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BLOCKCHAIN M&A Snapshot

Friday, June 9th 2017

Web: architectpartners.com | Email: jar@architectpartners.com


BLOCKCHAIN M&A Snapshot
Friday, June 9th 2017

The Blockchain M&A market is certainly in its infancy, Our following analysis highlights the five Notable
averaging only five transactions per quarter since Transactions where Spotify, Daimler, Rakuten, Airbnb
mid-2015. Also signaling its early stage, 83% of all and Palantir have each made early moves. Our general
transactions have occurred between two companies that assessment of these five transactions is that they largely
were both engaged in developing early stage represent a "toe-in-the-water" move. However, that's
Blockchain-related technology and products; what we're more representative of the overall state of the
referring to as Intra-Sector Transactions. Many Blockchain market development than a lack of
represented low value asset, intellectual property or commitment to Blockchain as an important new product
team acquisitions. and services infrastructure.

However, the first green shoots of Blockchain- Also, as illustrated on slide 4 of this analysis, we see
technology proliferation have emerged, with five global dispersion of activity to-date, which we expect to
Notable Transactions where established companies of only increase. While the U.S. and Canada are the most
scale have acquired with the purpose of advancing their active countries of origin for both acquirers and targets,
capabilities through Blockchain products and 25 countries are represented with 51% of transactions
capabilities. While it's crystal clear that many companies being cross-border.
with a Blockchain focus will emerge as viable
independent businesses over the next few years, it's also Please reference the presentation below for a more
clear that a broad array of existing companies will either detailed set of data and perspective.
desire or be forced to embrace Blockchain over the
same time period. We believe both categories of
acquirers will be market drivers; however, we believe
many major technology companies will become active,
Premium ValueTM acquirers.

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BLOCKCHAIN M&A: Transaction Trends

Number of Blockchain M&A Transactions


9
Intra-Sector Transactions Notable Transactions
8

6
Number of Transactions

0
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2(a)
2015 2016 2017
(a) Through June 9, 2017

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BLOCKCHAIN M&A: A Truly Global Market
Acquirer Target

Notable
Transaction

Intra-Sector
Transaction

4
BLOCKCHAIN M&A: Notable Transactions
ANNOUNCED ENTERPRISE EV/LTM EV/INVESTED
ACQUIRER TARGET TARGET DESCRIPTION
DATE VALUE (EV) REVENUE CAPITAL

Spotify MediaChain MediaChain has developed an open media library that persistently links 4/26/17 - - -
media to its creator and manages important metadata about such content.
The company allows registering, identifying, tracking, and oering properly
referenced and licensed use of digital creative works online. Spotify
acquired MediaChain to initially help solve its challenges with music
attribution and licensing. MediaChain raised $1.5mm from Andreesen
Horowitz and Union Square Ventures. Founded in 2016 by Denis Nazarov
and Jesse Walden, based in Brooklyn, NY.

Daimler PayCash PayCash oers a payment platform that includes a mobile payment 1/16/17 - - -
Financial Europe solution, an e-money management solution, a cryptocurrency solution to
Services implement virtual currencies into existing payment infrastructure, and a
voucher and loyalty solution to provide targeted oerings to customers.
Daimler will be creating an electronic payment services named Mercedes
Pay to allow car-based mobile payments, of which cryptocurrency
payments are an option. Founded in 2012 by Jrgen Wol and Jan C
Reinhart, based in Luxembourg. Employs roughly a dozen people.

Rakuten Bitnet Bitnet built an e-commerce platform enabling enterprise merchants to 8/18/16 - - -
Technologies accept bitcoin payments. Rakuten acquired Bitnets blockchain IP assets
and hired CTO Stephen McNamara to build Rakuten Blockchain Lab and
explore new blockchain capabilities. Two other executives, John McDonnell
and Jiri Novak, joined Uphold as executives. Bitnet raised $14.5mm from
Highland Capital Partners, Digital Currency Group, Blockchain Capital,
Rakuten, and others. Founded in 2013 by Stephen McNamara and John
McDonnell, based in San Francisco, CA.

Airbnb ChangeCoin ChangeCoin is an online micropayment infrastructure that built ChangeTip, 4/12/16 - - -
which allowed users to send tiny amounts of money over social networks
including Twitter and Reddit. Airbnb acqui-hired the core team. ChangeCoin
raised $4.7mm from Pantera Capital, 500 Startups, Digital Currency Group,
and others. Founded in 2014 by Nick Sullivan, based in San Francisco, CA.

Palantir Kimono Labs Kimono allows users to extract data from websites. Kimono also builds a 2/15/16 - - -
Technologies bitcoin correlator that allows users to correlate data from anywhere on the
Web with the price of bitcoin. Kimonos collection expertise will expand
Palantirs data analytics platform and the existing commercial product will
be shut down. Kimono raised $5mm from CrunchFund, Cowboy Ventures,
SV Angel, and others. Founded in 2014 by Pratap Ranade and Ryan Rowe,
based in San Francisco, CA.

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BLOCKCHAIN M&A: Intra-Sector Transactions
ANNOUNCED ENTERPRISE EV/LTM EV/INVESTED
ACQUIRER TARGET TARGET DESCRIPTION
DATE VALUE (EV) REVENUE CAPITAL

Outhouz Titcoins Titcoin is the ocial digital currency of the adult entertainment 5/27/17 - - -
Digital industry. Titcoins provides wallets, merchant tools, and mining tools.
Currency Founded in 2014 in New York City.

Blockstation ApexDX ApexDX develops a technology to source, liquidate, store, and manage 5/25/17 - - -
digital currencies for enterprise, institutional clients, and individuals.
Founded in 2014, based in Toronto, Canada.

Blockchain Labo Labo Blockchain provides consulting services to public and private 05/23/17 - - -
France Blockchain companies to support them in application development. Founded in
Associs 2015, based in Paris, France.

Canaan Proof of Proof of Existence is an online notary public service that verifies user 5/20/17 - - -
Existence files using blockchain without exposing the content. Founded in 2013,
based in Buenos Aires, Argentina.

Qiwi Inspirasha Inspirasha is a fintech startup that specializes in blockchain 5/16/17 - - -


applications. Founded in 2016, based in Innopolis, Russia.

KPMG Matchi.biz Matchi is a global fintech innovation match-making firm. Matchi 5/10/17 - - -
provides a searchable portal of fintech solutions and bespoke projects
for financial institution clients to source fintech solutions. Founded in
2013, based in Hong Kong, China.

High Tech nChain nChain researches and develops blockchain tools, protocols, and 5/1/17 - - -
Private Equity applications. The company was formerly known as EITC Holdings
Fund SICAV Limited and changed its name to nChain Holdings Limited in
November, 2016. Based in London, UK.

Bloq, Inc. Skry Skry develops an online platform to derive real-time intelligence and 2/27/17 - - -
risk assessment from blockchains and decentralized applications.
Founded in 2014, based in Palo Alto, CA.

CoinDesk Lawnmower Lawnmower develops a mobile application that converts users spare 1/30/17 - - -
change from a purchase into bitcoins. Founded in 2015, based in San
Francisco, CA.

kreateIOT Inc. Niniva kreateIoT Inc. provides blockchain applications to secure healthcare 1/26/17 - - -
data. It allows users to sell, donate, and share their medical history
with research organizations or pharmaceutical companies. Founded in
2010, based in Falls Church, Virginia.

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BLOCKCHAIN M&A: Intra-Sector Transactions (continued)
ANNOUNCED ENTERPRISE EV/LTM EV/INVESTED
ACQUIRER TARGET TARGET DESCRIPTION
DATE VALUE (EV) REVENUE CAPITAL

Payward Glidera Glidera provides an online wallet to buy and sell bitcoins. Glidera 12/12/16 - - -
enables users to use bitcoins via a connected bank account. Founded
in 2013, based in Elmhurst, IL.

Uphold Bitnet Bitnet develops a digital commerce platform that enables merchants 10/20/16 - - -
Technologies to accept bitcoin payments. Its platform enables merchants to set
prices in their local currency and get paid in local currency and
protects consumer payments. Founded in 2014, based in Belfast, UK.

Satoshi Citadel Reza Reza oers a mobile app that enables bitcoin users to invest in bitcoin 8/25/16 - - -
Industries Inc. or fixed income stocks in the U.S. or other international stock
exchanges. Founded in 2014, based in the U.S.

Blockstream GreenAddressit GreenAddressit designs and develops a bitcoin wallet allowing users to 7/27/16 - - -
Corp send and receive money through Facebook or email. Founded in 2013,
based in Valletta, Malta.

Bitmain BlockTrail BV BlockTrail operates as an online platform for bitcoin analytics. 7/19/16 - - -
Technologies Founded in 2014, based in Amsterdam, the Netherlands.

Payward CleverCoin B.V. CleverCoin operates a bitcoin exchange in the Netherlands. Founded in 6/27/16 - - -
2013, based in the Netherlands.

Global Advisors XBT Provider XBT Provider AB designs and develops Bitcoin Tracker One, the first 6/14/16 - - -
(Jersey) Ltd. AB bitcoin-based security traded on exchange. Founded in 2010, based in
Stockholm, Sweden.

Athena Bitcoin BitQuick.co BitQuick operates an online platform that enables users to buy and sell 5/29/16 - - -
bitcoins. Founded in 2013, based in Cincinnati, OH.

KeepKey MultiBit MultiBit develops MultiBit HD, a desktop bitcoin wallet. Its products 5/25/16 - - -
can be installed on Windows, macOS, and Linux operating systems, as
well as Android and iOS mobile devices. Founded in 2013, based in
London, UK.

Digital Asset Evelence Evelence develops expressive modeling language for financial 4/20/16 - - -
Holdings institutions to model and execute agreements. Founded in 2015, based
in Zurich, Switzerland.

BTL Group XAPCash XAPCash develops a front-end remittance platform for money transfer. 3/18/16 $0.1 - -
Technologies Founded in 2015, based in Vancouver, Canada.

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BLOCKCHAIN M&A: Intra-Sector Transactions (continued)
ANNOUNCED ENTERPRISE EV/LTM EV/INVESTED
ACQUIRER TARGET TARGET DESCRIPTION
DATE VALUE (EV) REVENUE CAPITAL

Prasos Oy Coinmotion Coinmotion operates a platform that allows users to buy, sell, store, 2/23/16 - - -
Oy and use bitcoins. It also allows users to create wallets to track finances.
Founded in 2013, based in Helsinki, Finland.

Kraken Coinsetter Coinsetter operates a Bitcoin trading platform with tools for forex 1/19/16 - - -
traders. Founded in 2012, based in New York, NY.

BitRush Corp. AdBit Limited AdBit operates an advertising platform that oers ad broker services 10/12/15 $0.1 - -
within the bitcoin ecosphere. Founded in 2011, based in Blackburn, UK.

The Bitcoin NewsBTC NewsBTC Canada provides online news relating to bitcoin, technical 10/09/15 - - -
Co-op Canada analysis, and forecasts for bitcoin and other altcoins. Founded in 2012,
based in Scarborough, Canada.

Bitcoin Group Bitcoin Bitcoin Deutschland operates a marketplace that enables registered 09/30/15 - - -
Deutschland users worldwide to purchase the electronic currency from other
registered users, as well as to sell the virtual currency to other
registered users. Founded in 2010, based in Herford, Germany.

BitPagos UNISEND UNISEND operates an online bitcoin exchange platform. Founded in 9/16/15 - - -
2014, based in Buenos Aires, Argentina.

Coinify ApS Coinzone B.V. Coinzone oers a system for Bitcoin payments online and point-of- 8/12/15 - - -
sale. It enables businesses and individuals in Europe and growth
markets to store and transact digital currencies. Founded in 2014,
based in Amsterdam, the Netherlands.

Exchange of Rapid Rapid Net Profits operates a platform that enables users to buy and 7/29/15 - - -
the Americas Net sell Bitcoins. Founded in 2009, based in Singapore.
SAPI de CV Profits

HashingSpace Milestone Milestone International Corp. operates as a bitcoin ASIC mining 7/10/15 - - -
Corp. International company and provides hosting services. Founded in 2013, based in Los
Angeles, California.

Cloudbet.com BetVIP.com BetVIP.com operates an online gaming platform for bitcoin-only sports 6/30/15 - - -
betting services. Founded in 2014, based in Ta' Xbiex, Malta.

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BLOCKCHAIN M&A: Intra-Sector Transactions (continued)
ANNOUNCED ENTERPRISE EV/LTM EV/INVESTED
ACQUIRER TARGET TARGET DESCRIPTION
DATE VALUE (EV) REVENUE CAPITAL

Digital Asset bits of proof bits of proof operates BOP Bitcoin Server, an enterprise-ready 06/25/15 - - -
Holdings implementation of the Bitcoin protocol that enables the deployment of
extensions and applications on the Bitcoin network; and BOP Bitcoin
Client Library, a software layer that implements generic wallet and key
management functions. Founded in 2013, based in Budapest, Hungary.

Digital Asset Hyper, Inc. Hyper provides private blockchains to financial institutions over the 06/25/15 - - -
Holdings Internet and oers decentralized ledger platform. Founded in 2014,
based in San Francisco, CA.

CoinBR Coinverse Coinverse oers a bitcoin banking platform to Brazilian consumers and 06/18/15 - - -
businesses to send, pay and receive bitcoin. Founded in 2009, based
in Brazil.

GoCoin Ziftr, LLC Ziftr provides ziftrVERSE, a suite of integrated tools that enables 06/10/15 - - -
consumers to shop with their favorite merchants, and conduct
transactions using credit cards and cryptocurrencies. Founded in
2008, based in Milford, NH.

Bitso UNISEND UNISEND operates an online bitcoin trading platform in Mexico. 06/09/15 - - -
SAPI de CV SAPI de CV Founded in 2014, based in Mexico City, Mexico.

BitGold GoldMoney GoldMoney oers a leading consumer gold storage website 05/22/15 $48.0 - -
GoldMoney.com and has 20,000 customers, 135,000 user sign ups and
manages more than $1 billion in assets. Founded in 2001, based in
Toronto, Canada.

Connexus Corp. Bitcoin Direct Bitcoin Direct provides bitcoin transaction solutions for consumers. 05/19/15 $1.0 - -
LLC Founded in 2014, based in Henderson, NV.

Bitcoin Shop Spondoolies- Spondoolies builds infrastructure and machines to mine for 4/29/15 - - -
Inc. Tech cryptocurrency. Its flagship product is SP50. Founded in 2013, based in
Israel.

Satoshi Citadel BuyBitcoin.ph BuyBitcoin.ph provides a platform for buying, selling, and receiving 4/13/15 - - -
Industries Inc. bitcoins in the Philippines. Founded in 2014, based in Makati,
Philippines.

Coinsetter Canadian Virtual Canadian Virtual Exchange owns and operates a bitcoin exchange 4/8/15 - - -
Exchange platform. Founded in 2011, based in Calgary, Canada.

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BLOCKCHAIN M&A: Intra-Sector Transactions (continued)
ANNOUNCED ENTERPRISE EV/LTM EV/INVESTED
ACQUIRER TARGET TARGET DESCRIPTION
DATE VALUE (EV) REVENUE CAPITAL

Newnote BitVisits.com BitVisits.com owns and operates a Paid-To-Surf Website focused on 4/1/15 - - -
Financial Corp. the bitcoin demographic. It enables users to get paid to surf through
advertiser's Websites and earn free bitcoin. Founded in 2014, based in
Vancouver, Canada.

Newnote Cointrader Cointrader Exchange operates an online bitcoin exchange platform. Its 3/19/15 $1.2 3.0x -
Financial Corp. Exchange Inc. platform facilitates the trade of bitcoins for traditional currency.
Founded in 2012, based in Vancouver, Canada.

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