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Pwc I 2Nd Global Crypto M&A and Fundraising Report
2nd Global Crypto M&A and Fundraising Report April 2020 2 PwC I 2nd Global Crypto M&A and Fundraising Report Dear Clients and Friends, We are proud to launch the 2nd edition of our Global Crypto M&A and Fundraising Report. We hope that the market colour and insights from this report will be useful data points. We will continue to publish this report twice a year to enable you to monitor the ongoing trends in the crypto ecosystem. PwC has put together a “one stop shop” offering, focused on crypto services across our various lines of services in over 25 jurisdictions, including the most active crypto jurisdictions. Our goal is to service your needs in the best possible way leveraging the PwC network and allowing you to make your project a success. Our crypto clients include crypto exchanges, crypto investors, crypto asset managers, ICOs/IEOs/STOs/stable and asset backed tokens, traditional financial institutions entering the crypto space as well as governments, central banks, regulators and other policy makers looking at the crypto ecosystem. As part of our “one stop shop” offering, we provide an entire range of services to the crypto ecosystem including strategy, legal, regulatory, accounting, tax, governance, risk assurance, audit, cybersecurity, M&A advisory as well as capital raising. More details are available on our global crypto page as well as at the back of this report. 2nd Global Crypto M&A and Fundraising Report April 2020 PwC 2 3 PwC I 2nd Global Crypto M&A and Fundraising Report 5 Key takeaways when comparing 2018 vs 2019 There -
The Economic Limits of Bitcoin and the Blockchain∗†
The Economic Limits of Bitcoin and the Blockchain∗† Eric Budish‡ June 5, 2018 Abstract The amount of computational power devoted to anonymous, decentralized blockchains such as Bitcoin’s must simultaneously satisfy two conditions in equilibrium: (1) a zero-profit condition among miners, who engage in a rent-seeking competition for the prize associated with adding the next block to the chain; and (2) an incentive compatibility condition on the system’s vulnerability to a “majority attack”, namely that the computational costs of such an attack must exceed the benefits. Together, these two equations imply that (3) the recurring, “flow”, payments to miners for running the blockchain must be large relative to the one-off, “stock”, benefits of attacking it. This is very expensive! The constraint is softer (i.e., stock versus stock) if both (i) the mining technology used to run the blockchain is both scarce and non-repurposable, and (ii) any majority attack is a “sabotage” in that it causes a collapse in the economic value of the blockchain; however, reliance on non-repurposable technology for security and vulnerability to sabotage each raise their own concerns, and point to specific collapse scenarios. In particular, the model suggests that Bitcoin would be majority attacked if it became sufficiently economically important — e.g., if it became a “store of value” akin to gold — which suggests that there are intrinsic economic limits to how economically important it can become in the first place. ∗Project start date: Feb 18, 2018. First public draft: May 3, 2018. For the record, the first large-stakes majority attack of a well-known cryptocurrency, the $18M attack on Bitcoin Gold, occurred a few weeks later in mid-May 2018 (Wilmoth, 2018; Wong, 2018). -
The Bitcoin Trading Ecosystem
ArcaneReport(PrintReady).qxp 21/07/2021 14:43 Page 1 THE INSTITUTIONAL CRYPTO CURRENCY EXCHANGE INSIDE FRONT COVER: BLANK ArcaneReport(PrintReady).qxp 21/07/2021 14:43 Page 3 The Bitcoin Trading Ecosystem Arcane Research LMAX Digital Arcane Research is a part of Arcane Crypto, bringing LMAX Digital is the leading institutional spot data-driven analysis and research to the cryptocurrency exchange, run by the LMAX Group, cryptocurrency space. After launch in August 2019, which also operates several leading FCA regulated Arcane Research has become a trusted brand, trading venues for FX, metals and indices. Based on helping clients strengthen their credibility and proven, proprietary technology from LMAX Group, visibility through research reports and analysis. In LMAX Digital allows global institutions to acquire, addition, we regularly publish reports, weekly market trade and hold the most liquid digital assets, Bitcoin, updates and articles to educate and share insights. Ethereum, Litecoin, Bitcoin Cash and XRP, safely and securely. Arcane Crypto develops and invests in projects, focusing on bitcoin and digital assets. Arcane Trading with all the largest institutions globally, operates a portfolio of businesses, spanning the LMAX Digital is a primary price discovery venue, value chain for digital nance. As a group, Arcane streaming real-time market data to the industry’s deliver services targeting payments, investment, and leading indices and analytics platforms, enhancing trading, in addition to a media and research leg. the quality of market information available to investors and enabling a credible overview of the Arcane has the ambition to become a leading player spot crypto currency market. in the digital assets space by growing the existing businesses, invest in cutting edge projects, and LMAX Digital is regulated by the Gibraltar Financial through acquisitions and consolidation. -
Balancing Privacy and Accountability in Digital Payment Methods Using Zk-Snarks
1 Faculty of Electrical Engineering, Mathematics & Computer Science Balancing privacy and accountability in digital payment methods using zk-SNARKs Tariq Bontekoe M.Sc. Thesis October 2020 Supervisors: prof. dr. M. J. Uetz (UT) dr. M. H. Everts (TNO/UT) dr. B. Manthey (UT) dr. A. Peter (UT) Department Applied Mathematics Discrete Mathematics & Mathematical Programming Department Computer Science 4TU Cyber Security Faculty of Electrical Engineering, Mathematics and Computer Science University of Twente Preface This thesis concludes my seven years (and a month) as a student. During all these years I have certainly enjoyed myself and feel proud of everything I have done and achieved. Not only have I completed a bachelor’s in Applied Mathematics, I have also spent a year as a board member of my study association W.S.G. Abacus, spent a lot of time as a student assistant, and have made friends for life. I have really enjoyed creating this final project, in all its ups and downs, that concludes not only my master’s in Applied Mathematics but also that in Computer Science. This work was carried out at TNO in Groningen in the department Cyber Security & Ro- bustness. My time there has been amazing and the colleagues in the department have made that time even better. I am also happy to say that I will continue my time there soon. There are quite some people I should thank for helping my realise this thesis. First of all, my main supervisor Maarten who helped me with his constructive feedback, knowledge of blockchains and presence at both TNO and my university. -
3Rd Global Cryptoasset Benchmarking Study
3RD GLOBAL CRYPTOASSET BENCHMARKING STUDY Apolline Blandin, Dr. Gina Pieters, Yue Wu, Thomas Eisermann, Anton Dek, Sean Taylor, Damaris Njoki September 2020 supported by Disclaimer: Data for this report has been gathered primarily from online surveys. While every reasonable effort has been made to verify the accuracy of the data collected, the research team cannot exclude potential errors and omissions. This report should not be considered to provide legal or investment advice. Opinions expressed in this report reflect those of the authors and not necessarily those of their respective institutions. TABLE OF CONTENTS FOREWORDS ..................................................................................................................................................4 RESEARCH TEAM ..........................................................................................................................................6 ACKNOWLEDGEMENTS ............................................................................................................................7 EXECUTIVE SUMMARY ........................................................................................................................... 11 METHODOLOGY ........................................................................................................................................ 14 SECTION 1: INDUSTRY GROWTH INDICATORS .........................................................................17 Employment figures ..............................................................................................................................................................................................................17 -
Crypto Asset Market Coverage Initiation: Trading
Sherwin Dowlat [email protected] Michael Hodapp [email protected] CRYPTO ASSET MARKET COVERAGE INITIATION: % from Days Name Price ATH TRADING & CUSTODY ATH Since ATH SEPTEMBER 18, 2018 BTC $6,270 $20,089 (69%) 274 ETH $197.86 $1,432 (86%) 247 XRP $.273 $3.84 (93%) 256 Overview BCH $420.06 $4,330 (90%) 271 EOS $4.90 $22.89 (79%) 141 As investors continue to learn about the cryptoasset market LTC $52.34 $375.29 (86%) 272 class, two of the biggest areas of uncertainty have thus far * Refers to Market Capitalization estimate, calculated using 2050 estimated supply using respective network inflation schedules been 1) trading – how to acquire and exchange the assets, and 2) custody – how to securely store the assets. While there is largely a solid market for consumer trading and Market Cap ($MM) 30D % 90D % 52-Wk % Launch Name custody, these products do not always meet the needs of Current 2050 Implied* G/L G/L G/L Year institutional investors, whose solutions must meet higher BTC $108,304 $131,567 (3%) (7%) 45% 2009 burdens relative to security and regulatory compliance. ETH $20,186 $29,081 (35%) (62%) (30%) 2015 XRP $10,874 $27,316 (19%) (50%) 38% 2013 In this report, we will provide a breakdown of the current BCH $7,290 $8,814 (27%) (53%) (2%) 2017 $4,438 $7,150 (6%) (54%) 643% 2018 landscape for 1) exchanges, 2) OTC providers, 3) consumer EOS LTC $3,053 $4,390 (10%) (47%) (4%) 2011 custody and 4) institutional custody solutions. * Refers to Market Capitalization estimate, calculated using 2050 estimated supply using respective network inflation schedules. -