Data and Infrastructure in Digital Assets • One of the crypto sub-sectors well poised to produce its own unicorns as within other ecosystems • More than 50 companies • Over $286M raised with 44 deals completed • $47.8M average per year and $6.5M per deal • ‘17 and ’19 CAGR – 33% • 850 employees • Average of 17 employees per firm
Segmentation • Infrastructure providers • Blockchain-as-a-service products enabling developers and businesses to build blockchain-enabled Other applications 12% • On-chain metrics providers Market 35% Infrastructure • Insights and analytics across various blockchain 22% networks • Market data providers On-chain 31% • Price and trade- related data offerings on digital assets across various trading venues and financial markets
Infrastructure • Service CHALLENGERS LEADERS • Blockchain node infrastructure services and developer tools Bison Trails Bloq Infura • Customers Alchemy Amberdata • Enterprises, developers and hobbyists Blockset Radar • Challenges Blockcypher Settlemint Skillz • The resources required to hire skilled engineers, set up physical servers, and regularly maintain blockchain nodes Kaleido can be too costly for many small-scale startups Blockdaemon • Addressable market QuickNode • $50 million in 2019 NICHE PLAYERS VISIONARIES
Market • Service CHALLENGERS LEADERS • OHLCV, order book, and trade data aggregated and pre- CryptoCompare processed to one API Kaiko Coin Gecko skew • Customers CoinAPI Digital Asset Data • Quant/algo traders, hedge funds, investment management Coin Metrics CoinPaprika Amberdata firms, investment banks, and retail Nomics TradeBlock • Challenges Brave New Coin Messari Cryptosheets CryptoAPIs • CoinMarketCap Data normalization, no standard API format across exchanges, balance between the redundancy and cost- effectiveness of data structure BitcoinAverage Cryptofinance • Addressable market CoinCodex • $40M for enterprise solutions in 2019 NICHE PLAYERS VISIONARIES
On-Chain • Service CHALLENGERS LEADERS • Insights and analytics across various blockchain networks Flipside Crypto Coin Metrics Trade Block • Customers Digital Assets Data • Etherscan Enterprises, retail, traders Elementus Alethio Amberdata • Challenges TokenAnalyst Covalent • High operational costs (storage, node maintenance) and The Graph Bitfly Blockchair hiring experienced engineers and analysts Glassnode Bitquery • Addressable market Dune Analytics • $10M - $20M in 2019 cmorq NICHE PLAYERS VISIONARIES
Recent M&A • CoinMarketCap • ~$400m • TokenAnalyst • Undisclosed
Conclusion • The total revenue opportunity of the entire data and infrastructure sector was around $100M in 2019 • In comparison, financial market data spend broke $30 billion in each of the last two years • Bloomberg, Refinitiv, S&P Global Market Intelligence, and Moody's Analytics and FactSet • Consolidation • Future looks bright for the digital asset data and infrastructure space
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