eToro acquires the ability to create and offer a wide variety of smart contract-based cryptoasset derivatives to their clients.


Distributed ledger technology mergers and acquisitions

No new DLT M&A transactions were announced this past week.

Today we’re taking a closer look at Coinbase’s strategic acquisition efforts over the past year or so. Coinbase is by far the most active DLT acquirer today, after recruiting Emilie Choi from LinkedIn in May 2018. Emilie leads corporate and business development as well as Coinbase’s venture effort.

Our assessment below highlights each acquisitions previous business, how it fits within Coinbase’s efforts and the strategic drivers of each acquisition. Much like Google and Facebook in their early days, many of Coinbase’s acquisitions are team and technology-driven transactions. Also notable, Coinbase has moved early and aggressively to build its regulatory compliance capabilities which are becoming increasingly important as the securities regulators’ influence is felt within the crypto asset marketplace.


Distributed ledger technology mergers and acquisitions

DLT M&A news with week was dominated by reactions to the acquisition of Neutrino (chain analytics for exchange risk management) by Coinbase which was well covered by The Block. The only notable newly announced M&A transaction this week was the acquisition of Ethos (private) by newly public Voyager Digital(Public TSX.V: VYGR), described in detail below.

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Voyager | Ethos | $3.9mm | February 28, 2019

Small but strategically important and illustrative acquisition

Target Description: Ethos offers a mobile phone-based…


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People forget. Amazon opened its “doors” on July 5th 1994 and went public three years later as the world’s largest bookstore and one of the fastest growing companies in history. Amazon focused on a “niche”, built momentum, demonstrated tangible business success solely in that “niche” THEN broadened beyond books. It was four years before Amazon launched their second category of product, music.

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Updated ICO Market Condition Observations

One month ago we published Most ICOs Fail: Tale of Two Worlds which looked beyond the breathless, positive headlines to better understand, on a project by project basis, the important nuances of the ICO market. That data betrayed an increasingly challenging market. The real story was that an increasing number of ICOs failed to achieve their funding objectives, often quite dramatically.

Update: What Happened Over the Past Month?

The headline remains very positive. In October 2017, 76 projects completed their ICO raising the equivalent of $700mm, a record month. However, as we observed last month, the market is becoming more…


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The number of Initial coin offerings has surged over the past six months. However, all is not as rosy as it appears. A nuanced assessment of token distribution activity tells a tale of two very different issuer experiences. Architect Partners evaluated over 100 project white papers augmented by data published by Smith + Crown and tokendata.io to move beyond the breathless headlines.

Successes

Yes, there are many successful token distributions. Since the beginning of June 2017, 46 projects have completed an ICO in line with their stated objectives, raising over $1.6 billion. On average these projects…

Eric F Risley

Principals in Crypto|DLT|M&A|Capital

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