OCTOBER 2016 FINTECH ANALYST REPORT PART 2 BITCOIN/BLOCKCHAIN Including data from the PitchBook Platform, which tracks more than 33,000 valuations of VC-backed companies. Contents CREDITS & CONTACT PitchBook Data, Inc. Analyst Note 3 JOHN GABBERT Founder, CEO ADLEY BOWDEN Vice President, How We Got Here 4-6 Market Development & Analysis How Bitcoin Works 7-9 Content, Design, Editing & Data Current Applications and Market EVAN B. MORRIS Analyst 10-13 Development DANIEL COOK, CFA Senior Data Analyst NIZAR TARHUNI Senior Analyst Consumer Payments 10 GEORGE GAPRINDASHVILI Managing Editor JENNIFER SAM Senior Graphic Designer International Remittances 11 Micropayments 11-12 Contact PitchBook pitchbook.com Bank-to-Bank 12-13 RESEARCH
[email protected] Direct Cryptocurrency Investment 14-16 EDITORIAL
[email protected] Ethereum & the Future of Blockchain 17-19 SALES
[email protected] Headwinds to Adoption 20 Private Investment & Corporate M&A 21-24 Bitcoin & Blockchain Investment by Year 21-22 and Quarter Bitcoin vs. Blockchain Investment 23 COPYRIGHT © 2016 by PitchBook Data, Inc. All rights reserved. No part of this publication may be reproduced in any Active & First-time Investor Growth 24 form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, and information storage Moving Forward 25 and retrieval systems—without the express written permission of PitchBook Data, Inc. Contents are based on information from Company Profiles 26-28 sources believed to be reliable, but accuracy and completeness cannot be guaranteed. Nothing herein should be construed as any past, current or future recommendation to buy or sell any security or an offer to sell, or a solicitation of an offer to buy any security.