FT Partners Crypto & Blockchain January 2023

FT Partners | January 2023
CEO MONTHLY
MARKET UPDATE
& ANALYSIS
Cryptocurrencies &
Blockchain
Wallets ● Exchanges ● Mining ● Infrastructure ●
Banking & Custody ● Payments
The Only Investment Bank Focused Exclusively on FinTech

Steve McLaughlin | Founder, CEO, Managing Partner
Contact: steve.mclaughlin@ftpartners.com | 415-992-8880
©2023
Cryptocurrencies & Blockchain Market Update & Analysis
Contents
FT Partners – Focused Exclusively on FinTech
FT Partners Research – Blockchain Accounting & Tax Solutions
Blockchain Accounting & Tax Solutions:

Automation for the Digital Assets Ecosystem
Click pictures to view report •

FT Partners’ FinTech Market Expertise
Proven Track Record of Success Across FinTech
Selected FT Partners Securities / Capital Markets / Wealth Tech Transactions
M&A Transactions Financing Transactions

Significant Experience Advising Large Financing Rounds and “Unicorns”
Company Amount Raised Selected Prominent Investors in FT Partners Led Rounds

FT Partners’ International / Cross-Border Capabilities (Selected Examples)
Target Buyer / Investor International Aspect

Abra’s $55 million Series C Financing
FT Partners Advises Abra on its Series C Financing
Overview of Transaction
•
Significance of Transaction
•
FT Partners’ Role
•
•
Circle’s $25 million Financing
FTPartners
FT PartnersAdvises
Advises Circle
Circle on$25
on its its Financing
million Financing
•
−
•
•
FT Partners’ Role
•
•
Revolut’s $800 million Series E Financing
FT Partners Advises Revolut on its $800 million Series E Financing
•
•
FT Partners’ Role
•
•
Upgrade’s Series F Financing
FTPartners
FT PartnersAdvises
Advises Upgrade
Upgrade onSeries
on its its $280 million Financing
F Financing
•
•
FT Partners’ Role
•
•
•
Forge’s
FT $2 billion
Partners SPACExclusively
– Focused Merger on FinTech
FTPartners
FT PartnersAdvises
Advises Forge
Forge onMerger
on its its SPAC Merger
with Motive Capital Corp
•
•
•
FT Partners’ Role
•
•
•
Cross River’s $620 million Series D Financing
FT Partners Advises Cross River on its $620 million Financing
•
•
FT Partners’ Role
•
•
Varo’s
FT E Round
Partners Financing
– Focused Exclusively on FinTech
FTPartners
FT PartnersAdvises
Advises Varo
Varo on on its $510
its $510 million
million E Round
E Round Financing
Financing
•
FT Partners’ Role
•
Neon’s $300 million Series D Financing
FT Partners Advises Neon on its $300 million Series D Financing
•
•
FT Partners’ Role
•
•
CAIS’ $225 million in Series C Financing
FT Partners Advises CAIS on its $225 million Financing
•
•
FT Partners’ Role
•
•
I. Price Performance
of Top 25
Cryptocurrencies
Industry Landscape
Price Performanceofof
Price Performance the
the Top
Top 25 25 Coins
Coins by Market
by Market Capitalization
Capitalization
Market Cap
Coin Category Price LTM Low LTM High LTM % MTD % YTD % LTM Low LTM High
($ in mm)
Currency Bitcoin $16,547.50 $15,787.28 $47,465.73 -65% -2% -64% $318,516,317,872 $303,332,140,407 $901,733,146,417
Platform Ethereum $1,196.77 $993.64 $3,829.57 -68% -6% -68% $146,453,523,490 $120,451,036,891 $455,713,570,381
Stablecoin Tether $1.00 $1.00 $1.00 0% 0% 0% $66,242,103,758 $65,324,717,866 $83,235,897,878
Stablecoin USDC $1.00 $1.00 $1.00 0% 0% 0% $44,540,806,740 $39,702,380,217 $55,900,557,577
Currency Binance_Coin $246.35 $197.04 $531.40 -53% -16% -52% $39,407,173,516 $32,172,584,769 $88,637,570,485
Platform XRP $0.34 $0.31 $0.88 -60% -14% -59% $17,113,207,466 $14,894,007,804 $42,006,172,833
Stablecoin Binance_USD $1.00 $1.00 $1.00 0% 0% 0% $16,695,767,094 $14,026,183,945 $23,474,725,466
Currency Dogecoin $0.07 $0.05 $0.19 -59% -31% -59% $9,325,956,852 $7,033,163,720 $24,557,692,458
Platform Cardano $0.25 $0.24 $1.59 -82% -22% -81% $8,505,385,897 $8,425,105,471 $53,445,773,894
DeFi Polygon $0.76 $0.35 $2.55 -70% -17% -70% $6,625,126,688 $2,773,789,891 $18,259,576,689
Stablecoin DAI $1.00 $1.00 $1.00 0% 0% 0% $5,756,764,961 $5,643,714,300 $10,376,305,259
Currency Litecoin $70.00 $43.30 $151.67 -54% -10% -52% $5,036,500,357 $3,052,632,554 $10,531,292,918
DeFi Polkadot $4.31 $4.28 $37.38 -86% -20% -86% $4,970,040,362 $4,929,296,580 $36,911,568,244
Currency Tron $0.05 $0.05 $0.09 -29% 1% -28% $5,012,006,848 $4,612,003,656 $8,763,116,430
Platform Solana $9.96 $9.65 $176.38 -94% -26% -94% $3,658,820,468 $3,543,974,933 $54,552,495,292
Currency ShibaInu $0.00 $0.00 $0.00 -76% -12% -76% $4,440,400,296 $4,239,457,811 $18,692,252,748
DeFi Uniswap $5.16 $3.64 $18.44 -70% -13% -70% $3,935,204,674 $2,615,507,046 $11,567,213,227
Platform Avalanche $10.90 $10.87 $113.19 -90% -15% -90% $3,397,065,708 $3,386,975,500 $27,588,210,908
Platform Leo $3.61 $3.45 $7.50 -5% -7% -4% $3,442,484,038 $3,286,939,993 $7,155,578,286
Platform Wrapped_Bitcoin $16,499.88 $15,717.17 $47,491.41 -65% -3% -64% $3,030,172,730 $3,030,172,730 $13,028,336,558
Currency Cosmos $9.35 $6.08 $43.61 -74% -9% -71% $2,677,160,936 $1,741,904,743 $11,185,104,250
Currency Chainlink $5.57 $5.47 $27.88 -73% -28% -72% $2,828,877,929 $2,749,340,898 $13,021,752,041
Currency Monero $147.28 $104.18 $279.39 -41% 2% -36% $2,683,680,023 $1,889,509,014 $5,060,017,609
Currency Toncoin $2.18 $0.82 $3.70 -43% 20% -41% $2,661,281,448 $999,357,912 $4,524,994,162
Platform Ethereum Classic $15.69 $13.70 $3,522.83 -55% -20% -54% $2,177,285,893 $1,855,125,176 $423,557,081,705
II. Public Crypto /
Blockchain
Sector Universe
Public Wealth & Capital Markets Tech Sectors
Median Price / Earnings Multiples by FT Sector
2022E Price / Earnings Multiples 2023E Price / Earnings Multiples

Common Stock Comparison – Summary Analysis
2022E and 2023E Price / Earning Multiples and YTD Stock Price Performance
CRYPTO / BLOCKCHAIN TECHNOLOGY

2022E and 2023E Price / Earning Multiples
CAPITAL MARKETS TECHNOLOGY / PAYMENTS

Common Stock Comparison
III. U.S. Crypto
IPO Tracker
U.S. Crypto & Blockchain IPO Tracker
Amount IPO Current Current Total Research

Filing Date IPO Date Company
Raised Price Price Market Cap Return Profile
VIEW
VIEW
VIEW
IV. Monthly Deal
Activity Insights
FT Partners’ Monthly Deal Activity Insights
Crypto & Blockchain Financing Statistics
Monthly Financing Volume and Deal Count

Average Deal Count Per Month: 60
($ in billions) Dollar Volume Deal Count
$5.0
102
91 94
$4.0 85 94
80
69 67
65 67 64
$3.0 59 59
54 53 57 55
41 43 48
$2.0 39 $3.8 35
29 31
22 $2.7 $2.6
$1.0 $2.0 $2.0 $2.3 $2.1 $2.2
$1.8 $1.9 $1.8
$1.6
$1.3 $1.1 $1.3
$0.9 $0.9 $0.8 $0.8 $0.8
$0.3 $0.3 $0.6 $0.5 $0.6
$0.0
Annual Financing Volume and Deal Count Selected Largest Financings in 2022
$25.0 875 Company Amount ($ in mm) Description Country
Digital Assets
$20.0 $550 Infrastructure
USA
606
Blockchain Technology
$15.0 450 Solutions
USA
$10.0 Cryptocurrency
$19.1 $17.5 400 Exchange
Bahamas
163 184 181
$5.0 92 US-regulated
$1.7
400 Cryptocurrency Exchange
USA
0 $3.0 $1.7
$0.7
$0.0 USDC Stablecoin /
400 Payments Tech
USA
FT Partners’ Monthly Deal Activity Insights
Crypto & Blockchain M&A Statistics
Monthly M&A Volume and Deal Count

Average Deal Count Per Month: 8
$8 $7.4
$7
$6
11 12 11
$5 $4.4 11 11
10 10 10 10
9
$4 8 8 8 8
7 7 7 8
6 5 6 7 7
$3
$2.1 5 $2.0 $2.0
$2 4 $1.5
$1.0 $1.1 $1.1
$0.8
$1 $0.3 $0.4 $0.4
$0.0 $0.8 $0.1 $0.2 $0.1 $0.1 $0.0 $0.0 $0.0 $0.0 $0.2
$0.0
$0
Annual M&A Volume and Deal Count Selected Large M&A Deals in 2022
106 Amount Target
$30 Target Buyer
($ in mm) Country
92
Arisz Acquisition Corp. $1,500 Singapore
$20
Thunder Bridge
Capital Partners IV
1,250 Japan
35
$10 30 1,022 USA
$19.1
19
11 755 USA
0 $0.1 $0.4 $0.3 $0.5 $7.0
$0
622 USA
V. M&A
Transactions
Crypto & Blockchain M&A
Selected Large / Significant M&A Transactions
MERGERS & ACQUISITIONS

Announced Amount Research
Transaction Overview Company Selected Buyers / Investors
Date ($mm) Profile
VIEW
VIEW
VIEW
VIEW
VIEW
Highlighted Recent M&A Transactions

Date Acquirer / Target Value ($ mm) Comments
•
•
•
•
•
•
Selected Recent M&A Transactions

Amount
Announced Date Transaction Overview Company Selected Buyers / Investors
($mm)
FinTech SPAC Merger Tracker
# of FinTech SPAC
Transactions
Goal Acquisitions Corp.
Super Apps Holdings
VIEW
VIEW
VIEW
II VIEW
SunCar
FinTech SPAC Merger Tracker (cont.)
Corp.
II
Thunder Bridge
Capital Partners IV
Arisz Acquisition Corp.
VIEW
Blue Safari Group VIEW

Acquisition
VIEW
VIEW
VIEW
VIEW
III VIEW
Bridgetown 2 Holdings
VIEW
VIEW
II
VIEW
III
VI. Financing
Transactions
Crypto & Blockchain Financings
Selected Large / Significant Financing Transactions
FINANCINGS
Announced Amount Research
Transaction Overview Company Selected Buyers / Investors Profile
Date ($mm)
VIEW
VIEW
VIEW
Highlighted Recent Financing Transactions
FINANCINGS
Date Target / Investor(s) Value ($ mm) Comments
VIEW RESEARCH
•
PROFILE
•
Selected Recent Financing Transactions
FINANCINGS
Amount
($mm)
Selected Recent Financing Transactions (cont.)
FINANCINGS
Amount
($mm)
VII. Key Upcoming
Industry
Conferences
Wealth / Capital Markets Tech & Crypto Events
Key Industry Conferences & Events
Date Conference Location Website

WORLD CRYPTO CONFERENCE 2023
FINTECH RETREAT 23
THE BLOCKCHAIN EVENT
EUROPEAN BLOCKCHAIN CONVENTION
BLOCKCHAIN ECONOMY LONDON SUMMIT

Wealth / Capital Markets Tech & Crypto Events
Upcoming Industry Conferences & Events
Date Conference Location Website
January
February
March
VIII. Overview of
FT Partners
Selected FT Partners’ VIP Video Conferences
Demystifying Fundraising for Women in FinTech 2022 The State of FinTech Investing Women in FinTech – Redefining the
Women in FinTech in 2022 Future of FinTech
Stablecoins: The Fabric of a Healthcare Payments: The FinTech Arms Dealers: Thriving
Challenger Banks — The New Global Payments Consumerization & Digitization Create by Providing Digital Solutions to
State of Play Infrastructure a Massive FinTech Opportunity Financial Institutions
The Forge / SharesPost Merger and Creating an Unprecedented Digital

Understanding The Impact of Geopolitical Impacts and Imperatives
What it Means for the Alternatives Financial Services Giant: Before,
COVID-19 on FinTech of COVID-19
Sector and Private Capital Markets During and After COVID-19
FT Partners Research – Q3 2022 Crypto & Capital Markets Tech Insights
Q3 2022 Crypto & Capital Highlights of the report include:
Markets Tech Insights •
Click pictures to view report

FT Partners Research – Q3 2022 FinTech Insights
Q3 2022 FinTech Insights: Highlights of the report include:

Global Financing and M&A Statistics •

FT Partners Research – The Blockchain Economy
The Blockchain Economy:

How Cryptocurrencies and Blockchain Technology Are
Redefining Existing Markets and Creating New Ones
•
FT Partners Research – B2B Payments
B2B Payments:
The Last Major Bastion of Paper-based
Payments and Processes

FT Partners Research – Women in FinTech 2022
Women in FinTech 2022:

Redefining the Future of FinTech

FT Partners Research – 2021 Wealth & Capital Markets Tech Almanac
2021 Wealth & Capital Highlights of the report include:

Markets Tech Almanac
•

FT Partners Research – 2021 FinTech Almanac
2021 FinTech Almanac

Highlights of the report include:
•

FT Partners Research – The Race to the Super App
The Race to the Super App

FT Partners Research – Open Banking
Open Banking:
Rearchitecting the Financial Landscape

•
FT Partners Research – FinTech Meets Alternative Investments
FinTech Meets Alternative Investments

Innovation in a Burgeoning Asset Class

FT Partners Research – The Rise of Challenger Banks
The Rise of Challenger Banks

Are the Apps Taking Over?
•
FT Partners’ Awards and Recognition
Bloomberg
o
o
M&A Advisor Awards

o
o
o
LendIt FinTech Industry Awards 2018:

o
The FinTech Finance 40:

o
The Information’s “Silicon Valley’s Most Popular Dealmakers”

o
o
FT Partners’ Disclaimer
Disclaimer: These materials may not be relied upon by any person or entity for any purpose except as expressly permitted by Financial Technology
Partners LP and its subsidiaries (including but not limited to FTP Securities LLC and FinTech Partners Ltd, collectively “FT Partners”) in a written
agreement with FT Partners. These materials are based on information provided by or on behalf of a third party or from public sources. FT Partners
has relied on such information being complete and accurate in all material aspects and assumes no responsibility for independent investigation or
verification. We assume any estimates or forecasts relied upon reflect the best currently available estimates and good faith judgments of the
providing party. The findings in this report may contain predictions regarding particular industries or sectors which are subject to inherent risks and
uncertainties.
These materials may not be reproduced, disseminated, quoted, or referred to, in whole or in part, without the prior written consent of FT Partners. We
assume no obligation to update or otherwise revise these materials. We take no responsibility for the use of materials by persons other than our
clients. These materials should be read in conjunction with and are subject to any other materials provided.
These materials do not constitute an offer or solicitation to purchase securities, nor do they constitute a commitment by FT Partners to arrange
financing for any transaction or to purchase any security. These materials do not constitute legal, regulatory, accounting or tax advice. We
recommend the recipient seek any such advice from a third-party qualified professional. FT Partners provides financing and strategic advisory
services to a wide range of entities from which conflicting interests or duties, or a perception thereof, may arise. This report does not represent
investment advice, nor does it provide an opinion regarding the fairness of any transaction.
This research is a macro analysis of industries and sectors. It does not attempt to predict the performance of specific public securities. Any
investment topic being discussed is not a recommendation of any security in isolation.

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FT Partners | January 2023

The Only Investment Bank Focused Exclusively on FinTech

Blockchain Accounting & Tax Solutions:

Click pictures to view report •

M&A Transactions Financing Transactions

Company Amount Raised Selected Prominent Investors in FT Partners Led Rounds

Target Buyer / Investor International Aspect

Stablecoin Tether $1.00 $1.00 $1.00 0% 0% 0% $66,242,103,758 $65,324,717,866 $83,235,897,878

Stablecoin USDC $1.00 $1.00 $1.00 0% 0% 0% $44,540,806,740 $39,702,380,217 $55,900,557,577

Stablecoin Binance_USD $1.00 $1.00 $1.00 0% 0% 0% $16,695,767,094 $14,026,183,945 $23,474,725,466

Stablecoin DAI $1.00 $1.00 $1.00 0% 0% 0% $5,756,764,961 $5,643,714,300 $10,376,305,259

2022E Price / Earnings Multiples 2023E Price / Earnings Multiples

CRYPTO / BLOCKCHAIN TECHNOLOGY

CAPITAL MARKETS TECHNOLOGY / PAYMENTS

Amount IPO Current Current Total Research

Monthly Financing Volume and Deal Count

Monthly M&A Volume and Deal Count

MERGERS & ACQUISITIONS

MERGERS & ACQUISITIONS

MERGERS & ACQUISITIONS

Goal Acquisitions Corp.

Super Apps Holdings

Arisz Acquisition Corp.

Blue Safari Group VIEW

Date Conference Location Website

THE BLOCKCHAIN EVENT

EUROPEAN BLOCKCHAIN CONVENTION

BLOCKCHAIN ECONOMY LONDON SUMMIT

Date Conference Location Website

The Forge / SharesPost Merger and Creating an Unprecedented Digital

Q3 2022 Crypto & Capital Highlights of the report include:

Markets Tech Insights •

Click pictures to view report

Q3 2022 FinTech Insights: Highlights of the report include:

Click pictures to view report

The Blockchain Economy:

Click pictures to view report •

Women in FinTech 2022:

Click pictures to view report

2021 Wealth & Capital Highlights of the report include:

Click pictures to view report

2021 FinTech Almanac

Click pictures to view report

The Race to the Super App

Click pictures to view report •

Click pictures to view report

FinTech Meets Alternative Investments

Click pictures to view report

The Rise of Challenger Banks

M&A Advisor Awards

LendIt FinTech Industry Awards 2018:

The FinTech Finance 40:

The Information’s “Silicon Valley’s Most Popular Dealmakers”

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