CV VC Top 50 Report H1 2020

INSIGHTS

CV VC Top 50 Report H1/2020

Zug, 7th of August 2020

The blockchain industry in Crypto Valley, Switzerland and Lichtenstein, analyzed and visualized.

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 TABLE OF CONTENTS

Broad growth fueled by Blockchain industry in Protocols and Financial Crypto Valley visualized 01Applications 02 Summary .5 Crypto Valley Top 50 Companies per sector .14 About .5 Crypto Valley Companies per canton .15 Crypto Valley Top 50 Companies Sector Review .6 Crypto Valley Top 50 Companies Employment Levels .16 • 01 Blockchain Technology .6 Crypto Valley Companies valuation and funding .17 • 02 Blockchain Financial Industry .6 Blockchain Technology Companies Valuation .18 • 03 Blockchain Other Industries .7 Financial Industry Companies Valuation .19 Crypto Valley Top 50 Challenger Companies .8 Other Industries Companies Valuation .20 Companies and employees in Crypto Valley .8 Valuation and funding of companies in Crypto Valley .9 Regulatory environment in Crypto Valley .9 Impact of the Pandemic in Crypto Valley .10 A brief history of Crypto Valley .10 Universities engaged in Blockchain and DLT .11

Crypto Valley Top 50 Players by key areas Companies listed by 03sector 04 Methodology and Selection Crypto Valley Top 50 .22 Banks active in Crypto .37 Blockchain Technology .23 Blockchain focused Venture Capital Firms .38 Blockchain Financial Industry .27 Blockchain Technology Solution Providers .39 Blockchain Other Industry .31 Blockchain and Crypto Savvy Law Firms .40 Crypto Valleys Top 50 Challenger Companies .32 CV VC Top 50 Report H1/2020 TABLE OF CONTENTS

05CV VC Portfolio 06About Investment Thesis .42 About .45 CV VC Portfolio Companies .43 CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applications

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applications . 5

Summary

Key Data • Crypto Valley Top 50 companies are valued at such, Crypto Valley’s first non-protocol layer unicorn with large royalty collection agencies. $37.5B in total. may not be too far away. • Total Funding of Top 50 companies reached $3.7B. CV VC’s research reveals eight crypto hotspots in Companies which raised substantial amounts inclu- Crypto Valley: Zug, Zurich, Liechtenstein, Geneva, Tici- • Total number of firms in Crypto Valley is 919. de: Bitcoin Suisse AG ($48M), 4ART Technologies no, Neuchatel, Vaud, Lucerne and Bern. The largest • Total employment of blockchain companies in AG ($45M), METACO SA ($20M), Crypto Finance number of companies is in Zug with 439, as it remains Crypto Valley, which includes Switzerland and AG ($14M), Near Protocol ($12.1M), Taurus Group SA the heart of Crypto Valley. Liechtenstein, increased to 4784. The Top 50 (undisclosed), Sygnum Bank AG (undisclosed amount companies employ 776 employees in Crypto in second round). The regulatory framework in Switzerland keeps evol- Valley. ving rapidly and its regulatory clarity is now being • Near Protocol, Velas Network and Aave have Financial services continue to push ahead with a enhanced with significant functionalities for digital been added to the list of Crypto Valley Top 50 broader adoption of cryptocurrencies and DLT infras- assets, including securities. Switzerland opted to companies. tructure (storage, settlement), as evidenced by a modify a number of existing laws, introducing changes • Crypto Valley counts 6 Unicorns (i.e. projects number of successful funding rounds among Switzer- only where necessary. The result is the world’s leading valued at more than $1B): Ethereum ($25.3B), land’s main crypto players and the work of established regulatory framework and legal basis for the issuan- Cardano ($2.2B), Dfinity ($2B), Tezos ($1.8B), players such as InCore Bank AG to provide key infras- ce, trading, and ownership of digital assets, including Polkadot ($1.2B), and Libra ($1B). tructure to other banks. securities. The DLT Act is expected to go into effect • Valuation of CV VC Top 50 companies excluding in the first quarter of 2021. Ethereum amounts to $13.8B. The valuation of protocols that count Crypto Valley as their home has increased significantly. All 6 Unicorns Key Takeaways are protocol layer projects of which the listed ones saw their network value increase significantly. The markets About Crypto Valley has further matured and added substan- are rewarding higher degrees of decentralization, tech- ce in the first half of 2020. Despite challenging circum- nical milestone achievements, well-performing testnets The CV VC Top 50 Report stances because of COVID-19, the number of firms in and mainnets with increased valuations. Crypto Valley has increased to 919, and employment The CV VC Top 50 Report is created by CV VC AG reached over 4700 in Switzerland and Liechtenstein. Outside of financial services, the protection of inte- in collaboration with its technology partners inacta llectual property and the tracking of IP transactions is and PwC. The CV VC Top 50 is a periodical Report on Growth and funding have been driven across all areas, attracting large investments and valuations. 4ARTech- market valuation developments from Crypto Valley, including protocols, financial services, and other appli- nologies AG, which provides application infrastructure which includes Switzerland and Liechtenstein. The cations. The big story has been the funding of compa- for the art market, has raised $45M at a valuation of report highlights the diverse blockchain and crypto- nies by investors. The flows of money from VCs and $250M. In addition, its utility coin for use in its ecosys- currency ecosystem which consists of startups, corpo- investors are confirming the view that the clear regu- tem has an implied valuation of $250M. Utopia Music rations, and government entities. The CV VC Top 50 latory framework will enable companies to execute AG, which is tracking the use of music, is nearing a Report and CVMaps.ch are the authoritative curators on their business plans and become very valuable. As triple-digit valuation as it is engaging in pilot projects of information on of blockchain companies active in Crypto Valley.

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applications . 6

Crypto Valley Top 50 decentralization where nodes are operated by the 02 Blockchain Financial Industry community. At this stage, delegation, incentive sche- Companies mes and reward systems are introduced to drive Key actors in Crypto Valley focusing on financial servi- community adoption. At the end of this phase, Carda- ces have remained consistent in their continued efforts no claims to be the most decentralized public block- to drive innovation with regards to cryptocurrencies Sector Review chain network. as an asset class, as well as developing the infrastructure for digital assets, services, and related products. 01 Blockchain Technology The Tezos Foundation underwent a change in its board structure with Ryan Jesperson, who had successfully Regulatory clarity continues to be a key advantage Crypto Valley is home to important protocol layer led the foundation to stability, stepping down as foun- for companies in Crypto Valley, especially in finan- projects and many foundations and their related deve- dation chair. The foundation board is solely respon- cial services. As of late, Liechtenstein has enacted its lopment companies have chosen it as their main domi- sible for its composition and has elected Hubertus Blockchain Law. In Switzerland, the first chamber of cile. In the first half of 2020, there was a large increase Thonhauser as the new Chair. Tezos is advancing its the Swiss Parliament has passed the DLT Legislation in market capitalization of networks and the message technology in many areas and has established part- Act, an umbrella act which amends 9 Federal Statutes was very clear: Projects are delivering on their techno- nerships in key verticals, notably finance and gaming. and further clarifies the characteristics of digital assets. logy, and markets are rewarding progress. In addition, Tezos continues to build out the team at When enacting this law in early 2021, Switzerland will its domicile in Zug. The transparency introduced by be the undisputed global leader for DLT regulation, In this report, Near Protocol and Velas Network were the Tezos Foundation for its grant process, internal secondary markets infrastructure, and defining the added to the Crypto Valley Top 50. Near Protocol controls and progress reports serves as a role model characteristics of digital assets. was able to raise substantial amounts from renowned for the entire industry. investors and Velas has seen its network value increase Aave was added to the Crypto Valley Top 50 as the significantly. Bitmain was removed from the Top 50 Following a successful raise, Dfinity has aggressively first DeFi (Decentralized Finance) project. With AAVE, Report, as it no longer has any significant presence in recruited talent both in Crypto Valley and from around Crypto Valley counts a well funded DeFi project as part Crypto Valley. the globe. It reached two major milestones where it of the CV VC Top 50. The project is Venture Capital demonstrated applications running on its open plat- backed and has rolled out several lending pairs, fueling Ethereum has been under pressure to deliver on miles- form, including a social network and a video sharing a strong increase in network valuation. tones and challenging technical solutions for ETH2.0; application similar to that of TikTok. it continues to boast the largest developer community, TokenSuisse and Xapo have been removed from and the Ethereum Foundation has provided grants to Near Protocol raised substantial amounts from a broad the Top 50. TokenSuisse ceased operations and is at least 9 teams to work on critical parts of the tech range of investors for its novel parallel computation now operating under Tallyon, which aims to obtain stack. blockchain protocol. The founding tech team has an a banking license. Xapo has reduced its operational outstanding academic and programming record and footprint in Crypto Valley, while it can still be assumed After proving the capabilities of the current release, was able to attract renowned investors in its $12.1M that it is using storage facilities in Switzerland to safe- Polkadot has started to decentralize the network and round. guard its holdings. increase the number of validators. Interoperability between blockchains is a hot topic for many projects, The Velas Network has been live for one year and has Two licensed crypto banks, SEBA Bank AG and which is why Polkadot is closely followed by numerous a network value of $85M. Its modified PoS, enabled Sygnum Bank AG, are launching innovative products project-specific tech communities. with Artificial Intelligence and transaction capabilities, that target institutional and retail clients. Sygnum has excited developer communities across the world. launched a Swiss Franc (CHF) stablecoin amongst its Cardano has released the Shelley version of its offering, and SEBA also introduced a number of new network, moving from a federated network to more products.

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applications . 7

Bitcoin Suisse AG announced its first outside finan- allowing for representation through a limited number applications are already in use across several indus- cing round , successfully raising $48M at a valuation of persons. In response, Daura AG organized a comple- tries. The three companies listed in this section of the of CHF 250M. The round serves to increase the capital tely virtual annual general meeting, which included the CV VC Top 50 Report all address multi-billion dollar base for the process of applying for its banking licen- execution of corporate actions on blockchain infras- market opportunities. se. In addition, Bitcoin Suisse has launched products tructure. Similar infrastructure from platforms like for staking clients’ assets. Tokengate will enable issuance, administration, trading, 4ARTechnologies AG raised $45M at a valuation of and custody for issuers in fully serviced System-as-a- $250M, and has listed its utility token on Bittrex Global. Metaco SA, which has been providing its technolo- Service (SaaS) environments. The company developed a forgery-proof biometric gy to central banks as well as tier 1 and 2 banks, has passport for works of art, guaranteeing authenticity raised $20M over several rounds. As an early adopter The research hub at the Bank of International Sett- and complete provenance for artists and collectors. for cryptocurrencies, its technology has been a part lements (BIS) in Basel, is working together with the Unique technology enables the surface structure of a of banking infrastructures ever since the compnay’s Swiss National Bank (SNB) and the digital exchange of work of art to be read by a smartphone and conver- founding. SIX Group (SDX), and has highlighted the importance ted into a digital fingerprint. The company has 2 billion of digital settlements. The issuance of CHF denomi- of its coins in reserve, trading in the range of 0.11 and Crypto Finance AG managed to raise $14M in a Series nated stablecoins by both Bitcoin Suisse and Sygnum 0.15.This implies a valuation of approximately $250M B round to secure its Securities Dealer license, with Bank underlines the progress towards a natively digital for its reserve. notable investors being drawn from Switzerland and settlement layer. China. Utopia Music AG continues building its ecosystem of As an independent standard setting body, the CMTA is applications and has confirmed a pilot project with Taurus Group SA closed its Series A round with over developing standards to facilitate adoption of digital Swiss-based collection agency SUISA to deploy its $8M intended for the expansion of its products and assets. Most recently it published a model prospec- technology. services. Investors included renowned private banks tus for tokenized share offerings and its digital assets and the Tezos Foundation. Both Crypto Finance and custody standard, which is the first of its kind globally. Intellectual property rights management enabled by Taurus have a strong position in custody, brokerage blockchain holds significant promise. The use of an and investment products for crypto and digital assets. Among blockchain protocols, Tezos has taken a promi- immutable, universal ledger, which allows for more nent lead as it supported applications in real esta- accurate, timely accounting, as well as the settlement Incumbents continue to expand offerings for the cryp- te tokenization, investment banking, and transaction of royalties, seems like a dream for artists that may to space. As a partner to Kraken, early mover Bank infrastructure services. The foundation has released have to wait months or perhaps years for payments, Frick & Co. AG is providing customers the facility to proposals for token standards called FA2, allowing for or, in many cases, never get paid. 4ARTechnologies fund Kraken accounts in both EUR and CHF. single and multi-token contracts through one standard and Utopia now have valuations by traditional inves- API. FA2 provides developers with a wide latitude to tors, which indicate that they are making significant InCore Bank AG, a business to business transaction define and invent token types with complex token inte- progress in making blockchain-enabled IP rights mana- bank, has announced infrastructure services in crypto ractions whilst maintaining a standard API for wallets gement to a reality. and digital assets aimed at banks, with its first client and external applications. being Maerki Baumann & Cie., a renowned private Modum.io AG continues its push into critical supply bank. InCore specifically highlighted the importance 03 Blockchain Other Industries chain tracking enabled by IoT and AI, and secured of digital assets for it’s future operating model. by blockchain. Interestingly, its voting token will be Use cases of blockchain and DLT infrastructure outside swapped for participation rights and/or cash, with COVID-19 challenges brought tokenization of equity of financial services and cryptocurrencies are starting the exchange period set by the company ending in to the forefront. During the crisis, companies restric- to grow. Supply chain tracking, information verifi- 3Q2020. ted access to annual meetings and instituted rules cation, time-stamped certificates, and other similar

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applicationsinnovation and growth . 8

Crypto Valley Top 50 Companies and Challenger Companies employees in Crypto Valley This section lists projects and companies that have a The gold industry is starting to embrace DLT for Despite the crisis and travel restrictions, the Crypto high chance of being included in one of our upcoming reconciliation, tracking, and documentation. Axedras Valley ecosystem continues to grow and attract new Top 50 Reports. The comprehensive list can be found Holding AG is building infrastructure for the digitiza- companies. The number of firms active in this bustling in a subsequent section of this report; a few members tion of the global value chain. Switzerland is one of the sector in Switzerland and Liechtenstein has increased of that list are highlighted here. largest bullion markets, and remains home to many of to 919 (compared to 842 in the previous reporting the key global players. period ending in December 2019). Daura AG emerged as a contender for the Top 50 as the COVID-19 crisis brought special challenges to NOVEM Gold AG has listed its gold backed token in In the first half of 2020, 31 companies disappeared or corporate governance. Daura set out to provide an compliance with Liechtenstein’s regulatory framework. moved, whereas 51 new companies joined the sector. easy-to-use platform for the digitization of equity As an exception to the many gold token projects, The steady growth over several reports (1H2019: 792; shares for a wide range of users. In addition, it offers Novem has achieved all its milestones, including 2H2019: 842; 1H2020: 919), reflects an overall maturing a blockchain-based execution framework for corpora- listings on exchanges. The company allows token of the sector. Despite challenges on the funding side of te actions. The recent crisis made it clear that share- holders to take delivery of physical gold in small units, business, there is a steady stream of startups that are holder representation, corporate actions, and annual enabling a wide range of retail investors to store physi- being founded in or have chosen to relocate to Cryp- meetings could no longer be taken for granted, calling cal gold in digital form. to Valley. As more established firms consider block- for a new way to complete regulatory requirements. chain technology, digital assets, and cryptocurrencies Crypto Valley companies continue to spearhead the as important to their activities, the list of companies in Snappy, a secure and fast payment system, was laun- development of innovative infrastructure for financial this sector continues to grow at a healthy pace. ched at ETH by a team around Srdjan Capkun. User markets. Several of the most important core banking experience and infrastructure for timely settlement of software providers are located in Switzerland, and it Regulatory clarity continues to make Switzerland an payments with the cryptocurrency ether is lacking and should come as no surprise that DLT-based innovations attractive domicile for companies in the blockchain/ the team is focusing on safety and usability. in banking and financial products have also emerged. DLT sector. It is to be expected that even more compa- Atpar.io has built a framework to represent financial nies, especially established players in financial services HOPR Protocol raised an initial seed round from Binan- contracts and their logic on the Ethereum network, and technology, must consider setting up operations ce Labs. The team sets out to change data privacy for allowing for modular use when issuing and interacting in Switzerland once the new DLT Act is in force (see the better as the HOPR protocol ensures that everyone with other assets issued on Ethereum. Ariadne.swiss subsequent section on regulation). has control of their privacy, data, and identity. Given is promising to radically simplify risk management, the high profile team members and backers, as well as reporting, and core banking with smart contracts. The report identifies nine hotspots in Crypto Valley: the current prevalence of the privacy topic the announ- Zug, Zurich, Liechtenstein, Geneva, Ticino, Neuchatel ced token sale will be interesting to watch. Vaud, Lucerne, and Bern. Zug continues to be the heart of Crypto Valley, as about half of all companies make The financial service sector continues to see signifi- Zug their home (439). The Canton of Zurich counts cant growth in funding, activity, and product develo- 161, 84 in Liechtenstein, 49 in Geneva, 44 in pment. 21shares (formerly known as Amun) continues expanding its product offering, including options for the public.

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applications . 9

Ticino, 28 in Neuchatel and Vaud, 18 in Lucerne, and now onece again counts 6 Unicorns (see section on wide range and as this project advances, it is likely to 16 in Berne. Unicorns). reach unicorn status again. Crypto Valley Unicorns (valuation) include Ethe- The companies located in Crypto Valley continue to For companies building blockchain/DLT technolo- reum ($25.3B), Cardano ($2.2B), Dfinity ($2B), Tezos employ over 4700 employees. An important develop- gy and developing business models enabled by this ($1.8B), Polkadot ($1.2B), and Libra ($1B). ment to note is that the Top 50 companies significantly technology stack, venture capital funding is essen- increased personnel. The top firms now employ over tial. Despite the crisis, in the first half of 2020 new 776 people in Switzerland and Liechtenstein, a signifi- protocols, security technology, financial services, and Regulatory cant increase from December 2019, when this number other sectors in the Top 50 have seen double-digit stood at 733, as many of the major players have increa- million-dollar funding rounds. This resulted in valua- environment in sed their operational capabilities and funded compa- tions in the triple-digit million-dollar territory for many nies have expanded their presence in Crypto Valley. of the venture-funded companies in the Top 50. Stra- tegic investors and venture capital clearly believe that Crypto Valley The COVID-19 pandemic has certainly had an impact Crypto Valley holds prominence in key areas when it Switzerland has now prioritized the so-called “DLT on employment levels overall. The measures taken by comes to technology, financial services, and a regu- legislation Act”, which was drafted as a result of exten- the Swiss Federal Government and Cantonal Govern- latory framework that ensures that business models sive industry consultation as well as a strong push ments enabled companies to draw on emergency liqui- can be executed. from the country’s executive branch, the Swiss Fede- dity facilities and specific startup funding (see below). ral Council. The umbrella act, which amends 9 Federal Overall, the funding of Crypto Valley companies (i.e. Statutes, has now passed the first chamber (Natio- amounts invested in the project/firm) amounted to nalrat) and is slated to be discussed in the second Valuation and funding $5.3B at the end of June 2020. chamber (Ständerat) in the fall session of parliament. Switzerland opted to modify a number of existing laws, of companies in Crypto introducing changes only where necessary. The result Unicorns in Crypto Valley is the world’s leading regulatory framework and legal Valley Crypto Valley has counted a number of its Unicorns basis for issuance, trading, and ownership of digital (i.e. firms valued at $1B or more) since the early days. assets, including securities. The valuation of the Top 50 companies in Crypto Valley The volatility of market capitalizations is significant reached $37.5B at the end of June 2020. In December, and therefore the list typically changes in every new The main elements pertain to: this figure stood at $25.3B. Excluding Ethereum, the report. As of the end of June 2020, Crypto Valley is valuation of the Top 50 companies at the end of June home to 6 Unicorns, up from 5 in the previous report. • Securities Law: Digital securities will have all func- 2020 was $12.3B, a healthy increase from $10.8B on tionalities of traditional “paper securities” (which December 31, 2019. Tezos and Cardano have joined the list of Crypto Valley were dematerialized some time ago) Unicorns. Both networks have experienced significant Crypto markets continue to be volatile and impact the valuation increases and are now well into Unicorn terri- • Insolvency Law: Clarification on the segregation valuations in Crypto Valley. In the first half of 2020, tory. Bitmain is no longer listed as a Unicorn in Crypto of crypto assets many major networks saw their value increase signifi- Valley, as it ceased activities in the region. The tech- cantly. Numerous protocols made significant progress nical communities around Ethereum, Tezos, Cardano, • Financial Market Regulation: The establishment in 2020, delivering on technical milestones and decen- Polkadot, and Dfinity are significant in Crypto Valley, of a new DLT trading license, which will enable tralization. The markets have since rewarded these as these protocols deliver on development and release issuance, trading, and post trading under one activities with increased valuations. Crypto Valley milestones. The valuation of Cosmos has had a very license

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applicationstion . 10

Despite COVID-19 emergency legislation, the DLT Act The Canton of Zug participated in this facility with a to Zug. Zug has long been reputed for its business was prioritized by the Lower House and passed with a CHF 5M contribution, resulting in a total credit guaran- friendly atmosphere and remains home to many vote of 192:0. It is expected that the second and final tee amount combined with federal funds of CHF 15M companies in commodities trading, pharmaceuticals, debate will occur sometime around Autumn in the that was made available to startups in Zug. and finance. A network of individuals from the Bitcoin Upper House and all changes to the law take effect and cryptography space have since joined this list. in early 2021. As in-person meetings and meetups became impos- XAPO, the leading Bitcoin storage provider of the day, sible or forbidden by local authorities, online commu- was the first company to take advantage of Switzer- The amendments to existing laws will enable further nities and events started to thrive. It was not just the land’s strong property protection and its rich heritage digitization of Swiss Capital Markets. Regulatory clari- largest events in Crypto (Consensus NY, Cardano of financial security. ty in the Swiss Jurisdiction is already very high, and conference) that moved online, but the Crypto Valley by enacting this law in early 2021, Switzerland will be Association also held important online events with Attracted by early Bitcoiners and the openness of the undisputed leader for regulation in DLT as well as global participation in the hundreds for each event. regulatory authorities to enable technological inno- related primary and secondary markets infrastructure. CV Labs, Zug’s main meeting place for the crypto/ vation, a group of nerds rented a house outside Zug blockchain scene, held several events via online strea- to complete the next generation blockchain. Ethereum ming with participation in excess of 200 people. launched in 2015, creating yet another global tech- Impact of the nological innovation. On May 3, 2016, the city of Zug The consequences of the pandemic on the economy announced that it would accept Bitcoin as a means Pandemic in Crypto overall, startups, and the Crypto Valley ecosystem of payment. The world took notice, and Zug subse- specifically, can not be assessed at this point. During quently became a prime location for doing business. Valley the crisis, a number of firms saw funding sources dry up, whilst others closed financing rounds of several One of the key innovations on Ethereum is the ability The impact of COVID-19 on the Crypto Valley ecosys- millions. During any crisis, Switzerland, with its stable to issue tokens with a specific function. The first use tem is similar to other startup environments. Funding political and economic outlook, will remain a favorite case for such a technology is high-performance crow- a startup became very difficult, as angel investors and location for companies to operate out of. dfunding using programmable money. The resulting family offices ceased all activities until the uncertainty “ICO boom” of 2017 and 2018 attracted many legitima- in financial markets receded. A brief history of the te and, unfortunately, some not so legitimate projects. A survey that was conducted among Crypto Valley In early 2018, the Swiss supervisory body of financial firms during the early days of the crisis indicated Crypto Valley markets (FINMA) stepped in to provide guidance and that many faced significant challenges with secu- classifications for tokens, clarifying what was and what ring funding for runways longer than 6 months. The The history of Crypto Valley has many known and was not allowed under current law. This regulatory Swiss government’s emergency financial aid package unknown heroes. No single event or person can clarity spawned an entire industry of legal advisors, to support the economy was geared more towards create such a thriving ecosystem, amend regulatory KYC/AML providers, brokers, financial intermediaries, established companies. frameworks, or promote a location to hundreds, if not custodians, and advisors. thousands, of entrepreneurs around the world. Instead, Still, a number of measures, such as short-term work many actions by individuals, government agencies, and In the financial services area, this development culmi- (in essence a temporary government subsidy for companies, created a unique set of historical circum- nated in the approval of two crypto banks in Switzer- paychecks) and emergency liquidity credit facilities stances over time. land. Overall, there are more than 4700 employees for companies based on the percentage of sales or working at various blockchain and crypto companies cost basis, became accessible for companies opera- In 2013, Bitcoin Suisse began as a trading company in Crypto Valley. ting in Switzerland. The Swiss government additionally focusing on Bitcoin trading and moved its operations provided a CHF 150M loan guarantee facility intended specifically for startups. Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Broad growth fueled by Protocols and Financial Applicationsh . 11

Universities engaged in Blockchain and DLT

For decades, Switzerland has led rankings in compe- technical conference on blockchain, and HSR Rapper- titiveness, intellectual property registrations, and a swil remains on the forefront of DLT with regards to number of research and teaching institutions regu- technical applications. Protocols are also increasin- larly lead global rankings in their respective fields of gly engaging with the technical community, as many expertise. On a statistical note, Switzerland is ranked of the technical challenges they face are substantial 4th in the number of Nobel Prize winners per capita. and require significant work on a research level. The combination of world-leading academic institutions Information technology, computer science, mathema- and the presence of the most important technical tics, physics, and chemistry have a long and storied projects in blockchain should lead to substantial inno- tradition in Switzerland’s academic institutions. It is vation in Crypto Valley. therefore no surprise that leading universities and research institutions in Crypto Valley are working on blockchain-related topics. In addition, several universities in the field of applied sciences are providing continued professional study courses on the topic.

Research activities are largely centered around the cluster of ETH, EPFL, University of Zurich, University of Basel, HSR for Technology Rapperswil, and the University of Lucerne. ETH has famous institutes for distributed computing, IT security and is the birthplace of well-known computer languages. EPFL, with a dedicated institute on digital trust (C4DT), is engaging in a wide industry-supported initiative where blockchain is a critical component. The Blockchain Center at the University of Zurich has created a wide range of activities, including a dedicated MAS, research projects, and a unique interdisciplinary approach that draws on expertise from the largest faculty in Switzerland.

The University of Basel heavily focuses on capital markets and the future of finance, whereas the Univer- sity of Lucerne is the steward of the the world’s leading

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 12 Universities engaged in Blockchain and DLT

University HWZ University of EPFL of Bern Zürich St. Gallen Lausanne Bern Zürich St. Gallen

HSR Hochschule Digital Finance University UNIBAS für Technik of Zurich IMD Rapperswil Basel Zürich Lausanne Rapperswil

HSLU Lucerne School University of University of of Information ETH Zürich Neuchatel Liechtenstein Technology Zürich Vaduz Neuchatel Lucerne

HES-SO Valais-Wallis Sierre

Université de Genève Genève

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 14 CRYPTO VALLEY TOP 50 COMPANIES

C KCH A I N PER SECTOR B LO OT H E R I N D U S T The CV VC Top 50 Report H1/2020 lists the core Bloc- R I E kchain Ventures in Switzerland and Liechtenstein. Key S

selection criteria: Funding, valuation, and employees

in Switzerland and Liechtenstein.

Top 50 companies

GLOBAL Y

US$ 37.5B 6 S

valuation unicorns U

US$ 3.7B 776

funding total employees TOP 50

C L

Crypto Valley Total C A

K N

A N

919 4,784 I

N A

blockchain companies employees H

O N

The Crypto Valley’s Top 50 companies per 3 sectors: Blockchain Financial Industry, Blockchain Technology and Blockchain Other Industry.

Technology Partner In collaboration with CV VC Top 50 Report H2/2019 Blockchain industry in Crypto Valley visualized . 15 CRYPTO VALLEY COMPANIES PER CANTON

Crypto Valley, which includes both Switzerland and Liechtenstein, is home to more than 919 blockchain/ cryptocurrency companies. CV VC research shows eight hotspots in Crypto Valley: Zug, Zurich, Geneva, Ticino, Liechtenstein, Vaud, Lucerne, and Bern. Zug remains the heart of the Crypto Valley, with 439 registered companies. The Canton of Zurich counts 161, Geneva 49, Ticino 44, Neuchatel and Vaud 28, Lucer- ne 18 and Bern 16. The Principality of Liechtenstein counts 84 companies.

NE - VD - GE TI - FL 919 ZG COMPANIES

Number of startups per canton. The darker the color, the more companies are registered in that canton. Only cantons with 20+ registered companies are named. Example: Zug has 400+ companies so it is colored in dark blue and indicated with ZG.

Technology Partner In collaboration with Employees inCrypto Valley zerland andLiechtenstein. ecosystem employs over 4700 professionals in Swit The Crypto Valley blockchain andcryptocurrency EMPLOYMENT LEVELS TOP 50COMPANIES CRYPTO VALLEY Crypto Valley allcompanies Top 50companies EMPLOYEES EMPLOYEES 4784 776

EMPLOYEES IN SWITZERLAND AND LIECHTENSTEIN 100 quadrant The newer thecompany andthemore peopleitemploys, thefurtheritispositionedinupperright companies, whiletheYaxisdisplays thenumberofpeople that each company employs. Example: Incorporation vs. employees. The Xaxisdisplays theincorporation date ofCrypto Valley’s Top 50 60 50 20 10 1 5 3 2012 2013 Technology Partner 2014 2015 CV VC Top 50Report H2/2019 2016 INCORPORATION

Incollaboration with

2017

Blockchain industry inCrypto Valley visualized .16 2018 2019 CV VC Top 50 Report H2/2019 Blockchain industry in Crypto Valley visualized . 17 VALUATION AND $45BL FUNDING Total valuation

Crypto markets continue to be volatile and impact $35BL the valuations in Crypto Valley. In the first half of 2020, many major networks saw their value increase substantially. Numerous protocols made significant progress in 2020, delivering on technical milestones $30BL and decentralization. The markets have since rewar- Total valuation ded these activities with increased valuations. Crypto Valley now counts 6 Unicorns once again (see section on Unicorns). $30BL Crypto Valley’s Top 50 Companies valuation and funding Total valuation $25BL

H1/2019 H2/2019 H1/2020 Ethereum Ethereum $20BL US$ 42.6 US$ 25.3 US$ 37.5 Billion Billion Billion valuation valuation valuation $15BL Ethereum US$ 12.1 US$ 10.8 US$ 12.3 Billion Billion Billion valuation w/o valuation w/o valuation w/o $10BL

ethereum ethereum ethereum Cardano Cardano Cardano Dfinity Foundation US$ 3.8 US$ 4 US$ 3.7 $5BL Dfinity Foundation Dfinity Foundation Polkadot Billion Billion Billion Polkadot Cosmos Network Polkadot funding funding funding Cosmos Network Libra Cosmos Network Libra Libra Tezos Tezos $0BL NOTE: The composition of the TOP 50 changes slightly each H1/2019 H2/2019 H1/2020 reporting period (additions and subtractions noted in the report). Unicorns

Ethereum Tezos Polkadot Technology Partner In collaboration with Cardano Dfinity Libra CV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 18

Blockchain Technology Near Deon Securosys Digital HDAC Valuations of large platforms are volatile and domina- ted by Ethereum. Crypto Valley is home to 7 large projects that drive technology innovation. The value of platforms and projects in this category will be driven by how many successful applications are built by Icon entrepreneurs and enterprises utilizing specific chains. Cysec Cardano Polkadot

Aeternity

Velas Status

Casper Labs Cosmos Ethereum

Lisk Bancor

Tezo s Dfinity

Waves Concordium

Santiment Aragon Golem

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 19

Financial Industry Shift Algotrader Cryptosecurity

Crypto Valley is a hotbed for Fintech, as startups can draw from a large pool of talent and proximity to Nexo many players in traditional finance. Valuations have been driven by the new Crypto Banks and a range Aave of players providing critical services, such as brokers, Mt asset managers, liquidity providers, payment tech, Seba Bank Pelerin exchanges, storage and custody.

Cryptix Eidoo Bittrex Global

Lykke Crypto Finance Libra

Coreledger

Custodigit

Smart Sygnum Bitcoin Valor Bank Suisse

Taurus Group Metaco

Flov Bity Zulu Technologies Republic

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 20

Other Industries

Companies such as 4Art and Utopia are building new business models on the strength of their blockchain based technology stack. Given the advantageous regulatory framework, it can be expected that more startups and large corporates will choose to bring their business to Crypto Valley. 4ARTechnologies

Etherisc Utopia Music

Modum Smart Containers

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 22 Methodology and Selection for the Crypto Valley Top 50

The CV VC Top 50 Report lists the major blockchain companies in Crypto Valley (Switzerland and Liechtenstein) excluding companies or organizations from the following categories: service providers, academia, education, events, association and media.

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 23

Blockchain • DATA & ANALYTICS • HARDWARE & INFRASTRUCTURE COMPANY NAME DESCRIPTION • PLATFORM & PROTOCOL $17,200,000 CB Technology Golem FUNDING

Golem is a global, open source, decentralized CMC supercomputer that anyone can access. It is made $50,751,933 up of the combined power of users machines, VALUATION from PCs to entire data centers. Token Ticker: GNT 2 Li 01 Sub-Category: Source: Corporate Contact (CC); CrunchBase (CB); IcoBench (IB); TrackIco (TI); Desk Hardware & Infrastructure EMPLOYEES CH Research/Press (DR) Coinmarketcap (CMC); Corporate Website (CW); LinkedIN (Li), Esti- mate (2), Valuation equals Funding (1), No information (N/A)

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $12,215,250 CC $15,000,000 CC Santiment Deon Digital Deon Digital leverages more than 10 years of FUNDING academic research, a world-class R&D team, FUNDING and the power of distributed ledger technology Santiment creates tools to help analyze the to turn any form of contracts into automatically crypto market and find data-driven investment managed digital contracts. CC CC opportunities. The project provides clean and $9,010,711 Contracts are at the core of a company cove- $58,000,000 reliable on-chain, social media and develop- ring all its operational aspects: sales/purchase, ment information on over 1000 crypto assets, VALUATION production, salaries, loans, insurance, pensions, VALUATION Token Ticker: and develops unique metrics, signals, strategies Token Ticker: transportation, mobility, logistics, energy, etc. SAN and reports on top of their custom datasets. N/A Deon Digital technology captures them all; it 2 CC stores, executes and monitors digital contracts 21 CC Sub-Category: Sub-Category: securely, privately, and automatically. It drama- Hardware & Infrastructure Data & Analytics EMPLOYEES CH tically reduces the amount of human and econo- EMPLOYEES CH mic resources lost in translation from company strategy to contracts to verified IT systems.

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $2,100,000 CB $1,250,000 CB Cysec Systems Securosys FUNDING FUNDING

Technology company dedicated to securing data ARCATrust aims at providing valuable hardware 2 CC $10,000,000 and communications. We develop, produce, and $40,000,000 and software platform solution for storing and distribute hardware, software and services that managing dynamically digital assets. VALUATION VALUATION protect and verify data and their transmission. Token Ticker: Token Ticker: N/A N/A 16 Li 20 Li Sub-Category: Sub-Category: Hardware & Infrastructure EMPLOYEES CH Hardware & Infrastructure EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 24

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $24,426,689 IB $63,000,000 TI Aeternity Cardano FUNDING FUNDING

æternity is a new blockchain technology, desig- Cardano is a decentralised public blockchain and ned to deliver unmatched efficiency, transparent CMC CMC cryptocurrency project and is fully open source. governance and global scalability. æternity is a $41,533,595 $2,167,358,444 Cardano is developing a smart contract platform scalable blockchain platform that enables high VALUATION which seeks to deliver more advanced features VALUATION bandwidth transacting, purely-functional smart Token Ticker: Token Ticker: than any protocol previously developed. contracts, and decentralized oracles. AE ADA 8 Li 6 Li Sub-Category: Sub-Category: Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $25,000,000 CB $14,500,000 2 Aragon Create value without borders or intermediaries. Casper Labs Aragon is being built because so that decen- FUNDING FUNDING tralized organizations can solve the world’s Casper Labs presents the design for a new worst problems. Aragon is a project that aims Turing-complete smart contract platform, backed to disintermediate the creation and mainte- CMC by a proof-of-stake (PoS) consensus algorithm, 2 nance of organizational structures by using $42,466,726 and WebAssembly (wasm). The intent is for this $100,000,000 blockchain technology. The company wants to design to be implemented as a new permission- VALUATION VALUATION empower people across the world to easily and less, decentralized, public blockchain. The consen- Token Ticker: Token Ticker: securely manage their organizations. Aragon sus protocol is built on correct-by-construction ANT N/A (CBC) Casper work. provides the tools for anyone to become an Li CC entrepreneur and run their own organization, 1 4 Sub-Category: Sub-Category: to take control of their own lives. Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $152,300,000 CB $10,000,000 2 Bancor Concordium FUNDING When launched in 2020, the Concordium bloc- FUNDING kchain will be a Level-1, Proof-of-stake, regulatory-compliant, enterprise-grade blockchain with Bancor allows you to convert between any two verified identity of users built-in at the protocol CMC CC tokens on our network, with no counterparty, $72,571,854 level and with application of zero-knowledge $150,000,000 at an automatically calculated price. Thanks proofs. Technological innovations will enhance to built-in liquidity, the future of user-genera- VALUATION its performance and allow the blockchain to be VALUATION Token Ticker: ted tokens is here. fast without compromising security, be scalable, Token Ticker: offer interoperability and it’s partial synchro- BNT GTU 2 Li nicity adjust to the speed of the internet and CC Sub-Category: ensure that Concordium won´t break under any 5 Sub-Category: circumstances. Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 25

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $17,000,000 CB $258,000,000 IB Cosmos HDAC Interchain Foundation, a Swiss non-profit, which FUNDING FUNDING is responsible for co-ordinating fundraising and allocating funds to get the network off the ground. The foundation will suggest a distribution of Atoms according to the results of the fundraiser. Users CMC 2 will ultimately decide the distribution for them- $495,998,911 Backed by Hyundai BSandC, Hdac’s new tech- $63,910,000 selves when they run the software. The Interchain nology allows fast, secure and effective commu- VALUATION VALUATION Foundation will suggest that 5% of the Atoms nication between IoT devices. Token Ticker: go to its initial donors, 10% go to the Interchain Token Ticker: ATOM Foundation, 10% go to the company developing HDAC most of the software, and the remaining 75% to 3 2 2 Li Sub-Category: be distributed according to the results of the Sub-Category: Platform & Protocol private and public fundraisers. EMPLOYEES CH Platform & Protocol EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $200,000,000 DR $45,000,000 DR Dfinity Foundation Dfinity is a blockchain based world computer ICON network that is powerful enough to host busi- FUNDING The ICON project is building one of the largest FUNDING ness applications at scale. The network features a variety of innovations in the blockchain space. decentralized networks in the world. Promo- The Dfinity network is self-governing through tion and development of new technologies and the use of an adaptive network called the Bloc- DR applications, especially in the areas of new CMC kchain Nervous System (BNS). The network is $2,000,000,000 open and decentralized software architectures. $160,357,819 also capable of achieving transaction finality at In the foreground - but not exclusively - is the VALUATION VALUATION an average speed of 7.5 seconds due to advan- promotion and development of the so-called Token Ticker: Token Ticker: cements in random number generation and ICON protocol and the corresponding techno- DFN selection. The Dfinity protocol uses Verifiable ICX logies, as well as the promotion and support of Random Functions (VRFs), BLS Cryptography Li Li 32 applications using the ICON protocol. 1 Sub-Category: and the Threshold Relay technique (powered Sub-Category: Platform & Protocol by a random beacon) to achieve these speeds. EMPLOYEES CH Platform & Protocol EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $18,400,000 CB $5,800,000 CB Ethereum Ethereum is a decentralized platform that runs Lisk Develop and publish blockchain applications smart contracts: applications that run exactly as FUNDING FUNDING programmed without any possibility of downti- with your own sidechains on the open-source me, censorship, fraud or third-party interference. Lisk Platform. Promotion of new technology These apps run on a custom built blockchain, an developments and applications, in particular CMC CMC enormously powerful shared global infrastructure $25,229,805,218 promotion and maintenance of new open decen- $141,934,581 that can move value around and represent the tralized software architectures. In the foreground ownership of property. This enables developers VALUATION - but not exclusively - is the promotion and VALUATION to create markets, store registries of debts. or Token Ticker: Token Ticker: development of the so-called Lisk protocol and promises, move funds in accordance with instruc- the corresponding technology as well as the ETH tions given long in the past (like a will or a futures LSK Li promotion and support of applications using Li contract) and many other things that have not 10 4 Sub-Category: Sub-Category: the Lisk protocol. been invented yet, all without a middleman or Platform & Protocol counterparty risk. EMPLOYEES CH Platform & Protocol EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 26

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $12,100,000 CB $232,000,000 CB Securosys Tezos FUNDING The Tezos Foundation is a Swiss foundation, FUNDING supervised by the Swiss Federal Foundation NEAR is a decentralized storage and compu- Supervisory Authority which is part of the te platform that is secure enough to manage 1 Swiss Federal Department of Home Affairs. CMC high value assets like money or identity and $12,100,000 Its purpose is the promotion and development $1,754,583,304 performant enough to make them useful for of new technologies and applications, especia- VALUATION VALUATION everyday people, putting the power of the Open lly in the fields of new open and decentralized Token Ticker: Token Ticker: Web in their hands. software architectures including the promotion N/A XTZ Li and development of the Tezos protocol and CC 1 related technologies. 4 Sub-Category: Sub-Category: Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $1,200,000,000 DR $5,000,000 2 Polkadot Velas FUNDING FUNDING

VELAS AG headquartered in Crypto Valley Zug, Switzerland is the first AI-operated delegated 1 CMC Polkadot empowers blockchain networks to $1,200,000,000 proof of stake blockchain, that allows to build $85,662,272 work together under the protection of shared decentralised applications and smart contracts security. VALUATION on its mainnet, and ables scalability of the tran- VALUATION Token Ticker: Token Ticker: sactions, being able to validate 30 000 transac- DOT VLX tions per second thanks to Schnorr signatures. 5 2 2 CC Sub-Category: Sub-Category: Platform & Protocol EMPLOYEES CH Platforms & Protocol EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $107,664,907 DR $142,000,000 CB Status Waves Platform FUNDING FUNDING Waves creates the economics of free, perfect and instant. The Waves Platform is a global public blockchain platform, founded in 2016. Status is an interface to access Ethereum, built CMC Waves Platform’s mission is to reinvent the CMC for Android and iOS. Enjoy encrypted messa- $78,336,056 $115,687,666 DNA of entrepreneurship around the world ging, a cryptocurrency wallet, and seamless VALUATION by providing a shared infrastructure, offering VALUATION access to DApps. Token Ticker: Token Ticker: easy-to-use, highly functional tools to make SNT WAVES blockchain available to every person or orga- 6 Li nisation that can benefit from it. 1 Li Sub-Category: Sub-Category: Platform & Protocol EMPLOYEES CH Platform & Protocol EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 27

Blockchain • BROKER, TRADE & EXCHANGE • CRYPTO BANKS COMPANY NAME DESCRIPTION • LENDING & FUNDING $5,000,000 2 Financial Bittrex • PAYMENT & STABLETOKEN FUNDING Industry • WALLET & VAULT Bittrex Global provides a proven and secure platform for its customers to access the opportu- 2 nities of digital asset trading. Built on Bittrex’s $100,000,000 cutting-edge technology, Bittrex Global provides an institutional grade experience for professional VALUATION Token Ticker: and novice customers alike.t N/A 2 Li 02 Sub-Category: Source: Corporate Contact (CC); CrunchBase (CB); IcoBench (IB); TrackIco (TI); Desk Broker, Trade & Exchange EMPLOYEES CH Research/Press (DR) Coinmarketcap (CMC); Corporate Website (CW); LinkedIN (Li), Esti- mate (2), Valuation equals Funding (1), No information (N/A)

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $5,100,000 CC $3,500,000 CC Algo Trader Available on-premise or in the cloud, AlgoTrader Bity is an institutional-grade quantitative trading and FUNDING FUNDING trade execution solution for conducting quanti- The Swiss gateway to convert money into cryp- tative research, trading strategy development, tocurrencies and digital assets. Buy and sell strategy back-testing and automated trading bitcoins and ethers. Introducing Bity Kiosks, the for both traditional finance and crypto finance. 2 2 $30,000,000 easiest way to acquire or sell bitcoins with cash. $50,000,000 AlgoTrader provides everything a buy-side or Only a phone number is required. Bitcoin ATMs sell-side firm requires to run its quantitative VALUATION VALUATION are currently located in Geneva, Lausanne, Token Ticker: trading and trade execution operations. It was Token Ticker: Montreux, Neuchâtel, Zürich Hauptbahnhof N/A the very first and most advanced quantitative N/A and Zürich Hardbrücke. CC trading and trade execution software to allow CC 12 Sub-Category: automated trading of Bitcoin and other digital 12 Sub-Category: Broker, Trade & Exchange assets. Based in Zurich, New York, and Singa- Broker, Trade & Exchange EMPLOYEES CH EMPLOYEES CH pore, AlgoTrader operates globally.

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION 2 Founded in 2013, Bitcoin Suisse AG (BTCS) has N/A $8,000,000 Bitcoin Suisse CoreLedger The CoreLedger infrastructure creates a simple been a pioneer in providing crypto-financial FUNDING and secure platform from which to use bloc- FUNDING services. It has helped to shape the crypto- and kchain technology. It allows users to digitize blockchain-ecosystem in Switzerland and has goods and services without programming effort. been a driving force in the development of the Thanks to blockchain technology, these assets ‘Crypto Valley’ and ‘Crypto Nation Switzerland’. CC CC can be securely and irrevocably transferred with $40,000,000 As a regulated Swiss financial intermediary $300,000,000 immutable and unfalsifiable proof of ownership. (SRO – VQF member) since 2014, BTCS has VALUATION VALUATION Transactions using digitized assets decrease costs Token Ticker: become a market leader in prime brokerage, Token Ticker: and integrate seamlessly with existing goods storage, lending, staking, tokenization, and N/A N/A and services. CoreLedger lets users implement other crypto-financial services catered to the CC innovative new processes that simply would not 20 Sub-Category: needs of private, institutional, and corpora- Sub-Category: be possible using physical goods only. Broker, Trade & Exchange te clients. BTCS has built a team of over 120 114 CC Broker, Trade & Exchange EMPLOYEES CH highly-qualified experts at its locations in Zug, Copenhagen, and Liechtenstein. Visit us at www. EMPLOYEES CH bitcoinsuisse.com

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 28

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION CC CC $2,150,000 Crypto Finance The Crypto Finance Group provides institutio- $36,100,000 Mt Pelerin nal and professional investors products and Unlike traditional banks, Mt’Pelerin won’t use your FUNDING services with a level of quality, reliability, and FUNDING money to invest for our own profit. Instead, 100% security that are unique in the digital asset of the currencies deposited on their accounts space today. The group includes the holding will be kept in reserve at all time. This reserve company Crypto Finance AG and three subsi- CC and its movements are recorded on Ethereum $43,000,000 diaries: Crypto Fund AG, the first regulated 2 blockchain, and are therefore completely trans- asset manager for crypto assets authorised by $50,000,000 VALUATION parent in a permanent and immutable way. Mt. Token Ticker: FINMA; Crypto Broker AG, experts in professional Token Ticker: VALUATION Pelerin’s reserves are visible to all in real-time, 24/7 crypto asset trading; and Crypto Storage N/A MPS while the state of individual accounts remain AG, providing crypto asset storage infrastruc- CC confidential. 10 Sub-Category: ture solutions. By providing the services for Sub-Category: Broker, Trade & Exchange professional investors to invest in blockchain CC Broker, Trade & Exchange EMPLOYEES CH technology, the Crypto Finance Group is buil- 37 ding a bridge between the traditional financial EMPLOYEES CH world and the emerging digital asset markets.

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $2,400,000 CC $5,300,000 CB Flovtec flovtec is an award-winning leader in the field of Smart Valor liquidity provision for digital assets (d@ssets). As FUNDING FUNDING a key player in the Blockchain ecosystem flovtec fosters price stability and reduces transaction costs, for the benefit of all market participants. The Smart Valor is building the blockchain-based firm is built on three pillars: a highly experienced CC Valor-Network: a decentralized communi- CMC and visionary team, tested investment strategies $25,000,000 ty-based marketplace for tokenized alterna- $9,413,691 and a professional operational structure. The tive investments. It enables asset issuers to VALUATION VALUATION team is comprised of Blockchain pioneers with create and distribute tokenized alternative Token Ticker: Token Ticker: detailed insights into the ecosystem of digital investment solutions. N/A assets and its future, experienced asset mana- VALOR gement professionals with proven track records 9 CC Li Sub-Category: and quants that can deploy investment strategies Sub-Category: 6 Broker, Trade & Exchange Broker, Trade & Exchange in a quick and efficient manner. EMPLOYEES CH EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $10,800,000 CB $10,000,000 CB Lykke Taurus GroUp Lykke takes advantage of breakthroughs in cryp- Taurus is a Swiss-based company specialized in to-technology to build a global Internet exchange FUNDING digital assets and distributed ledger technology. FUNDING with immediate settlement for all asset classes Taurus aims at building one of the first regulated and types of financial instruments. Lykke propo- digital asset exchanges for securities. It currently ses an Internet exchange that uses blockchain 2 offers institutional-grade financial services and 2 to trade all types of financial instruments. The $15,000,000 market infrastructure used by leading banks, $50,000,000 benefits are immediate settlement, low transaction exchanges and technology firms in Switzerland fees, the absence of a single point of failure, and VALUATION and abroad to securely store, administer and VALUATION Token Ticker: strategic independence. Immediate settlement Token Ticker: transfer digital assets. Taurus was founded by LKK and highly competitive pricing will lead to rapid N/A experts coming from the banking, asset mana- volume growth and establish the exchange as 30 Li gement, regulatory, as well as blockchain and 25 CC Sub-Category: the Internet marketplace. Sub-Category: cybersecurity fields. Broker, Trade & Exchange EMPLOYEES CH Broker, Trade & Exchange EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 29

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $103,000,000 CC $52,500,000 CC SEBA Bank Nexo Nexo is the leading crypto lending provider, that FUNDING has built its reputation in the blockchain world FUNDING SEBA is a FINMA licensed bank and pioneer with its signature Instant Crypto Credit Lines™ in the financial industry, building a progressive and Earn Interest product, which is accessible technological bridge between the digital and CC via the Nexo Platform or Nexo’s Mobile Banking CMC traditional asset worlds. Founded in April 2018 $350,000,000 Solution. The company has processed $1B+ $115,587,330 and headquartered in Zug, the bank enables for a continually growing 500K+ user base. VALUATION VALUATION clients to invest, safely keep, trade and borrow Nexo is in the final stages of launching the Token Ticker: Token Ticker: against traditional and digital assets, as well Nexo Card which will allow crypto holders to N/A NEXO as issue tokens all in one place. CC utilize Nexo’s Instant Crypto Credit Lines™ for 2 76 instant ATM withdrawals as well as small and 20 Sub-Category: Sub-Category: Crypto Bank large purchases all over the world. EMPLOYEES CH Lending & Funding EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION 2 Sygnum Sygnum is the world’s first digital asset bank. $60,000,000 Cryptix N/A Sygnum is the first digital asset specialist to Cryptix AG is the central venture-building plat- be regulated in Switzerland as a bank, and in FUNDING form and umbrella for a Swiss cluster of busi- FUNDING Singapore as an asset manager. Sygnum partners nesses in Crypto Valley. The company founds, with institutional and private qualified investors, promotes and maintains subsidiaries and parti- corporates, banks and other financial institutions cipations that work under one vision to create globally, and empowers them to invest in the $250,000,000 the "People's financial marketplace". The Group digital asset economy with complete trust. The CC consists of companies in Switzerland, Liech- $28,000,000 company offers a portfolio of regulated banking VALUATION Token Ticker: Token Ticker: tenstein, Austria and Slovenia. Cryptix Labs services built for digital assets, including custody, VALUATION N/A brokerage, lombard loans with digital assets as N/A GmbH, the in-house R&D center accompanies collateral, asset management and soon tokeni- these initiatives with studies and technology Sub-Category: Sub-Category: zation services. It seamlessly integrates major 2 around Blockchain and DLT. CC Crypto Bank national currencies (CHF, SGD, USD and EUR), 60 Payment & Stabletoken 34 bitcoin, ethereum, a digital CHF and soon asset tokens – into one account. EMPLOYEES CH EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $16,500,000 CB $210,000,000 DR Aave Libra FUNDING FUNDING

Libra is built on a secure, scalable, and relia- CMC 2 Aave is an open source and non-custodial protocol $170,757,891 ble blockchain and is designed to help bring $1.000.000.000 enabling the creation of money markets. Users people everywhere equal access to financial can earn interest on deposits and borrow ass VALUATION services. Libra is backed by a reserve of assets VALUATION Token Ticker: Token Ticker: so that its value stays stable. LEND N/A 3 2 5 3 Sub-Category: Sub-Category: Lending & Funding EMPLOYEES CH Payment & Stabletoken EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 30

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $3,000,000 CC $20,000,000CC Zulu Republic Metaco FUNDING FUNDING The Zulu Republic aims to mitigate the adop- Metaco is a Swiss-based company with internatio- tion problem, leveraging blockchain technology nal presence. It brings together industry experts to create a sustainable cryptotoken ecosystem and most talented engineers to fulfill the require- 2 composed of individuals, merchants, and larger 2 $25,000,000 ments of financial corporations. The company’s $50,000,000 businesses, bolstered by enterprise-level activity aim is to offer outstanding value propositions and product “exports”—creating a place where VALUATION VALUATION to our clients in the field of distributed ledgers people can not only make use of blockchain Token Ticker: Token Ticker: and digital currencies, with a particular focus technology in their daily lives but thrive in the N/A N/A on payment and banking. process of doing so. CC 14 Li 2 Sub-Category: Sub-Category: Wallet & Vault Payment & Stabletoken EMPLOYEES CH EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $10,000,000 CC $2,000,000 2 CustoDigit Shift Cryptosecurity FUNDING FUNDING CustoDigit’s asset platform is a one-stop-shop developed entirely for regulated financial services institutions. The company enables them to 2 Digital Bitbox is a minimalist bitcoin hardware DR provide customers full access to digital assets. $20,000,000 $20,000,000 wallet packed with security and privacy. Safely The integrated platform allows customers to VALUATION hold and spend your coins with peace of mind. VALUATION manage the entire life cycle of their assets, in Token Ticker: Token Ticker: a convenient and secure way: from storing to N/A N/A trading to tax statements. 5 Li 13 Li Sub-Category: Sub-Category: Wallet & Vault Wallet & Vault EMPLOYEES CH EMPLOYEES CH

COMPANY NAME DESCRIPTION $27,900,000 CB Eidoo FUNDING

Eidoo, a Ticino based blockchain startup, has CMC officially launched the ICO Engine to allow cryp- $37,048,646 to companies and startups host and manage their token sales safely and with ease via the VALUATION Token Ticker: Eidoo mobile app. EDO 14 Li Sub-Category: Wallet & Vault EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 31

Blockchain other • ART • INSURTECH COMPANY NAME DESCRIPTION • MEDIA & ENTERTAINMENT $12,000,000 CC Industries Utopia Music • TRANSPORT & SUPPLY CHAIN FUNDING

CC Utopia Music creates platforms so everyo- $90,000,000 ne can understand, use and benefit from the power of data. VALUATION Token Ticker: N/A 8 Li 03 Sub-Category: Source: Corporate Contact (CC); CrunchBase (CB); IcoBench (IB); TrackIco (TI); Desk Re- Media & Entertainment EMPLOYEES CH search/Press (DR) Coinmarketcap (CMC); Corporate Website (CW); LinkedIN (Li), Estimate (2), Valuation equals Funding (1), No information (N/A)

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $45,000,000 CC $13,350,000 IB 4ARTechnologies 4ARTechnologies solution combines with Modum modum.io sensor devices record environmental its unique and patented Augmented-Au- FUNDING conditions while physical products are in transit. FUNDING thentication-Technology, thus offering When a change in ownership occurs, the collected more transparency, security and process data is checked against a specific smart contract efficiency to all players in the art world for CC in the blockchain. This contract validates that the CMC the first time. Using a smartphone camera, $500,000,000 transaction meets all of the standards set out by $15,000,000 the microstructure of an artwork is captured the sender, their clients, or the regulator and trig- VALUATION VALUATION and converted into a digital “fingerprint”. gers various actions. The first product of modum.io Token Ticker: Token Ticker: Together with the provenance data of an offers an efficient system to comply with recently 4ART N/A artwork, the information on its origin and Li tightened regulatory requirements for the trans- Li history, it is secured as a tamper-proof 22 port of medicinal products for human use in the 25 Sub-Category: Sub-Category: “biometric passport”. European Union. Art EMPLOYEES CH Transport & Supply Chain EMPLOYEES CH

COMPANY NAME DESCRIPTION COMPANY NAME DESCRIPTION $3,644,240 IB $15,420,000 IB ETHERISC SmartContainers FUNDING FUNDING

Etherisc’s mission is to build decentralized insurance applications, making the purchase Smart Containers develops, builds and rents 2 1 and sale of insurance more efficient, enabling $25,000,000 out airfreight containers for medicine & food $15,420,000 lower operational costs, increase transparency transports. We combine cutting-edge techno- of insurance compared to traditional opera- VALUATION logy and IoT sensors in a logistics ecosystem VALUATION Token Ticker: tions, and democratize access to reinsurance Token Ticker: on blockchain. DIP investments. SMARC 1 Li 6 Li Sub-Category: Sub-Category: Insurtech EMPLOYEES CH Transport & Supply Chain EMPLOYEES CH

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 32

Crypto Valley Top 50 atpar builds financial infrastructure on on Challenger Companies Ethereum that empowers issuers to tokenize and manage all major financial assets from issuence to maturity. The ACTUS Protocol smart contract framework represents financial contracts and their logic on Ethereum as The following startups have a good chance of being modular, “Lego”-like building blocks. included in one of the next Top 50 Reports due to emplo- yee growth, increase in valuation and contribution to the ecosystem.

daura is the digital share platform for financing and investing in Swiss SMEs: Thanks to the blockchain technology, the existing share Ariadne provides core banking and risk analytics, register is easily digitized and capital increa- based on smart contracts and ACTUS, the Open ses are carried out quickly and inexpensively Source Standard. ANALYTX is the next gene- at the push of a button. The share register ration risk analytic tool and SOLITX is the core always remains digitally maintained, complete banking infrastructure of the future. and up-to-date. Investors registered on daura also have access to a whole world of investments in Swiss SMEs.

Axedras is connecting and digitizing the Snappy is a secured and fast payment system precious metal industry. The company deve- improving on user experience and infrastructu- lops the trusted digital netwrok for product Snappy re for timely settlement of payments with the and data integrity in the bullion market. Ist cryptocurrency Ether. The company’s focus Bullion Integrity Ledger operates on a priva- is on safety and usability. te and permissioned blockchain and provides significant benefits to its members.

Changing Data Privacy For Good. The HOPR protocol NOVEM GOLD ensures everyone has control of their privacy, data, By combining traditional gold stores with highly secu- and identity. With the HOPR protocol, companies and re digital tokens that are backed by physical gold, users can decide for themselves who can view their Novem Gold is changing how gold is bought, sold, data and who can’t. With the HOPR protocol, data and stored throughout the world. security is solved, letting everyone focus on helping people through digitalization.

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 33

Emaar Properties is a real estate development company located in the United Arab Emirates. FiCAS is a leading crypto asset investment firm It is a public joint-stock company, listed on the dedicated to leveraging science and AI-powered Dubai Financial Market, and has a valuation of technology to actively manage more profita- US$9.7 billion as of June 2018. EMR token is a ble returns on our clients’ crypto investments. blockchain-based token reward program on JPMorgan Quorum technology.

The company is using a new form of digital security, the BrickMark token, as an integral part Sibex, the Zug-based startup with offices in of the capital-raising process. The company China and Hong Kong is offering a decen- thus combines the asset value and profitabi- tralized peer-to-peer cryptocurrency-trading lity benefits of real estate as an asset class platform. The startup has raised CHF 1.8 in its with the technological possibilities of smart seed round from China-based Fenbushi Capi- contracts in the blockchain. Like listed real tal, SIX and Accomplice VC. estate companies, BrickMark embraces high transparency levels and compliance with international valuation standards.

CROWDLITOKEN is backed by high quality and SCX (Swiss Crypto Exchange) is the first regu- high yield real estate and founded by CROWDLI, lated Swiss exchange platform for blockchain an existing Swiss crowdfunding company. Our products and crypto currencies. We offer the vision is to make direct real estate investments trading of Bitcoin, Ether and selected payment easy, liquid and profitable for everyone. Enjoy and utility tokens. Our platform is SRO/VQF CROWDLITOKEN and build your own portfo- regulated and aims to provide safe, high quality lio with your favorite properties and tailored and transparent access to blockchain-based return profile. Real estate meets blockchain. products in a rapidly growing transaction market.

TALLYON 21Shares makes investing in crypto assets as A new private banking venture has joined the easy as buying a stock. Our Amun Index will growing list of companies applying for licen- be a listed ETP on the Swiss Stock Exchange ses from the Swiss financial regulator. Tallyon and gives you access to diversified market- aims to become a “next generation” private cap weighted and automatically re-balancing bank, riding the way of “radical change” in basket of the top five crypto assets. the industry.

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 34

XWISS is building a new financial services infrastruc- Protect your brand and stay on top. ODEM ture combining ground-breaking regulatory techno- provides educational organizations with a logy with the Swiss standard of excellence. Its new seamless way to facilitate student success and standard, called DART®, allows assets to be more effi- allow students to share verified credentials in a ciently issued, traded and exchanged, reducing risk, secure digital environment on the blockchain. cost and friction.

We aim to provide high-quality software solutions, project development and consulting in the Our global team of leading blockchain experts field of FinTech, crypto-asset trading and smart have spent over 10 years developing Tangem’s cloud solutions. Currently, our main product revolutionary chip-to-chain technology. We’ve is MachinaTrader, an ecosystem for automated succeeded to bring the power of blockchain to crypto-trading and digital assets. MachinaTra- the physical world in a chip that transforms trust der can best be described as: highly reliable, for businesses and organizations of all kinds. ultra-scalable and blazingly fast.

Ormera is a web-based platform for energy supply VOLTEX is a blockchain-based energy manage- companies, energy service providers, real estate service ment system with an integrated peer-to-peer providers and administrations. It connects the elec- trading platform. VOLTEX interlinks and orga- tricity meter to the account and thus automates the nizes decentralized electricity prosumers with entire electricity billing process. Ormera is the optimal power grids and promotes renewable energy. meter-to-cash solution for independent management Through the integration of the blockchain into and electricity billing for the association for self-con- the VOLTEX system, electricity trading with sumption (ZEV). digital certificates of origin is revolutionized. VOLTEX concentrates on the power station stakeholders, industries and companies that produce, consume or trade in large amounts of electricity.

VETRI is the next iteration of the Procivis digital Headquartered in Geneva Switzerland, WORLD POWER identity platform, which draws on the e-government PRODUCTION ENERGY GmbH (WPP ENERGY) are platform eID+, also developed by Procivis. While leaders in the global renewable energy industry since the idea of anonymously matching the owners and 2009. WPP ENERGY’s mission has remained consis- buyers of high-quality data is not new, what is new is tent throughout the years and that mission is to use that VETRI delivers a solution that does not require a Innovative and Disruptive Technologies to Produce central business intermediary that needs to be paid and Provide the World’s Most Affordable and Efficient for matching two parties: VETRI is a not-for-profit, 100% Clean Energy. open-source platform.

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Crypto Valley Top 50 Companies listed by sector . 35

Fyooz empowers you to invest in anything you love. It can be your favourite artist, brand or influencer. Fyooz combines the power of Social Media with state-of-the-art Fintech solutions – in a decentralized way.

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Players by key areas

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Players by key areas . 37

Banks active in Crypto

The traditional Banking sector continues its love-ha- te relationship with tokenization and crypto. Large banks, central banks, and regulators tout the benefits and potential of this new technology, but make it difficult for anyone actively engaging with this newly established asset class. With regulatory certainty in Crypto Valley, private banks have been leading the adoption and provision of services. Early movers continue to expand their offerings, whereas a number of innovative players have started to consider tokenization as a key part of their future strategy in combination with a cautious approach to cryptocurrencies.

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Players by key areas . 38

Blockchain focused Venture Capital Firms

Global Venture Capital has seen a dramatic increase in funding over the past several years, particularly for more mature, later stage startups. As Blockchain tech and applications are still at an early stage, investing in startups typically revolves around a few players with in-depth expertise and reach in the Blockchain community. A novel aspect in the financing of the blockchain technology sector are public blockchain protocols, which have become venture investors themselves. With large assets and strong market capitalizations, they have become major players for the development of applications and infrastructure on their protocol.

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Players by key areas . 39

Blockchain Technology Solution Providers

The technology stack in blockchain is in a very early stage and development and implementation of solutions requires experts in many technology areas. Large corporations located in Crypto Valley have taken advantage of the proximity to the community. Together with blockchain savvy solution providers, corporations and governments have developed and implemented applications in private permissioned and public environments.

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Players by key areas . 40

Blockchain and Crypto Savvy Law Firms

The regulatory framework in Crypto Valley has provided such clarity that Switzerland and Liechtenstein have become the two jurisdictions which every serious project must consider. As more corporate players work on blockchain technology and more well-funded startups are moving into Crypto Valley, legal advice is provided by an expanding number of corporate law, capital market, intellectual property, and tax experts.

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 CV VC Portfolio

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 42

INVESTMENT THESIS

In 1989, the World Wide Web was invented in Geneva. technology. We believe the application layer will Our strategy is to find the best startups that build And yet, there is currently no Swiss-based Internet provide the most attractive long-term growth poten- (decentralized) applications at the intersection of company of global scale. 30 years later, Switzerland tial for VC investments, whereas the infrastructure the six T4T verticals and blockchain technology and once again finds itself at the core of a technology with layer (“the rails”) may become commoditized over- invest in the most attractive use cases across differ- the potential to boost growth over decades: block- time in order to achieve mass adoption of blockchain ent industries, on a global basis. The ultimate goal chain technology. technology. is to achieve a diversified portfolio with regards to industries / geographies and weighting of the CV VC believes that the next wave of big tech compa- Further, the current social and economic environ- underlying portfolio companies, thereby minimiz- nies will be driven by catalyst technologies like ment has led to a digitization push that will cause ing any cluster risks and maximizing returns for blockchain. These companies will be led by a new certain industries to grow disproportionately in the investors. generation of founders from around the world that future. We call this Technology for Tomorrow, in short are attracted to technologies like blockchain, driven “T4T”. We have identified the following six verticals by the need for decentralization, transparency and where we believe digitalization will grow exponential- accountability. ly and hence create the biggest opportunities from an investment perspective: CV VC is an early-stage venture capital investor with a focus on startups that build on blockchain technology. Blockchain technology has the potential to significantly impact many industries and we at CV VC believe that blockchain technology will become a catalyst for the next technological revolution, along- FUTURE LIEFSTYLE & EDUCATION & side AI, machine learning and automation, as well as OF WORK HEALTH SCIENCE IoT.

Despite its $3T market potential, blockchain technology is still young. CV VC considers the current dynamics in the industry as an attractive opportunity to create long-term value for investors by executing a diversified and systematic strategy of early-stage SECURITY & E-COMMERCE & FINANCE & investing in startups that use blockchain in their tech- IDENTITY LOGISTICS INVESTING nology stack. Our investment focus is on (decentralized) applications built with/on top of blockchain

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 43

CV VC PORTFOLIO

FUTURE OF WORK LIFESTYLE & HEALTH

AdHash² (BUL) - Advertising Sprinter² (USA) - Platform Blocksport³ (SUI) - Sportstech Geon³ (POL) - Adtech Insurance protocols with smart Decentralized platform for tech Connecting (e-)sport clubs with Location-based marketing contracts & ML projects fanbase

ditCraft³ (GER) - Software dev. Utopia Music¹ (SUI/SWE) - Big data Improve and secure software Big data for music industry develpment EDUCATION & SCIENCE SECURITY & IDENTITY

Assembl² (USA) - Publishing Orvium² (EST) - Scientific Publishing Asvin³ (GER) - IoT Vereign¹ (SUI) - IT Security Democratising science with DLT Connecting publishers with Platform to securely update Digital identity verifiable with reviewers IoT-devices blockchain

Ptolemy² (USA) - Patform MathForMoney² (ZAR) - Education Trustsearch² (LAT) - Patform Contributor-rewarding encyclopedia Solve math problems to earn pocket Scam identification platform money FINANCE & INVESTING E-COMMERCE & LOGISTICS

BitFreezer² (USA/UKR) - Fintech Agryo³ (USA/BRA) - Agritech Xion³ (USA/ZAR) - e-Commerce VaultWines³ (GEO) - Supply Chain Ultra-secure mobile digital wallet Credit profiles of farmers through AI e-Commerce subscription platform D2C wine e-commerce & tracking

GatePay³ (USA) - Fintech BHander² (EST/UKR) - Fintech Enabling crypto & fiat on POS Stand-alone multicurrency wallet & devices payment CV VC Strategic Investment

Proof of impact¹ (NED) - Fintech Flovtech¹ (SUI) - Fintech GenTwo Digital (SUI) - Fintech Impact investment marketplace Liquidity provider for digital assets Making digital assets bankable

Tezsure² (USA) - Insurance WildCards³ (SUI/ZAR) - Impact Investing Insurance protocols with smart Digital endangered animal contracts & ML collectables

Note: (1) = CV VC Select VC Investments; (2) = CV VC / CV Labs Incubation Batch_01; (3) = CV VC / CV Labs Incubation Batch_02 Technology Partner In collaboration with CV VC Top 50 Report H1/2020 About

Technology Partner In collaboration with CV VC Top 50 Report H1/2020 Blockchain industry in Crypto Valley visualized . 45

ABOUT

CV VC is an early-stage venture capi- inacta AG, founded in 2009 and based PwC is the leading blockchain trust Strategy& is a global strategy consult- tal investor with a focus on startups in Zug, is an independent Swiss IT provider and provides smart contract ing business uniquely positioned to which build on blockchain technol- company - partner for innovation assurance services to underpin the help deliver your best future: one ogy. Based in the heart of Switzer- and digital transformation. More than commitment to blockchain technolo- that is built on differentiation from land’s Crypto Valley, the company 70 experienced digitization experts gy. At PwC, our purpose is to build the inside out and tailored exactly to invests in all stages of crypto and support organizations from the insu- trust in society and solve important you. As part of PwC, every day we’re blockchain development, from incu- rance, banking, real estate and heal- problems. We’re a network of firms building the winning systems that are bation to growth capital. In addition to thcare sectors. in 157 countries with over 276,000 at the heart of growth. We combine venture capital investments, it oper- people who are committed to deliv- our powerful foresight with this tangi- ates its own incubator and ecosystem inacta supports established compa- ering quality in assurance, advisory ble know-how, technology, and scale business under the CV Labs brand, nies and startups with consulting, and tax services. PwC Switzerland has to help you create a better, more consisting of co-working spaces, advi- project management and software over 3,500 employees and partners in transformative strategy from day one. sory and events. Blockchain technol- development services. As an early 16 office locations in Switzerland ogy has the potential to significantly adopter, inacta not only understands and one in the Principality of Liech- impact many industries, and CV VC technologies such as blockchain or AI tenstein. Find out more and tell us believes that the next, third wave of - but above all - how and where these what matters to you by visiting us large tech companies will be driven by are used sensibly. at www.pwc.ch. PwC refers to the catalyst technologies like blockchain, PwC network and/ or one or more of alongside AI, machine learning, auto- its member firms, each of which mation and IOT. is a separate legal entity. Please see www.pwc.com/ structure for further details Authored jointly by CV VC, inacta & PwC

Ralf Kubli Nicolai Reienbold [email protected] [email protected]

Adrian Keller [email protected] Technology Partner In collaboration with The content and the information provided herein to readers has been issued by CV VC AG (”CV VC“). It has been prepared solely for informational purposes and should not be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any token, security or financial instrument or to participate in any transaction or trading activity in this or in in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction. The contents are not a representation by the covered companies and are based upon or derived from information generally belie- ved to be reliable although no representation is made that it is accurate or complete and CV VC accepts no liability with regard to the reader’s reliance on it.

©2020 CV VC AG. Unless otherwise stated, all content and figures have been issued by CV CC. The company logos have been obtained by the respective official company websites. You are not permitted to publish, transmit, or otherwise reproduce this presentation or information from this presentation, in whole or in part, in any format without the written consent of CV VC. In addition, you are not permitted to alter, obscure, or remove any copyright, trademark or any other notices that are provided to you in connection with the information.

INSIGHTS