: ► A messaging application closed a US$100 million token raise in September 2017
  8. 8. Page 8 EY Global Blockchain Summit What began as a mechanism to raise capital for smaller, emerging technology providers has become an increasingly mainstream mechanism to raise capital and address social issues: Who? FinTechs, corporates and governments FinTechs: ► A messaging application closed a US$100 million token raise in September 2017 Corporates: ► A publicly traded company on the New York Stock Exchange raised US$150 million through an issuance of tokens to fund the development of an alternative trading system
  9. 9. Page 9 EY Global Blockchain Summit What began as a mechanism to raise capital for smaller, emerging technology providers has become an increasingly mainstream mechanism to raise capital and address social issues: Who? FinTechs, corporates and governments FinTechs: ► A messaging application closed a US$100 million token raise in September 2017 Corporates: ► A publicly traded company on the New York Stock Exchange raised US$150 million through an issuance of tokens to fund the development of an alternative trading system Governments: ► Estonia is looking to issue tokens to support its “digital nation” initiative; tokens would be linked to digital identities and certain financial transactions
  10. 10. Page 10 EY Global Blockchain Summit Panel discussion: Next generation financing
  11. 11. Page 11 EY Global Blockchain Summit Eli Stern Principal Ernst & Young LLP +1 212 773 5752 eli.stern@ey.com Key contacts Obreahny O’Brien Product Strategy Lead- FSO Blockchain Ernst & Young LLP +1 212 360 9523 obreahny.obrien@ey.com Jon Firester Executive Director Ernst & Young LLP +1 212 773 3968 jonathan.firester@ey.com
  12. 12. EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. © 2018 EYGM Limited. All Rights Reserved. EYG no. EYG no. 02519-183Gbl 1801-2543904 ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com Disclaimer: Views expressed in this presentation are those of the speakers and do not necessarily represent the views of Ernst & Young LLP. This presentation is provided solely for the purpose of enhancing knowledge on blockchain matters. It does not provide blockchain advice to any organization because it does not take into account any specific organization’s facts and circumstances.

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