Pantera Blockchain Summit 2019 :: Blockchain Letter, July 2019
This is our first Investor Letter since March. We had a wave of compelling investments we wanted to lock in. Apologies for the long gap between letters.
The team would like to express our gratitude to our Limited Partner base. Your staunch support helped us achieve our Venture Fund III target of $175mm — during the frigid crypto winter.
We selected the target before the markets cratered — so we feel particularly fortunate to have had your support as the temperatures dropped.
It was actually excellent timing. We were able to invest 35% of the Fund at very attractive valuations — when many other venture firms had pulled back from the space.
We stopped fundraising activity at the end of March to allow us to focus on the portfolio. Technically, the Fund can accept additional capital until April, 2020. If you have interest to subscribe or add-on, you can reach out to our Investor Relations team at email@example.com.
PANTERA BLOCKCHAIN SUMMIT
Pantera began bringing together leaders to foster the development of the blockchain ecosystem in 2013. One of our first gatherings spawned the book Digital Gold. Our next summit will be on October 22nd in San Francisco.
Our investment team has curated a day focused on the most important topics in the blockchain industry. The speakers include:
· Wences Casares, Founder & CEO of Xapo
· Adam White, CEO of Bakkt
· Mike Belshe, Co-Founder & CEO of BitGo
· Jeremy Allaire, Co-Founder & CEO of Circle
· Brendan Eich, CEO of Brave
· Jesse Clayburgh, of Protocol Labs (Filecoin)
· Uri Klarman, Co-Founder & CEO of bloXroute Labs
· Thomas Chippas, CEO of ErisX
· Galen Wolfe-Pauly, Co-Founder & CEO of Tlon (Urbit)
· Mo Dong, Co-Founder of Celer Network
· Matt Liu, Co-Founder of Origin Protocol
· Eric Tang, Founder of Livepeer
· Dawn Song, Founder of Oasis Labs
· Ed Felten, Co-Founder & Chief Scientist of Offchain Labs (Arbitrum)
· Tyler Spalding, Co-Founder of Flexa
· Uri Kolodny, Co-Founder & CEO of StarkWare
· Mike Dunworth, Co-Founder & CEO of Wyre
· Will Warren, Co-Founder & CEO of 0x
We’re also honored to have Nick Szabo participating again this year. Nick is known for having pioneered the concept and coined the term “smart contract”. His work on bit gold in 1998 presaged much of Bitcoin. Nick will be sharing his perspectives on the current smart contract landscape and cryptocurrencies.
The Summit is free and open to all Pantera Limited Partners.
Direct Access to Portfolio Companies
This year, we’ve added a new feature:
A number of our portfolio companies will have the opportunity to lead small sessions in breakout rooms, in parallel to the main presentation stage. It will be an opportunity for portfolio company executives to meet and engage with our Limited Partner community in an intimate format. These Investor Presentations will allow LPs to learn and ask questions with the CEOs of:
During the registration process, Limited Partners attending the Summit can select portfolio companies they would like to meet with. However, seating for these sessions is limited and slots are not guaranteed. Investor Presentation participants will receive email confirmations in early October regarding their sessions and times.
PANTERA BLOCKCHAIN SUMMIT
Tuesday, October 22nd
8am — 10pm
The Ritz-Carlton, San Francisco
600 Stockton Street, San Francisco
If you are currently a Limited Partner, the registration website is now live at https://pantera.ljfevents-rsvp.com/. If you are not yet a partner, but are interested in attending, please contact our Investor Relations team at firstname.lastname@example.org.
LIBRA :: “WALKING THE TIGHTROPE BETWEEN TWO EXTREMES”
Facebook’s management took a bold plunge and revealed the long-discussed cryptocurrency, Libra, on June 18th. If you haven’t already read it, I strongly recommend the white paper — it’s very well-written.
· (in ancient Rome) a unit of weight, equivalent to 12 ounces (0.34 kg). It was the forerunner of the pound.
· Astrological symbol depicting the scales of justice
· Phonetic resemblance to French “libre,” meaning free
The white paper describes a new decentralized blockchain, a low-volatility cryptocurrency backed by an SDR-type basket of the most solid global currencies, and a smart contract platform — altogether aimed at creating an ecosystem for responsible financial services innovation. The project is expected to launch in the early half of 2020.
Before dismissing what some are describing as the antithesis of Bitcoin and/or permission-less cryptocurrencies alike, we want to review the technology and its objectives at face value. “Libra”, as defined above, embodies three core ideas: Money, Justice, and Freedom. As one of the earliest institutional investors in Bitcoin, we attribute these values as the underpinnings of a movement towards democratized finance. Libra and Bitcoin seem to share in these objectives, and Facebook’s recognition of this movement further reinforces the initial objectives of this community. In the first paragraph of the whitepaper, Libra reminds us of a familiar narrative:
“1.7 billion adults globally remain outside of the financial system with no access to a traditional bank, even though one billion have a mobile phone and nearly half a billion have internet access.”
The ability to provide open access to inexpensive and reliable financial services, regardless of which cryptocurrency(ies) does it, is the promise of blockchain. There are maybe a dozen or so cryptocurrencies that offer unique approaches to decentralized value transfer and non-sovereign money. All have their own governance systems, consensus mechanisms, inflation rates, and defining characteristics that make them unique. Bitcoin, for example, sacrifices energy efficiency and throughput to preserve one of the most secure, decentralized store of value networks on the planet. On the other end of the spectrum, networks like EOS take a centralized approach to allow for higher throughput and faster transactions to boost smart contract usage. Protocols have different design goals and priorities — all sacrificing certain features for particular functionality. So what are the design characteristics that define Libra? We’ve distilled it to three:
1) The Libra Association
2) Multi-currency backed (SDR-type basket)
3) Global reach/connectivity
The Libra Association is designed to be the governing entity that manages both the Libra Blockchain and the Libra Reserve. An anticipated 100 companies that meet the criteria to join the association will have rights to partake in governance, transaction validation (Libra is PoS), and will share in the interest gained on reserves. Contrary to permission-less blockchains like Bitcoin and Ethereum, Libra is permissioned, in that not anyone can be a validator. But for the purposes of Libra’s short to mid-term objectives, this tradeoff was made for global scalability and nimble governance. Libra states that the end goal is to transition into a more decentralized governance system.
Cryptocurrencies are borderless, almost-instantaneous, and essentially-free. However, when they go up 16,000% and then down 85%, it scares the typical latte-buyer away. Stablecoins endeavor to have the benefits of tokens without the volatility. Most are backed by U.S. dollars, a few ingenious ones like Maker are programmatically backed, and one or two are not actually backed by anything (see TETHER section below).
I am particularly impressed with the SDR-type basket the Facebook team decided on to back the tokens. It’s not wildly fluctuating, nor is it pegged to a single country’s currency. Libra will be fully collateralized with four of the oldest, most stable currencies: the U.S. dollar, the British pound, the Euro, and the Japanese yen.
The IMF created Special Drawing Rights (SDRs) as an international reserve currency in 1969. (This year is the 50th anniversary of the SDR.) It comprises a basket of fiat currencies weighted by relative importance within the world’s trading and financial systems. However, it never really was used because nobody could transact in it. Libra is designed to be used.
Seven billion people don’t natively use U.S. dollars. Libra’s decision to use a basket of currencies will make it more useful for global consumers. Libra will likely have less volatility with respect to their own currency than a U.S. dollar-backed stablecoin would.
In the long-long-run, this could represent something larger — Libra might satisfy the previously-unanswerable complaints about USD hegemony.
Lastly, Facebook’s global reach provides a significant onramp for not just Libra, but cryptocurrency as a whole. This is one of the biggest roadblocks for cryptocurrency adoption today. The launch of Calibra, the main wallet to be integrated with Facebook’s existing core products, i.e., Facebook Messenger and WhatsApp, will translate to 2.4 billion people having an easy onramp to digital assets. Increased access will drive adoption and overall familiarity with cryptocurrency.
We believe that the launch of Libra will have a large net positive effect on Bitcoin and other cryptocurrencies. Increased competition will breed the strongest networks that provide real benefits to society — there isn’t one right way to achieve this. Just as cryptocurrency may be the next evolution in finance, there will be evolutions within cryptocurrency itself. The approach described in the Libra whitepaper walks a tightrope between two extremes — and potentially creates the best of both worlds.
SIXTH ANNIVERSARY OF PANTERA BITCOIN FUND
The crypto fund industry in the United States began six years ago this month. Pantera Bitcoin Fund’s lifetime return is 16,385% net of fees and expenses, outperforming bitcoin over the same period.
Pantera Bitcoin Fund provides institutions and high-net-worth individuals quick, secure access to large quantities of bitcoin — without the burdens of buying and safekeeping them. The Fund features daily liquidity and very low fees (0.75% management fee and no performance fee).
Despite offering daily liquidity, most of our investors view it like a long-term venture investment. The average holding period thus far has been 771 days.
Below are the annual returns of the Fund at each of its yearly anniversaries. It’s remarkable that it’s only had one down year. The lowest life-to-date return was 174%.
Pantera Bitcoin Fund Advantages
Pantera Bitcoin Fund offers many advantages over other products in the space — including brokerage accounts like Coinbase or Bitstamp. We believe that Pantera Bitcoin Fund is the only Bitcoin investment vehicle offering daily liquidity, no premium to NAV, low fees, audited financials, and management by an SEC-registered investment advisor. Below is a side-by-side comparison with a couple of its competitors.
1. Competitor fees based on information publicly available on their websites, and/or information publicly distributed. Pantera Bitcoin Fund fees are annualized, calculated since inception, and based on the average investor life in the fund.
Bitcoin Price Reverting to Long-Term Regression
When you graph the price of any disruptive technology on a linear scale, it looks like a hockey stick. For example, Apple’s stock price graph is vertical. We think it’s more appropriate to graph disruptive tech exponentially.
For those who have participated in our conference calls, you may recognize the chart below, which shows Bitcoin’s historical price graphed logarithmically. The point of the graph is that although there are some manic bubbles and some cold crypto winters, the price keeps compounding consistently from a multi-year perspective, and at a very high rate — 235% CAGR.
We initially published this forecast in January using pricing data starting in December of 2010 and ending on December 31st, 2018. During that timeframe, Bitcoin grew at a 235% compound annual growth rate. We then added the trend line and then suggested a forecast with Bitcoin returning to the trend by end of 2019 and continuing on into the future. Below are the prices:
Bitcoin was at $3,700 when we created this graph. During the depths of the crypto winter, $42,000 may have sounded crazy. The price action since then is right on track with the projected return to the regression. The $12,000/BTC data point callout was for June 25, 2019 when Bitcoin returned to that level for the first time in over 18 months. We’re just over midway through the year and it looks like this return to the trend may be on schedule.
STATE OF BLOCKCHAIN CONFERENCE CALL
We held a thematic “State of Blockchain” conference call on June 11th covering the latest trends and developments in blockchain. We had industry-leading guest speakers on the topics of scalability, consensus mechanisms, cryptocurrency payments, and more.
The full recording can be accessed by clicking the button below.
HIGHLIGHTS FROM THE CALL
Scalability With STARKs — Uri Kolodny (Co-Founder and CEO of StarkWare)
Here are a few excerpts from Uri’s discussion:
“We develop proof systems for two main applications: scalability and privacy. I suspect you are probably more familiar with the use of proof systems for privacy. Two of my Co-Founders, Eli Ben-Sasson and Alessandro Chiesa, are also founding scientists of Zcash, which is, to date, I think, the most serious and impressive deployment of zero knowledge proofs out in the wild.
“Our focus is on using proof systems for scalability and the concept is a very simple one. Essentially, we are talking about the ability to offload computations, that is the first step. And then, moving storage away from blockchains into the cloud. Various entities such as exchanges would send us batches of transactions or trades; in addition, payment processors such as Flexa could send us batches of payments, and we would generate computational proofs attesting to the integrity and validity of those transactions. What we would send back to blockchain would be a small proof that would be added to the ledger, and now everyone and their uncle could add an exponentially lower computational cost to verify that that proof is indeed valid. So this is, sort of, at the heart of our scalability solution.”
For a more detailed review of StarkWare, you can listen to Uri’s section here.
Payments and Merchant Adoption — Tyler Spalding (Co-Founder of Flexa)
Tyler Spalding, Co-Founder of Flexa, spoke on cryptocurrency payments and merchant adoption. He explains the challenges facing both consumers and merchants when using crypto as a form of payment, how retail can be an off-ramp with crypto perceived as a verified digital asset, and how Flexa enables the next evolution of crypto payments.
This is what Tyler had to say:
“Starting off, everyone when seeing cryptocurrency for the first time, myself in particular who was mining Bitcoin almost eight years ago, thought ‘Wow, this can really change the world. Merchants are going to accept this, this is literally going to be a new format that destroys credit cards or other value transactions’, like ‘Wow, this is just the new thing’, and it has so many properties that enable that.
“As we all know, that just has not happened.
“On the merchant side, accepting cryptocurrency natively is very challenging due to the security concerns, price volatility, block confirmations; just, anything around cryptocurrency is a challenge operationally. And potentially even worse are tax and accounting implications since cryptocurrency from the IRS’s perspective is property. And when you sell it, there is a tax liability. So, if a merchant is accepting something natively, they want to convert that into dollars, they then have to sell it and now they have a tax burden. Which again, if you are looking at tens of thousands or hundreds of thousands of stores, that becomes something completely untenable.
“And then there’s the consumer side. People buy it for speculation, hold it, and expect it is going to be worth more. So its spending utility in terms of mainstream retail may or may not be limited. Even when you look at it, not even factoring in scalability concerns, the other factor is ‘are they looking to spend them?’”
“So, at least right now, there is interest in retail as an offramp. This is where it starts to get a little interesting. We actually believe that cryptocurrency is actually starting to evolve, in that it is really just a verified digital asset.
“So we created a new payments network. We do not use Visa, or Mastercard, or any of the other open loop systems. There is no new hardware and no new software. All we need to do is get permission from a merchant so we can create a type of store value account within their system, directly in the merchant’s system or in the processor system. We go direct — there are no other middlemen in the process. We can, essentially, reconcile the POS and send a payment through the merchant and their POS for just a couple of pennies. So, it is an extremely cheap and efficient process. Then, we just pay a merchant an ACH payment, a bank transfer after the fact, and those are free.
“So our entire ability to make payments in to a merchant’s system is extremely low cost. Then what we do is tie that to a cryptocurrency.”
You can listen to the remainder of Tyler’s section here.
PoW vs. PoS — Tim Ogilvie (Co-Founder and CEO of Staked)
Tim Ogilvie, Co-Founder and CEO of Staked, spoke on proof-of-work (PoW) vs. proof-of-stake (PoS) and how the industry is transitioning to the latter as a more efficient consensus mechanism. In addition, Tim describes the burdens and risks of being a transaction validator in a PoS network and explains how Staked alleviates these pain points.
This is what Tim had to say:
“I figured we would start this off with why there is a shift from proof-of-work to proof-of-stake. Proof-of-work is the security model that is used to create new blocks on most of the original blockchains. So, Bitcoin and Ethereum both use proof-of-work. New blocks are created and awarded to the miner who solves a mathematical puzzle first, and each new block comes with the fees associated with the transactions in the block and a block reward that gets created.
“This has worked for some time obviously, Bitcoin has been terrific. But it does have a number of problems, where people have been looking for more efficient solutions. One of the problems is that it has led to a lot of centralization. The mathematical problem can be solved by using specialized hardware, and so the manufacturers of that hardware, particularly the very good ones, have been able to dominate large pools of the block rewords and create more blocks than anybody else, raising some concerns around 51% attacks.
“Another major concern is that it is very energy inefficient. It roughly costs $5 billion in energy, annually, to secure the chain. Many new projects, including Ethereum, have signaled the desire to move to proof-of-stake. It uses a different methodology for choosing who creates the next new block. Rather than solving a mathematical puzzle, the holders of the cryptocurrency effectively vote, using their stake, for an honest node in the system. If their node is selected, the probability being proportionate to their stake, they get a portion of the block reward.
“You can think about it in a couple of different ways. Number one, the system is effectively a voting system which is much more energy efficient than a mining process. Number two, it creates the opportunity for a holder of a proof-of-stake currency to actually participate in the block rewards and the fees that are being created with each new block.
“If you are a holder of a proof-of-stake cryptocurrency, it’s sort of like an interest rate-like yield, in that you can generate five to fifty percent annually, depending on the inflation rate and how many people are actually participating in the staking mechanism. There is a catch; there are really two catches.
“The first is that, your funds are slightly at risk, in that, for any incentive mechanism to work, there has to be both the prospect of rewards, but also the prospect of a downside. So, if you stake your assets with a dishonest node, or one that happens to get hacked and the hacker makes it act dishonestly, you can lose a percent of your funds. This is something called “slashing”. So, it is important that you can trust the hardware provider who is running the nodes to collect the yield on the cryptocurrency.
“So, Staked is a business that provides staking infrastructure on behalf of institutional investors, wallets, custodians, and exchanges so that they can reliably and securely earn the block rewards associated with proof-of-stake networks. Today, Staked supports 12 proof-of-stake currencies, including a bunch of the largest ones like Tezos, Cosmos, Dash, Decred and a host of others. We will add new projects that are going live this week that use proof-of-stake, like Algorand. It is all non-custodial, so investors or custodians or exchanges hold the keys and Staked simply performs their role in the validation process and allows investors to earn their proportionate share of the block rewards.”
You can access the recording of Tim’s section here.
Full List of Discussion Topics
Each topic is timestamped to its section within the video recording.
Decentralized Finance :: Overview
Decentralized Finance :: Statistics
Lending and Borrowing
Private and Federated Blockchains
PoW vs. PoS
Payments and Merchant Adoption
Scalability :: Overview
Scalability :: Solutions
dApp Platforms :: Overview
“IN BITFINEX WE TRUST” :: TETHER 74% BACKED
On April 25th, New York State Attorney General Leticia James announced that her office is investigating iFinex Inc., the company that operates both Bitifinex and Tether. James accused the crypto exchange of having “engaged in a cover-up to hide the apparent loss of $850 million of co-mingled client and corporate funds”. Some of the findings from the ongoing investigation were included in a filing with the Manhattan Supreme Court.
Sections 68–86. Ruh-Roh….
fiat: n. a formal authorization or proposition; a decree: adopting a legislative review program, rather than trying to regulate by fiat. an arbitrary order: the appraisal dropped the value from $75,00 to $15,00, rendering it worthless by bureaucratic fiat. late Middle English: from Latin, “let it be done: from fieri ‘be done or made.’
fiat money: n. inconvertible paper money made legal tender by a government decree.
Tether is the ultimate fiat currency. Tethers are created out of thin air simply because the owners of Bitfinex/Tether say so. If it were backed by anything, they would allow an audit.
It’s not actually backed by money — it’s “backed” by IOUs written by a potentially-bankrupt, previously-hacked bitcoin exchange.
The exposing of Tether’s fractional backing reinforces the importance of transparency but also the value of decentralized approaches to stablecoins. Maker’s DAI has been able to maintain its peg to the dollar through its smart contract approach that functions through a system of collateralized debt positions (CDPs) and distributed governance. Around 2% of all ETH is held in CDPs which allow for the creation of DAI. There is no centralized bank holding collateral that can be seized by any authority, or in the case of Tether, siphoned off to another account. We think that approaches like DAI, and/or fully-audited and compliant offerings like USDC or GUSD, are much safer stablecoin alternatives.
PORTFOLIO COMPANY HIGHLIGHTS
Ampleforth IEO Raises $5mm
Ampleforth, a digital-asset-protocol for smart commodity-money, raised $5mm through their IEO conducted on Bitfinex’s IEO platform, Tokinex. The sale concluded in just 11 seconds and marked the first token offering on Bitfinex’s new platform. Amples are now trading on Bitfinex and Ethfinex, demonstrating the direct liquidity benefits of the IEO model.
Ampleforth, which started off as Fragments, is a cryptocurrency that takes a unique approach to volatility reduction. The team explicitly states that Ampleforth is not a stablecoin, rather a synthetic commodity. As the price of Amples fluctuates, the number of Amples held by a trader is adjusted to meet the price target.
The sale on Tokinex accounted for 10% of the total Ample supply, leaving the rest to Seed and Series A investors, the Treasury, and the team and advisors. Pantera Venture Fund II and ICO funds have exposure to Ampleforth.
Bakkt Futures Testing
On July 22, Bakkt initiated user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US. The news follows recent company developments including their acquisition of Digital Asset Custody Company, a crypto custodian, and their recent application to become a registered trust with the State of New York. In addition, the team has been expanding with recent hires from companies like Google and PayPal.
For additional updates on Bakkt, you can follow them on Medium here.
Flexa Launches Global Payment Network and Mobile App
Flexa launched their mobile app in May, marking a major step towards retail adoption of crypto for payments. SPEDN, a play on the infamous “HODL” meme, is an easy-to-use mobile app that allows users to spend cryptocurrency in 30,000+ retail stores. The app currently supports Bitcoin, Ethereum, Bitcoin Cash, Gemini Dollar, and Litecoin. Flexa has merchant partnerships with major retailers including Barnes & Noble, Nordstrom, Crate & Barrel, Office Depot, Lowe’s, Whole Foods, and they are continuously looking to add more. Unlike other approaches to payment solutions, this is the first real instance of decentralized global retail payments infrastructure.
You can read more on Flexa here.
Brave Browser Closing in on Firefox and Chrome
Brave Browser has overtaken Chrome as the second most downloaded browser for Android. Since April, Chrome and Brave have been taking turns in the number two spot, while Firefox has maintained its position as the number one most downloaded browser. This is a big deal for Brave because it means they’re gaining a lot of traction on mobile. In a March review of all three browsers in The Verge (“Why I Chose Brave as my Chrome Browser Replacement”), their resident mobile reviewer said “Brave is faster and more private then Chrome while maintaining support for Chrome extensions”.
Firefox was launched by Mozilla in 2002, and was the leading browser along with Internet Explorer, before Google launched Chrome in 2008, taking over Internet Explorer’s market share by 2011. Mozilla’s Co-Founder Brendan Eich launched Brave in 2016 and, in the last year, the Brave Browser has experienced 450% growth in monthly active users. Brave is looking to ramp up their iOS efforts soon to continue to grow its mobile user base and is already getting some traction with users. For further reading, check out Seeking Alpha’s article “Brave Browser Ecosystem Could Be Worth Billions”
We were in New York for the 2019 Consensus Conference in May. I spoke on the state of blockchain investing and the role of equity and tokens in a portfolio. Joey participated in a discussion on prediction markets and how the industry is developing. Paul spoke on DeFi and staking. Below are a few pictures from the event.
“Companies are waiting until they have a $60bn valuation to go public so it’s hard for a normal person to get access. Tokenization is democratizing the process and allowing people to get access to these projects earlier”
Pantera’s Capital Formation partners will be traveling to a few cities over the next few months to discuss the blockchain disruption with our partners and potential investors.
We also have organized group lunches in Silicon Valley, should you want to meet other investors who share your interest in blockchain. If you are interested in attending one of our group lunches, please fill out the form on this page and we will be in touch regarding availability.
· Newport, Rhode Island, July 22–24
· São Paulo, August 5–6
· Rio de Janeiro, August 7–9
· Berlin, August 19–21
· Los Angeles, August 23
· Palo Alto, September 17, Group Lunch With Investment Team | 12pm
If you are interested in a meeting, please contact our Capital Formation team at +1–650–854–7000 or email@example.com.
The future has arrived,
PORTFOLIO COMPANIES AND PROTOCOL TOKENS
If you would like to receive additional information on Pantera’s funds, including the Private Placement Memorandum, Limited Partnership Agreement, or Subscription Documents, please fill out the form on this page to begin the subscription process.
CONFERENCE CALLS :: ICO, DIGITAL ASSET, AND VENTURE FUNDS
ICO and Digital Asset Funds Conference Call
Tuesday, August 6, 2019 9:00am PDT / 18:00 CEST / 12:00am CST (Aug. 7th)
Please register (in advance) via this link:
Meeting ID: 882–275–478
ICO and Digital Asset Funds Conference Call
Tuesday, September 3, 2019 9:00am PDT / 18:00 CEST / 12:00am CST (Sep. 4th)
Please register (in advance) via this link:
Meeting ID: 465–630–279
Venture Fund III LP Performance Call
Tuesday, September 17, 2019 9:00am PDT / 18:00 CEST / 12:00am CST (Sep. 18th)
Open only to LPs of the fund.
Venture Fund II LP Performance Call
Tuesday, September 24, 2019 9:00am PDT / 18:00 CEST / 12:00am CST (Sep. 25th)
Open only to LPs of the fund.
PAST ICO, DIGITAL ASSET, AND VENTURE FUND CONFERENCE CALL RECORDINGS
Recordings of recent ICO, Digital Asset, and Venture Fund III conference calls are available on this page.
- Dan Morehead on CNBC, ‘Crypto Trader Show’ :: Live In Los Angeles
- CNBC, ‘Crypto Hedge Fund Pantera On Track to Raise $175 Million’
- Dan Morehead on CNBC, Fast Money
- Joey Krug on the June 8 Episode of the “Unconfirmed: Insight and Analysis from the Top Minds in Crypto” podcast, episode entitled “How to Create Regular Cryptocurrency”
- Dan Morehead on CNBC, Fast Money
- Dan Morehead on Fox Business, Mornings with Maria
- Dan Morehead on Bloomberg Panel, Bitcoin: The Past, Present and Future
- Dan Morehead on Bloomberg, Pantera’s Morehead Says Bitcoin ‘Is a Screaming Buy’
- Dan Morehead on CNBC, Hedge Fund CEO Says Bitcoin’s Flashing a Rare Buy Signal
- Dan Morehead on CNBC, Early Innings for Cryptocurrency Craze: Pantera Capital CEO
- Dan Morehead on CNN, Bitcoin: Digital gold or Ponzi scheme?
- Dan Morehead on Fox Business, Morning with Maria
- New York Times, A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Dan Morehead on Fox Business, Mornings with Maria
- Dan Morehead speaks at Money2020 Conference with Kik’s Ted Livingston
- Dan Morehead speaks at Sohn Conference CNBC
- TechCrunch, While Investment Firms Ponder ICOs, This Team is Barreling Ahead With a $100 Million ICO Fund
- TechCrunch, ICOs, How Do They Work? | Disrupt SF 2017
Pantera is actively hiring for the following roles:
- Systems Engineer
- Marketing & Investor Relations Senior Associate
- Administrative Assistant
If you have a passion for blockchain and want to work in Menlo Park, San Francisco, or New York, please follow this link to apply.
Some good material to start with on the development of blockchain technology and cryptocurrencies as speculative instruments:
- Bitcoin: A Peer-to-Peer Electronic Cash System — white paper by Satoshi Nakamoto
- 12 Graphs that Show Just How Early the Cryptocurrency Market Is by Chris McCann
- Blockchain Investments and the New Problem Asset for Conventional VCsby Jake Brukhman
- Cryptoeconomics 101 by Nick Tomaino, and his Tokens, Tokens and More Tokens
- Fat Protocols by Joel Monegro
- What Does $300 Ether Mean? by Vinay Gupta
- Token Economy by Stefano Bernardi and Yannick Roux
- Traditional Asset Tokenization
- The Rise of the Token Sale by Max Mersch
- Making Sense of Cryptoeconomics by Max Mersch
- Why Amazon’s Margin Is Filecoin’s Opportunity Forbes, Aug 28, 2017
- Joey Krug RealVision Interview Excerpts: ICOs, Future of Digital Currency, Ethereum Flash Crash RealVision, Aug 10, 2017
- Pantera Capital to Raise $100 Million in Investment for ICO Hedge FundCoindesk, Jun 28, 2017
- While Investment Firms Ponder ICOs, This Team is Barreling Ahead with a $100 million ICO Fund TechCrunch, Jun 28, 2017
- Balaji CNBC Interview CNBC
- US Fed Hints at Blockchain Integration Coindesk
- Coindesk State of Blockchain Q2 Report Coindesk
- The Isle of Man Welcomes ICOs Coindesk
- Ethereum Metropolis Release Testnet To Launch Coindesk
- Closure Steps for Chinese Exchanges Coindesk
- China Shmyna, Bitcoin Trading is Way More Distributed Now AnywayCoindesk
- Lawmakers Seek Tax Exemption on BTC Transactions Under $600Coindesk
- ICO “Rounds” Are Coming TechCrunch
- Crypto Regulation? Not Anytime Soon, Says White House OfficialCoindesk
- Why Decentralization Matters by Chris Dixon. Outstanding perspective on how we went the open Internet 1.0 to a closed Internet 2.0 — and the promises of a new Internet ecosystem powered by Blockchain.
- Beyond the Bitcoin Bubble The longest read on this list from NY Times Magazine. A great ten-thousand foot view. A must-read.
- Fat Protocols Written over two years ago, an image in this article is one of the most frequently referenced in the industry
- A Letter to Jamie Dimon Famous retort to Mr. Dimon’s flippant remark about bitcoin being a fraud. Concise, even-tempered, a brilliant article.
- Interview with David Sacks Former Pay Pal COO Sacks lists ten use-cases where he anticipates blockchain can disruptive in the not-too-distant future.
- Mapping the Blockchain Project Ecosystem Attempt to categorize the protocol tokens based on use –helpful for newbies.
- Two of the best books are Digital Gold by Nathaniel Popper for a fun high-level history and an in-depth technically-minded look Mastering Bitcoin and Mastering Ethereum by Andreas Antonopoulos.
- And some additional information on the ICO model specifically:
- Recommended Primer: Token Mania
- Kin Whitepaper
- Kin Webpage
- AVC Venture Capital on Kin
- Tech Crunch Article on Kin
- Reuters Article on Kin
- Video on Kin by AVC
- USV on Protocol Value
- Tokenomics — A Business Guide to Token Usage, Utility, and Value by William Mougayar
- Earn’s CEO on Token Economies
- Basic Attention Token Whitepaper
- Basic Attention Token Webpage
- Nick Szabo and Naval Ravikant on Tokens
Additional information on blockchain regulation:
- SEC’s Office of Investor Education and Advocacy Investor Bulletin on ICOs
- SEC Issued Statement on ICOs and the DAO
- China Banned ICOs
- FINMA Issues Stricter ICO / AML Regulatory Compliance Requirements
- SEC Puts Task-Force on ICOs
- SEC Shuts Down Protostarr
- South Korea Bans ICOs
A monthly letter with our thoughts on significant market and ecosystem-related developments. Also, includes our thoughts on blockchain venture capital and news on our portfolio companies for accredited investors.
Blockchain Investor Letter
Public Letter plus exclusive information for accredited investors.
Periodic, original blockchain research and academic papers.
- “A Crypto Thesis” by Pantera Co-CIO Joey Krug [2019.01.08]. Joey’s insights on crypto and blockchain innovations what is still needed for user and institutional adoption. Informative and detailed primer for anyone considering investing in the space.