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Blockchain for Executives, Entrepreneurs and Investors

  1. Blockchain for Executives, Entrepreneurs & Investors June 8, 2018 x
  2. Introduction Remington Ong • Partner, Fenbushi Capital / Advisor, BlockAsset • Sr. analyst, Merrill Lynch / Sr. Consultant, L.E.K. Consulting • Experienced entrepreneur with startups funded by global VCs • INSEAD MBA 2010J / UCLA B.S. Electrical Engineering • First Asian VC focused on blockchain, founded in 2015 • Build world class companies leveraging blockchain technology to change the world • Fund supports 50+ blockchain startups globally • Diversified portfolio across industries incl. finance, healthcare, supply chain, consumer goods
  3. Executives Entrepreneurs Investors Blockchain for…
  4. Executives Entrepreneurs Investors Blockchain for…
  5. Why does it matter to me?EXECUTIVES
  6. Financial institutions marching into blockchainEXECUTIVES Source: CB Insights, Jun. 2017
  7. It’s not just financial institutions Source: Microsoft Azure, Nov. 2017 EXECUTIVES
  8. 1/3 of them are already in production in 2018 74% of large companies across multiple industries see a compelling business case for blockchain technology 34% of large companies already have some sort form of blockchain system in production Source: Deloitte survey in April 2018 of 1,000 respondents from companies with annual sales of >US$500 million in the U.S., China, Mexico, U.K., France, Germany, Canada EXECUTIVES
  9. Potential applications are endless Payments • P2P payments • Cross border remittances • Microtransactions • Interbank monetary accounts • Securities & commodities • Claims management • Fraud detection • P2P insurance Settlement & clearing Supply Chain Insurance Media • Digital rights management • IP attribution • Authenticity verification • Farm-to-fork tracking • Machine-to- machine communications, payments • Autonomous car / drone management Consumer goods Healthcare Internet of Things Government • Voting • Military / weapons security • Public records management • Audit trail for company processes • Self-enforcing smart contracts • Record management • Decentralized storage • Decentralized DNS • Distributed computing Legal / Audit Identity Computing Real estate Energy … and so much more … • Trade finance • Logistics tracking • Authenticity verification • Title ownership & transfer • Mortgage-backed loans • Shared ownership • Zero carbon verification • Carbon credits tracking/trading • P2P grid distribution • Health record management • Prescription tracking • Pharmaceutical supply chain • Know Your Customer (KYC) and Anti-Money Laundering (AML) • Identity Verification EXECUTIVES
  10. ConsultingEXECUTIVES
  11. Consultants need to be aware tooEXECUTIVES
  12. Is a blockchain right for my company? • Redundancy • Consensus • Data sharing • Automation • Disintermediation EXECUTIVES
  13. Is a blockchain right for my company? • Redundancy • Consensus • Data sharing • Automation • Disintermediation EXECUTIVES Accountability
  14. Why a company should not deploy a blockchain • Performance • Security • Cost reduction • Cutting edge EXECUTIVES
  15. Blockchain may only be part of the solutionEXECUTIVES 4g wireless Smartphones GPS Big data Analytics Internet Internet of Things Cryptography Machine Learning Artificial Intelligence Blockchain Blockchain killer app?
  16. HR considerations • Hiring blockchain developers is difficult • Future job descriptions may be redefined EXECUTIVES
  17. Should I plan to interact with public blockchains?EXECUTIVES
  18. Key takeaways for executives • Blockchain isn’t a solution to everything • Blockchain may only be part of the solution, so even if it doesn’t impact me today, it may tomorrow • Blockchain may impact my vendors/customers, or even jobs in my company • If the decentralized public blockchain is here to stay, how will my organization need to interact with it? EXECUTIVES
  19. Executives Entrepreneurs Investors Blockchain for…
  20. Should I do an ICO?ENTREPRENEURS
  21. It’s a lot of money!ENTREPRENEURS
  22. Easier and more money than traditional VC 2017 ICOs Seed/Angel Total capital raised (US$bn) 5.6 8.5 Number of deals 435 13,753 Average deal size (US$m) 12.7 1.0 Median deal size (US$m) 4.5 0.5 Source: State of the Token Market (2017) Report, Crunchbase Q42017 Global Report ENTREPRENEURS
  23. But it won’t always be this easyENTREPRENEURS Source: CB insights (April 2018)
  24. Which type of token fits your startup? Crypto- currency Utility Token Access Token Security Token Asset-Backed Token Bitcoin Ethereum Binance Tzero Digix Gold • Singular purpose – medium of exchange / store of value • Irrelevant for most startups unless you have innovative new features (e.g. stablecoin, privacy, scalability, etc.) • Token is central to platform’s utility – e.g. securing network, purchasing computing power • Very few tokens are true “utility tokens” • Token economic model/ governance is critical • Token allows access or discount to service – discounted fees on Binance • Technically unnecessary – can pay with other currencies • Most “utility tokens” fall under here • Token is similar to equity – trade it like a stock • Evolution of equity crowdfunding – small businesses can “get listed” • Not just for blockchain startups • Be sure to follow regulations • Can tokenize everything from gold, real estate, commodities • Increase accessibility to range of investments for retail investors • May impact business processes (e.g. supply hedging) ENTREPRENEURS
  25. Not every blockchain startup needs an ICO Crypto trading app Bank consortium Enterprise software Supply chain Financial settlement Supply chain provenance Internet of things Consumer crypto apps Tax / accounting compliance Supply chain finance Smart securities Remittances ENTREPRENEURS
  26. Why are you doing an ICO? • Should not be the motivation • Not as easy as 2017 • Aftermarket headaches Easy money? • Having a token ≠ network effect • ICOs are not a shortcut to marketing • Most investors are speculators Access to users? • Utility - Does my product really need a specialized token? • Access – How will this complement my GTM strategy? • Security – Will my customer base benefit from having an ownership stake in my company? Type of token? ENTREPRENEURS
  27. Executives Entrepreneurs Investors Blockchain for…
  28. Blockchain for investorsINVESTORS
  29. …yet crypto-assets still only account for a tiny portion of the global financial market Tremendous growth, but still tiny Global Derivatives $630T Global Debt $217T Global M2 Supply $90T Global Equity Markets $71T US M2 Supply $13.7T Global Gold Supply $8T Apple MarketCap $870B All Crypto-Assets $346B The market cap of all crypto assets has already grown 2035% from $17B on 1/1/2017 to $346B on 6/8/2018… Comparison of global asset classes (2017) Market Cap of All Crypt0-assets (2017=2018YTD) Source: Coinmarketcap, CIA Factbook, Federal Reserve, Google Finance, World Gold Council, World Federation of Exchanges, Bank for International Settlements INVESTORS
  30. VolatilityINVESTORS Source:s S&P Global, Citi Private Bank, Bitcoincharts
  31. Investment strategiesINVESTORS Traditional Correlated assets Short term Trade on volatility Leveraged Margin trading • Suppliers – e.g. NVDA, AMD, supply GPUs that mine crypto • Public Funds – e.g. GBTC, ETHFUND, funds that track crypto prices • Private funds – Accredited investors can invest in private funds that invest in blockchain/crypto • Liquidity – be aware of existing supply/ demand or be the market maker • Timing – Crypto is a 24/7 market, so be aware of key trading sessions • Arbitrage – Crypto is easily migrated between exchanges & liquidity pools, so be aware of opportunities Long term Buy & HODL • Due diligence – like any early stage startup, team matters • Diversify – If you’re long term macro, it’s too early to tell which will win • Support – dapps rely on community to grow, so evangelize and use the product • Extremely high risk – experienced traders can explore platforms like Bitmex for margin trading
  32. Warnings • Any level of crypto investment is a high risk investment • Like any investment, do your own research • Invest only as much as you’re willing to lose INVESTORS
  33. x THANK YOU!