As of Dec 2014, more than $450M invested in this space.

1. State of Bitcoin Startups
Dec 2014
Deal Discovery Made Easy

2. Deal Discovery Made Easy
Bitcoin–Sector Overview
•Over $450M invested
•90+ funded companies. Some $100M+ valuation companies:
Xapo-WalletCoinbase–Payment platformBitpay-Payment ProcessingCircle -Wallet (& Insurance)
•Most active funds:
PanteraCapital (Bitstamp, Bitpagos, Korbit, Gliph, Circle, Ripple Labs, Xapo, Chain, ChangeTip)
LightspeedVentures (BTCChina, Ripple Labs, Blockchain, Blockskore)
RibbitCapital (BTCJam, Xapo, Coinbase, Blockstream)
Funders Club (BTCJam, Purse, Coinbase)
Liberty City Ventures (LibraTax, itBit, BitGo, SolidX)
RRE Ventures (itBit, Gem, Chain, MirrorX)
Andreessen Horowitz (Coinbase, Ripple Labs, Tradeblock)

3. Deal Discovery Made Easy
EXCHANGE
BitcoinStartup Landscape
Applications
Infrastructure &
Enablers
White label
ATM Hardware
Mining Hardware
White label
ATM Network(Operator)
Mining Contracts
Open- Source
Blockchain API
Security
Analytics
Mining Software
Financial Trading
Mining ContractsMarketplace
Futures Trading
Derivatives Trading
Debit Card
Mobile PoSCard Reader
PAYMENT SERVICES
TRADING
Mobile Financial Trading
Gateway -Processor
ATM Software
@tracxn
Remittances
Escrow Service
Micropayments
Offline Storage
WALLET & BANKING
Vaults
Mobile Wallet
ATM
PAYMENT PLATFORM
MINING
Crowdfunding
BLOCK CHAIN APPLICATIONS
Smart Contracts
ALTERNATE CURRENCY
350+ AlternativeDigital Currency
MERCHANT SERVICES
Open Source
TECHNOLOGY
Institutional Exchange
Supply Chain

4. Deal Discovery Made Easy
Summary of key business models
Category
Description
Illustrativecompanies
WALLET
A file that contains a collection of private keys using which one can access/transfer bitcoins
BitGo, Xapo
EXCHANGE
Platform for bi-directional trading bitcoinsand fiat currency
Bitstamp, OKCoin
MINING
Hardware manufacturer and mining contract sellers
Bitfury, CloudHashing
ATM
White label bitcoinATM manufacturer and operators
Robocoin, Lamassu
FINANCIAL PLATFORM
Trading platform for crypto currency, derivatives and futures
Coinsetter, Kraken
MERCHANT SERVICE
Payment gateway and point of sale system for merchants accepting bitcoinsas payments
BitPay, GoCoin
PAYMENT PLATFORM
Platform offering wallets and merchants services
Coinbase, Coinjar
PAYMENTS
Payment processors, Transfers, Remittances, Micro payments and Escrow Service
Coinery, Cryptiv
TECHNOLOGY
Offering BitcoinAPI, blockchainexplorer, Security and white-label exchanges
Chain, Tradeblock
BLOCKCHAINAPPLICATION
Platforms relying on decentralized architecture to offer distributes services based on BitcoinBlockchaintechnology
Filecoin, Koinify

5. Deal Discovery Made Easy
EXCHANGE
Bitstamp, OKCoin, BTCChina, HitBTC
INSTITUTIONAL
itBit, Vaurum
Notable companies across categories
Applications
Infrastructure &
Enablers
PAYMENT SERVICES
REMITTANCES
Bitpesa, Hellobit
TRANSFER
Gliph, Coingram
ESCROW SERVICE
Coinsigner, Bitrated
MICROPAYMENTS
Bitwall, Bitmonet
PROTOCOL
Ripple
TRADING
Kraken, Coinsetter,
DERIVATIVES
Derivabit, Coindash
FUTURES
icBit
@tracxn
WALLET
OFFLINE STORAGE
Xapo, BitGo, Circle,
Elliptic
OPEN SOURCE
Armory, Copay
DEBIT CARD
Bitwal, Gogocoin
MOBILE
Mobile, Mycelium,
Kipochi
ATM
BiTAccess, Robocoin, Lamassu, Tembusu, BitXATM, SkyHook
PAYMENT PLATFORM
Coinbase,
Coinjar,
Monetsu,
QuadrigaCX,
Maicoin,
eCash
MINING
HARDWARE
AvalonClones
BitFury
CONTRACT
CloudHashing
Hashop
MARKETPLACE
Hashtrade
BLOCK CHAIN APPLICATIONS
Smart Contract,
SecureAE,
Blocksig, Ethereum
CROWDFUNDING
Swarm Corp, Coinshare
ALTERNATE CURRENCY
Litecoin, Nxt,
Peercoin,
Dodgecoin
MERCHANT SERVICES
PAYMENT GATEWAY
Bitpay, Gocoin, Bitnet, Bitpagos,
Snap Card
POS SYSTEM
Coinkite, Coincommerce,
XbTerminal
TECHNOLOGY
BLOCKCHAIN API
Chain, Helloblock
WHITE LABEL EX.
Buttercoin, Bexio
SECURITY
Blockscore, Onename
$88m
$26m
$49m
$50m
$50m
$10m
$111m
$8m
$22m
$23M

6. Deal Discovery Made Easy
EXCHANGE
High fragmentation with 120+ exchanges in 20+ countries. Likely to consolidate. Current market of ~$1M per day on all exchanges. eg. Bitstamp, BTCChina, OKCoin, HitBTC
Interesting segments for investments
Applications
Infrastructure &
Enablers
White label
ATM Hardware
Mining Hardware
Open-Source
Blockchain API
Security
Analytics
Mining Software
Mining ContractsMarketplace
PAYMENT SERVICES
Bitcoincan power payment transfers at an ultra low cost. From micropayment to remittances to merchant point-of sale, bitcoinwill make transaction lossless. With businesses like Dell, Expedia, Target and others accepting bitcoinas a currency, payments ecosystem will be the biggest winner in the crypto currency market. eg.Bitpay, Coinjar, Gocoin, Ripple Labs
ATM Software
@tracxn
WALLET
Due to increased hacking & bitcointhefts lately, wallet services saw a major shift towards vault. Vault is offline storage of bitcoinsin user’s vault account.
Pros -Highly secure (+insurance).
Cons -Delays during withdrawal of bitcoins
Wallet businesses likely to expand to Banking or Merchant Services. eg. Xapo, Coinbase, Circle, BitGo
ATM
MINING
ALTERNATE CURRENCY
350+ alternativedigital currency
TECHNOLOGY
MINING CONTRACTS
Sells bitcoinmining contract and mine on the behalf of contract holder. eg. Clouhashing, Hashop, Hashplex
TRADING PLATFORM
Platform for intra crypto currency trading. Supports high frequency and margin tradingeg. Kraken, Coinsetter, Wax.is
ATM OPERATORS
Operates bitcoinATM. Creating wide network of such ATMs. eg. CryptVision, CoinVaultATM
BLOCKCHAIN APPLICATIONS
Building application based on concept of Bitcoinprotocol/ Blockchain
eg. SecureAE, Blocksig.io, Trustatom, Blockstream

7. Deal Discovery Made Easy
Active Investors
RRE Ventures
A16Z
Lightspeed
CeyuanVentures
KhosalaVentures
FundersClub
Union Square Ventures
RibbitCapital
PanteraCapital
Exchange
MirrorX, itBit
BTCChina
itBitSolidX
Purse
Bitstamp
Paymentplatforms / Merchant services
Coinbase
Coinbase
Coinbase
Coinbase
BitPagosKorbit
Wallet
Blockchain
BitGo
Xapo
Xapo
Circle
Xapo
Trading
Tradeblock
Technology
Chain, Gem
Blockscore
Blockscore, Chain
Blockscore
ChainOneName
Chain
Payment protocol
Ripple Labs
Ripple Labs
Ripple Labs
BlockchainApplications
Blockstream
Blockstream
Others
LibraTax
BTCJam
BTCJam
GliphChange Tip

8. Deal Discovery Made Easy
Active Investors (… contd.)
Accelerators
•Crypto Currency Partners -Bex.io, BTCChina, Coinsetter, BitPesa, BitAccess, ZipZap, BitGo, FreshPay, Paypay, Koinify, SnapCard, Gem, LedgerX, AlphaPoint, Xapo, GoCoin, BlockCypher, Chain, Kraken, PeerNova, Zenbox, Expresscoin, Blockstream, ChangeTip
•Bitcoin Opportunity Corp –BTCJam, Korbit, HashPlex, BitPesa, Coinapult, Circle, Coincove, BitGo, Bitflyer, Melotic, BitX, Safello, OneName, Chain, Bitnet, TradeBlock, Coinbase, BlockScore, BitPay
•Boost VC –BitBox, Bitpagos, BitWall, Gliph, Coincove, HashRaabit, SnapCard, ZapChain, Hedgy, Pylon Loans, BlockCypher, MirrorX, BlockScore
•500 Startups –BTCJam, Coinalytics, Bonafide, Monetsu, GogoCoin, Melotic, Neuroware, Chain, ChangeTip
•YCombinator–Buttercoin, BitAccess, Filecoin, Shift Payments, Coinbase, BlockScore