Kosmo

kosmo

A new story publishing tool is under development, and it already has an impressive list of partners and advisors. empower creators to develop immersive story worlds, fostering a strong connection between creators and fans through bespoke, interactive, and gamified experiences. Kosmos will Introducing Kosmos Unlike conventional platforms, Kosmos will integrate innovative tech including blockchain and AI to prioritize unique user experiences, allowing readers to return to captivating stories they can't help but share. Creators retain full control over their stories' UI, branding, and monetization, ensuring a personalized and engaging storytelling journey for all. The project is an official Hourglass ($WAIT) incubated project with an impressive list of advisors and angel investors, including Jett Tang, Executive Producer of The Next Crypto Gem, as well as , Chairman of SaveDaily Holdings Corp and Managing Director of NEFT Vodka USA, Inc. Jeff Mahony With ownership in several dozen companies, Mahony has over 30 years of experience building a vast array of sectors, developing AI, and leading teams in the technology space. The advisory board also includes Inc 500 entrepreneur Brian D. Evans of BDE Ventures and George Tung, founder of Cryptos R Us. Combined; these power players will help bring the power of storytelling to the masses. Stories are a cornerstone of human history, linking cultures, imparting knowledge, and nurturing empathy across generations. Kosmos was born from lead writer Rae Wojcik's quest for a community-based publishing outlet with immersive storytelling and monetization options. Dissatisfied with traditional platforms like Kindle or Wattpad, she joined forces with Stephen Poynter for help. An entrepreneur, Web3 investor, and Author, Stephen decided to develop a platform that embraces innovative technology to revolutionize the storyteller-audience relationship, enabling interactive and engaging experiences for readers immersed in captivating lore. Kosmos is now in development with BlockSafe, a full-stack web3 launchpad service led by CTO Kenneth Null. Felix Norden, AI expert and web3 advisor, is helping Kosmos integrate AI in to a range of tools within the Kosmos platform, maximizing the user experience while minimizing the creator workload. “When you go to an individual story, it should feel like you are in that story world,” said CEO Stephen Poynter. "The entire user experience will be customizable for each story." The platform will offer a free version as well as paid tiers for creators and readers that are completely customizable, giving creators the option to set their own prices. Kosmos will debut with exclusive content from its Flagship partners, granting them lifetime access. These partners predominantly belong to the web3 realm and include Neo Tokyo, NonFungibleArcade, Worlds Beyond, Alpha District, The Kingdom, Neo MasterPiece Films, BeNFT, This Thing of Ours, and Sitka World (Wojcik’s own IP that started it all and has been in development for over 10 years). Kosmos launch partners will help demonstrate to other communities and creators how Kosmos enables their members to craft unique lore centered around their individual NFTs. This empowers members to not only explore the community's overarching stories but also to delve into the captivating narratives surrounding each character within the group. The team plans to be deep in the development stage through Q1 2024. In the meantime, creators, storytellers, and story-lovers can learn more by visiting the website at or following their Twitter to be the first to know and receive early access to exclusive content. kosmosapp.com @kosmos_stories Disclaimer: TokenPr is paid to manage PR for Kosmos

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ZK Rollups in 2023: From SNARK to STARK and Beyond

Paquetes acumulativos de ZK en 2023: de SNARK a STARK y más allá

ZK Rollups en 2023 : de SNARK à STARK et au-delà

2023 में ZK रोलअप: SNARK से STARK और परे

2023 年の ZK ロールアップ: SNARK から STARK まで、そしてその先へ

ZK Rollups em 2023: de SNARK a STARK e além

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Python for Data Science: How to Scrape Website Data via the Internet's Top 300 APIs

Foreword: You may not be aware — particularly if you live in the United States— but the global economy is now entering uncharted territory as negative interest rates become reality in Europe and elsewhere. Suddenly the financial media (sponsored in no small measure by global banks) are working overtime to ‘educate’ the masses as to why the practice of paying your bank to hold your cash makes perfect sense. (They conveniently forget to mention that they will immediately lend your money to other customers, but good luck getting negative rates as a borrower!) Amidst this insanity, I will attempt to explain whether it makes sense for both professional and retail investors to own Bitcoin and other digital assets as a hedge against the inevitable destructive force of negative interest rates. TL;DR: The answer is ‘yes, it does make sense!’ However, it’s important to understand the reasons why. For that, let’s continue… ============================= After trading it for the past six years, Bitcoin has become such a dominant theme in my life that I often forget how short that timeframe really is. In fact, Bitcoin and the broader cryptoasset class have only ever existed in an era of economic expansion. At some point we will reach an inflection point, and I believe that we are now approaching that at the pace of the proverbial fly against a Ferrari’s windshield. When the inevitable recession finally occurs, many of our current theories about Bitcoin’s durability and use-cases will — finally — be tested. Bitcoin’s unveiling in 2009, before the chaos of the previous year’s financial crisis had passed, coincided with the start of one of the longest sustained bull runs in modern history. This new class of crypto assets was designed to act as an inflation-proof store of value, with censorship-resistant features that would prevent central bankers and politicians from manipulating its supply and value to print their way to prosperity at the expense of savers. It is no coincidence that Bitcoin has experienced jaw-dropping gains in value, and captured the entire world’s attention, even as the political class has continued an unprecedented decade-long experiment to ‘stimulate’ the global economy through currency manipulation and capital controls. Yet despite their increasingly frantic efforts, inflation in the developed world has not only failed to materialize. In fact, we now find ourselves on the brink of broad-based deflation on a global scale, potentially surpassing levels not seen since the Arab oil embargoes of the 1970s. Rising BTC value is highly correlated with rapid growth in negative-yielding debt. Source: Bloomberg, T Rowe Price To be clear, I am not forecasting that deflation is imminent — least of all here in the United States. However, as a professional investor who has high conviction in Bitcoin’s viability as “digital gold”, that is to say as an inflation-resistant store of value, it is important to consider the implications of a deflationary environment for an asset class that has never experienced one. This is certainly true in light of the past few days, when Germany issued a negative-yielding 30-year Bund and the President of the United States declared the Chairman of the Federal Reserve an “enemy” for adopting an (allegedly) insufficiently dovish policy. What would be the impact of deflation on Bitcoin — which is, by nature, a deflationary asset? As perceived ‘risky’ assets, will demand for cryptoassets increase as investors move out on the risk curve in search of return? Are there other features of crypto assets that are of particular relevance? And, even though crypto was designed to be a global, borderless asset, will the market response be consistent globally? Thinking Linearly Within our fund, my partner and I are followers and disciples of Oaktree’s . As one of the greatest thinkers in the investment world, Marks is perhaps best known for his attempts to consider second- and even third-order consequences of external factors and policy decisions within his investment process. With that in mind, here are some of the truths that we consider to be self-evident in the emerging world of crypto: Howard Marks In a deflationary world, where dollar- or euro-denominated investors have no fear of inflation in their base currency, the case for holding assets like gold or Bitcoin will be reduced. Deflation reduces demand for inflation hedges. To what extent this will impact price is impossible to judge, especially when considered in combination with additional factors (see below). However, this will surely impact the thinking of institutional asset managers who control that now-famous ‘wall of money’ that crypto bulls are counting on to drive prices higher. 2. The flip side to this is that even in a deflationary environment, NIRP is going to convince many investors — perhaps foolishly — that the time is nigh to buy risk assets (e.g. junk bonds, WeWork IPO, cannabis stocks). However, Negative Interest Rate Policy (NIRP) increases demand for alternatives to cash. For those who view Bitcoin as a risk asset, and for those who view it as a hedge against inflation, the conclusion will be the same — it will be time to smash the ‘buy’ button. Coming soon to your local bank. Source: Reddit 3. Even though Bitcoin has emerged as 2019’s star performer in crypto, it is not the only potential beneficiary in an economic downturn. It seems equally clear that — that class of digital assets designed to maintain parity with a fiat currency or basket of fiat currencies — are also likely to gain enormous traction. Stablecoins stand to benefit. stablecoins There are dozens of stablecoin projects today, with a wide range of quality. That being said, we believe that certain high-quality stablecoins may trade above par on a sustained basis. If we had to pick two, our favorites are Trust Token’s TrueUSD [disclosure: I personally (not through my fund) invested in TT’s Coinlist offering last year] and Circle’s USDC.* Stablecoins will become coveted if (1) as is beginning to happen in Europe, banks charge you interest or fees to keep your money on deposit; and (2) your mattress does not strike you as a suitable storage mechanism for your hard-earned currency. In a world where banks bill you for storing your cash (only to lend it out at much more profitable rates), stablecoins offer a new alternative that could prove massively disruptive to the banks’ latest scheme via the ability to safely hold an appreciating currency without paying for the privilege. In this scenario, the utility of your local bank is limited to the security that it provides through an old-fashioned safe deposit box where you can store your hardware wallet. The irony and humor of this eventuality is thick. This may sound simplistic, but the fact remains that high-net-worth individuals would happily forego modest deposit insurance coverage (if it is even available) to avoid large fees and the prospect of a bail-in if things go south. The fiasco that greeted depositors of Cyprus banks in 2013 is a stark reminder that governments will not hesitate to confiscate the wealth of their constituents in a crisis — that is, if they can access it. 4. On the other hand, the majority of alt-coins — cryptocurrencies and the broader universe of digital assets beyond Bitcoin — will likely see a very different fate. In short, the most charitable thing we can say about alt-coins is that they face a challenging future . Most alt-coins are going to zero (there, we said it). as an investment We are not universally bearish, as there will undoubtedly be some winners. We expect at least one privacy-focused token — most likely Monero or ZCash — to perform well, and perhaps a handful of utility tokens that demonstrate utility and a compelling reason to hold them long term, rather than simply acquiring and rapidly disposing of them at the time of use. actual We also believe strongly that dApps — decentralized applications, or any application that runs on a peer-to-peer network, instead of a single server — will eventually thrive, however it less clear to us how many of them will ultimately require native tokens. In reality, most alt-coins owe their existence to Bitcoin’s success, and the era of ultra-low interest rates and asset price inflation that we have seen over the past decade. To paraphrase Warren Buffett — which we do sparingly, given his overtly negative opinion on crypto — a deflationary environment will be the ultimate opportunity to see who has been swimming naked after the tide goes out. For the many alternative cryptoassets that possess no intrinsic value or meaningful use case, that would unequivocally include their HODLers. Of course, for those of us who like to actively trade these assets, the impending train wreck will in itself be a great opportunity. 5. The momentum behind Central Bank Digital Currencies (CBDCs) is about to accelerate dramatically. Their use-case is obvious. They are an opportunity for governments to circumvent domestic commercial banks — which in many emerging and frontier economies are barely functional — and ‘helicopter-drop’ money directly into the hands of consumers. Centralized sovereign currencies are coming — mostly bad, but also good. Additionally, CBDCs can enable governments to further stimulate their economies by taking interest/fees on these holdings just like a commercial bank might do. If you think this sounds like a utopian outcome, you should consider just how much control these schemes will place in the hands of totalitarian governments like China’s. While the growth of CBDCs will require substantially more time to play out, and may ultimately reduce demand for stablecoins in the medium term, we believe that their market adoption will ultimately prove to be a huge positive for the cryptoasset class as they serve to introduce and acclimate the general public to digital assets. This view, of course, is broadly similar to that which has been recently articulated by many commentators on the merits of Facebook’s Libra cryptocurrency. Whether Facebook’s ethics-free approach to business is better for the market than heavy-handed central bank policy is another matter altogether. This movie could be the next ‘Reservoir Dogs’ (i.e. where all of the characters are villains)… Second-order effects In adopting a “Marks-ian” thought process, we surmise that there are a host of potentially even more significant second-order implications for cryptoassets if a deflationary environment comes to pass. 1. In our view, many Western, and in particular US-based, investors lack an appreciation of what life is like in emerging markets. The two of us have a combined total of over twenty years living and working in developing economies. Things that we in the US take for granted — a relatively stable currency, rule of law and cultural norms that limit the ability of banks or the government to engage in outright theft — are simply absent for the majority of people worldwide. Bitcoin demand will be driven from emerging markets — not the United States. Put simply, we believe it is no coincidence that Bitcoin’s most effective early evangelist was an Argentine, Wences Casares, and that leading crypto mining equipment manufacturers such as Bitfury and Bitmain were founded by individuals from the former Soviet Union and China. These individuals are all too familiar with places where the foundation for sustained freedom and prosperity did not exist. Why is this important? A deflationary spiral in the West may not translate to a deflationary spiral in emerging markets. In fact, it could trigger the opposite. Such a descent into deflation would almost certainly destroy Western consumer activity, particularly for discretionary imports from emerging markets, as the incentive to save suddenly presents itself. Emerging economies would rapidly tank, and their central banks would duly engage in vigorous bouts of money printing to attempt to prop up domestic demand. Dollar-denominated loans would become more difficult for emerging markets to service — a disaster for countries like Turkey and Mexico. A crisis of confidence would unfold with respect to their local currencies, and investors would race for the exits. Hyperinflation would almost certainly follow. Even if events do not play out precisely in this manner, the fragility of developing economies will be difficult to understate if global economic chaos ensues. Many of the IMF’s favorite debtors are simply one-trick export-oriented ponies with limited domestic demand drivers, and populations who have been burned more times than they can count. People with this life experience are VERY sensitive to economic changes and will take action immediately if they sense they are descending — once again — into an economic vortex. As for their response, well that’s fairly simple: . In the developing world, if you are an individual consumer or small- business owner, your ability to actually buy and hold dollars or euros on deposit is limited. And even if you could, you would be compelled to hold them in the same domestic banks that you don’t trust in the first place and that are getting crushed by the economic woes that you’re seeking to avoid. Don’t believe me? Talk to a Russian over thirty years of age, or a Cypriot over twenty. Good luck buying physical gold from your local jewelry shop; the lines out front will be nearly as long as those trying to withdraw funds from failed British bank Northern Rock in 2007. they will seek safe havens where they can find them I was working on a London trading floor in 2007 when Northern Rock went bust. I will never forget the panicked look on its depositors’ faces as they queued up to retrieve what they could. So then, what options will be available to anyone with an internet connection? And the obvious answer is: digital assets like Bitcoin. And while the notion of buying stablecoins in the developing world may make a lot of sense, our suspicion is that this concept may, bizarrely, seem too foreign to people for whom Bitcoin is at least a known commodity. Our bet: should deflation emerge throughout the West, the global economic crisis it produces will spark unprecedented buying demand for Bitcoin in the emerging world. 2. . While we believe strongly that Bitcoin, in the long-run, is the ultimate safe haven asset — a better form of gold — the fact remains that today it has a bifurcated identity in the minds of investors. Depending on your worldview, it is either: Bitcoin holds advantages for its fans and skeptics a. A highly volatile and risky asset that offers no utility other than as a tool for speculation. This is what we would characterize as the critics’ view (best known to readers of the Financial Times); or b. Digital Gold: An inflation proof store of value: what we consider the proponents’ view 3. . There is in fact a further third piece to the puzzle that is not necessarily inconsistent with either of the above but also is critical to Bitcoin’s identity as an investment: the relatively lower correlation, and in several instances a high negative correlation, when compared to other assets. Lower correlations offer distinct benefits for any well-managed portfolio The below chart tracks BTC’s performance relative to the S&P 500 on the days of the latter’s biggest moves in 2019 year-to-date: Source: Coinbase, FRED, Kosmos research There is no discernible pattern in BTC’s price action during a significant move in the S&P 500. This offers intrinsic appeal for anyone constructing a portfolio and seeking to optimize risk-adjusted returns. Money managers with professional experience stretching back to 2008’s global financial crisis remember all too well that supposedly uncorrelated traditional assets suddenly found their correlations trending rapidly higher as the bottom caved in. It is possible that Bitcoin may behave similarly during the next crisis, and offer little or even no diversification, however we would argue that to own at least a small relative position in Bitcoin is the ultimate asymmetric bet in this market; the cost of taking that bet is minimal, and the potential upside if it proves uncorrelated is significant. Therefore, these various elements of Bitcoin’s identity should be appealing to sophisticated investors, even amidst a deflationary environment. Conclusion In summary, it is not at all clear that a deflationary environment will necessarily eliminate institutional investor appetite for Bitcoin in the West and, in fact, second and third order effects in emerging markets may well generate a substantial aggregate increase in Bitcoin demand as people there seek readily available, liquid safe-havens. Moreover, while a worldwide economic meltdown is hardly something we’re rooting for, there are some potential salutary benefits for digital assets beyond strengthening Bitcoin, namely a clearing of the decks with respect to dubious altcoin projects that give the asset class a bad name together. An additional indirect benefit may also be the advent of government sponsored CBDCs that will ultimately introduce the widest possible audience to cryptoasset technology, and set the stage for long-term mass adoption. *As always, DYOR! (Do Your Own Research) ======================================= I work at Kosmos Capital Management , which actively trades the emergent class of digital assets. Follow me on Twitter @kvirgil ======================================= DISCLAIMER: Nothing in this column is intended as investment advice and you definitely should not interpret it as such. Don’t rely on my advice, or for that matter anyone else’s advice, when making investment decisions. Doing your own research is the key to success in any market. =======================================

Bitcoin in the Age of Deflationary Policies

Annual Report 2018 | ICOs+STOs Landscape | Market Trends | Private Funding Activities | Mergers and Acquisitions Disclaimer: This is not financial advice. For more details visit terms and conditions. Download full 40-page Annual Report Cryptomarket had a dramatic start with the unprecedented bulls from 2017 coming to rest, losing over 60% of total market cap value in just a month of January. Further, 2018 was even more pessimistic with the downward crypto market trends. On the brighter side, the crypto market is on its way to reaching the maturing phase surpassing the FOMO and FUD stages. InWara’s study covers such these significant trends in the ICO and the STO universe. This study further presents pragmatic views on the crypto market which, according to experts, is poised to make some major moves over the next year. InWara provides insightful analysis based on institutional-grade ICO/VC data to give retail and institutional investors a clear assessment of the current trends and developments in this space. This Study covers ICO Landscape STO Landscape 2018 Cryptocurrency Market Trend Analysis Private Funding Activity in ICOs and Blockchain companies Mergers and Acquisitions in ICOs and Blockchain Companies Download full 40-page Annual Report ICO Landscape 2018 USA spearheads Crypto Space Source: InWara’s Annual Report USA sustains the top position with 60% spurt in ICO numbers (YoY). Interestingly UK and Singapore have seen over 180% growth in the number of ICOs (YoY). With Singapore in the second position and China showing over 100% growth in 2018, Asian markets exhibit a promising future for cryptos. Financial Services continues its dominance in ICO space Source: InWara’s Annual Report Financial Services remains the most popular sector in 2018 with over 130% growth in the number of ICOs from 2017. Media and Entertainment sees significant growth with multiple crypto-based funds springing up in 2018. 2018 ICO listings dampen Source: InWara’s Annual Report The number of ICOs listing on the exchanges has seen a significant drop in with less than 20% of ICOs seeing the listing in 2018. Just 15% of ICOs have been listed in exchanges during Q4 2018, posing a serious concern for the investors, as they could be stuck with tokens and no liquidity. STOs Landscape 2018 Security Tokens Offerings (STOs) silently picking up where ICOs tapered Source: InWara’s Annual Report Security Tokens (STOs) are essentially tradable assets subjected to federal regulations and compliances. In general, investors are expecting the STOs to deliver better RoI with fewer risks in the long run. Security Tokens gained momentum over ICOs especially with compliance matters addressed favorably by regulatory bodies such as SEC in USA and FSC in South Korea. SEC went hard on fraudulent activities (e.g. Paragon and Airfox) and that has cautioned serious players planning to raise funds via digital tokens. Overall, the erosion in investor confidence has prompted the investors rather prefer STOs. Number of STOs by industry Source: InWara’s Annual Report Investments and Trading lead the token offerings with over 20% of total STOs. Financial Services, which lead in ICOs, now stands third after Technology. Download full 40-page Annual Report 2018 Cryptocurrency Market Trend Analysis Source: InWara’s Annual Report Detailed analysis of every event is covered the full 40-page report. Private Funding Activity in ICOs and Blockchain Companies Crypto turmoil hits private investment rounds Source: InWara’s Annual Report Q4 2018 has seen over 65% dip in funds raised and VCs and institutional investors taking a step back in this market bear. However, private funding has seen significant growth in 2018 with total funding rounds doubling as compared to 2017. Existing players move out as fear sets in. Source: InWara’s Annual Report Digital Currency Group has been consistent with investments even in the sluggish 2018 market while all others took a breath. However, 2018 have seen some new entrants such as Kosmos Capital, Neo Global Capital and more investing in cryptos. Positives include almost all of the players have raised Crypto-focused funds in 2018 and have attracted the best of talent in Financial markets. Mergers and Acquisitions activity Surges Source: InWara’s Annual Report 2018 has seen over 90% surge in crypto and blockchain related mergers and acquisitions. This major upswing is credited to the crash of Bitcoin ( ) by over 50% lower than at the start of the year. BTC VCs, Institutional investors and entities with deep pockets saw the bear market as an opportunity to ante up in future technologies that could perhaps break the banks. Blockbuster deal of the year Circle, a company that adopts blockchain technology with a vision to make Bitcoin more accessible acquires one of the biggest exchanges, Poloniex in Feb 2018 for $400 million. By Acquiring Poloniex Circle is expecting to address solve the issues related to reliability and bolster the existing scalability, hence improving the robustness of the platform. This executive summary provides only 15% of analysis of the complete 40-page annual report. Get the priority edition of InWara’s annual report here. Download full 40-page Annual Report

ICO Funds and Trends Analysis 2018

Here’s why my fund, amidst a ferocious drawdown in the cryptoasset markets, has chosen to draw a line in the sand. My firm, , opened for business on May 1st of this year. Normally launching a fund with a long-biased — though by no means long-only — strategy to coincide with a 60% market drawdown would elicit sympathy from others in the investment community. In this case, I guess I’d call us (relatively) lucky: many of our peers who entered the market a few months earlier have faced an 80%+ correction and, in quite a few cases, are now out of business. Kosmos Capital Management As we’ve learned firsthand from personal experience and more recently with Kosmos, the sensation one feels when actively trading crypto can be reliably equated with that feeling one experiences when juggling chainsaws in a dark room. Violent and unpredictable moves, loose to non-existent regulations, and a sizable coterie of less-than-ethical market participants all contribute to the stew that makes this asset class what it is. Not all of our trading decisions have been on target since launch — our LPs can attest to this — but we have managed to avoid most of the carnage and therefore have earned a seat at the table to participate in Crypto Meltdown 5.0. If you don’t understand what I mean, see the table below with credit to legendary trader Peter Brandt. This now somewhat dated chart succinctly summarizes the rollercoaster that has been — and the cryptoasset class more broadly — over its brief ten-year lifespan. Bitcoin Courtesy: Factor LLC Research Since the publication of the above, prices have fallen further, dropping as low as $3,456 on Coinbase, a level that coincidentally matches the 82.6% drawdown that was experienced (over just 2 days!) in 2013. I have no clue whether the bottom is in and unless you’re the Mt Gox trustee then you probably don’t know either. But one thing is absolutely clear from the above: for the first time since the second half of 2015, Bitcoin is unequivocally cheap in historic terms relative to its recent highs. It’s cheap at $3,500, at $4,000 and anywhere in between. Retreating to and remaining on the sidelines amidst a financial meltdown — which in crypto terms this certainly represents — is normal, natural, easy — and wrong. Whether you’re telling yourself you’re waiting for it to go lower or are looking for the confirmatory rebound to keep from catching the proverbial “falling knife”, coming up with a reason to sit things out feels “prudent”. If you want to wait for a two-handle then good luck to you. You may get it, but you may not. We don’t make investment decisions based on technical analysis alone. Support is support until it collapses. However, this range — in the mid $3,000s — was a level that was successfully defended over several days in late September 2017 just before the bull run kicked into high gear and has now held for almost 4 days since the fall from $4,200. Will it continue to do so? Again, who knows. But we’re buying here and it seems we’re not the only ones who think the drawdown is largely out of steam. Source: Coinigy, Coinbase There is no simpler investment philosophy than to buy cheap and sell dear. Right now, we feel that Bitcoin is valued attractively. Our fundamental beliefs in the viability of this asset remain intact, and we have just sustained an 83% drawdown. Can it go lower? Absolutely. But we have medium-to-long term conviction that current levels remain highly compelling. ======================================== Obligatory disclaimer follows: I shall wrap up this article by pointing out explicitly that nothing in this column is intended as investment advice and you definitely should not interpret it as such. I am an investment advisor, but I am most likely not your investment advisor. And as I am not your advisor, I have no idea whether cryptoassets are a suitable investment for your particular needs. Don’t rely on my advice, or for that matter anyone else’s advice, when making investment decisions. Doing your own research is the key to success in any market. ======================================== I work at Kosmos Capital Management , which actively trades the emergent class of digital assets. Follow me on Twitter @kvirgil ========================================

Why We Are Buying Bitcoin Here And Now

Many crypto traders believe that a Coinbase listing can provide a significant boost to a cryptoasset . We dove into the numbers to find out whether this theory has any merit. The much-vaunted Bitcoin Cash hard fork has descended into farce, creating uncertainty that brought the prior week’s rally to a screeching halt. More seriously, it has likely given pause to new market entrants who are rightly concerned about the petty partisan bickering on display that leads to such forks –and, frankly, the general lack of maturity on display by the more vocal personalities within the broader ecosystem. The past week has not been kind to cryptoasset markets. Yet this recent setback is merely another bump on the precipitous decline that cryptoassets have faced since December 2017. At times like this, when long-only #HODLers are forming ad-hoc crisis support groups to swap intellectually hollow bromides on Crypto Twitter, professional investors and even your marginally sophisticated crypto day-traders prefer to generate alpha via the unique opportunities that this market offers. Examples include cross-exchange arbitrage of a magnitude that no longer exists in other markets, bouts of extreme price volatility, and — one of our favorites — new exchange listings. For obvious reasons, investors need to be judicious when selecting the exchanges and counterparties with whom they trade. Anyone who has ever dealt with (what allegedly passes for) customer support at Binance, or applied even the most mildly skeptical eye to the trading volumes claimed by most non-US crypto exchanges, is likely nodding their head in agreement. Here in the US, the market’s focus is directed in particular to Coinbase where the hype around their listings has reached a fever pitch not seen since Amazon released its HQ2 short list. A July 2018 post to the exchange’s Twitter account stated, without the slightest whiff of irony, that it was “announcing that [they were] exploring the addition of” a short list of cryptoassets. This focus on higher-quality trading venues also means that we, along with many others, pay close attention to any announcements regarding new token listings. As pompous as such utterances might seem, crypto investors took it seriously and bid the prices of those assets higher — first at the time of the announcement, and again upon their listing. This phenomenon has given rise to the notion of a “ ”, whereby assets listed on that platform are elevated in the court of public opinion because of the stamp of approval that a Coinbase listing implies as well as the additional liquidity the new trading venue offers. Coinbase Premium But does such a premium actually exist? Breaking Down The Numbers Coinbase listed ZRX on 12 October and BAT on 2 November. Let’s review asset price performance and volumes since their listing. Given the external dislocations presented by the Bitcoin Cash fork, and the broader price collapse that is now under way throughout the asset class, we will choose to ignore the previous week and stop the clock for our analysis at UTC close on 12 November: We acknowledge the limitations of the BAT dataset, given that only ten trading days were measured after its listing. However, a couple of points do stand out: A Coinbase listing provides an immediate spike in trading volume. No surprise. A Coinbase listing results in rapid price appreciation both in USD and BTC terms. No surprise. Asset price (out)performance from the listing does not appear sustainable in USD or BTC terms. This is not what we would have expected. Taking a step back further, let’s see how these assets performed surrounding and since that July announcement mentioned earlier: Source: Coinbase.com market data (price data through 23:59 UTC on 12 November) Note how the immediate impact of a Coinbase announcement was a significant (short-term) improvement price on much higher volume. This in itself is really not surprising given the general lack of liquidity that existed with both assets prior to the spotlight that Coinbase shone upon them. However, if we consider the pre-July 13 announcement price and volume to be the “unaffected” numbers, it appears that inclusion within the Coinbase ecosystem has resulted in neither absolute nor relative (at least, when compared to BTC) price outperformance for either ZRX or BAT on a sustainable basis. Moreover, while BAT’s listing is recent enough so as to still have an impact on trailing volume numbers, ZRX’s average volumes over the seven days up to and including 12 November were actually lower than they were in the month prior to the July announcement. Note: Let me pre-emptively point out (to relieve readers of the need to comment) that our decision to stop the analysis on 12 November actually provides far more favorable results for these assets than if we had included all market data through 19 November (this article’s publishing date). We chose to exclude the most recent market data due to the systemic downturn that the broader market has taken since that time, since BTC had traded in a relatively narrow range up until that point and improved our ability to isolate and analyze the so-called “Coinbase Effect.” Conclusions So what are the implications for cryptoasset investors? New Coinbase listings appear to have no medium-term impact on asset value or liquidity. However, a listing has created fantastic short-term opportunities, especially for investors trading on Coinbase’s institutional or “professional” platforms, who have earlier access to the newly listed assets and can flip them quickly. This gives rise to the argument that, far from creating a level playing field, the cryptoasset markets are trodding a well-worn path of favoring institutional traders over individual ‘Main Street’ investors, who are now in a disadvantageous position. In short, it seems that a “Coinbase Premium” does indeed exist. Unfortunately, the moniker is quite appropriate since it is only available to the exchange’s “premium” clients — and only for a very short time. ======================================== Thanks to everyone who read my most recent article “ As Bitcoin Reaches a Major Milestone, What Happens Now? ”. That article was one of the five most-read articles on Medium.com for a couple of days. I am working on a follow-up post where we will take a step back and look at whether cryptoassets can find a place amongst other, more established asset classes in a professionally managed investment portfolio. Stay tuned… ======================================== I work at Kosmos Capital Management , which actively trades the emergent class of digital assets. Follow me on Twitter @kvirgil ======================================== DISCLAIMER: Nothing in this column is intended as investment advice and you definitely should not interpret it as such. Don’t rely on my advice, or for that matter anyone else’s advice, when making investment decisions. Doing your own research is the key to success in any market. ========================================

Does The ‘Coinbase Premium’ Really Exist?

Foreword: My intent for this article is to review recent events in the crypto market, starting with two data points that we encountered in the past week, and then reviewing the past year to understand what began and ended 2017’s parabolic bull run. We’ll then look at what happened to the last wave of crypto speculators, and who — if anyone — will replace them. Lastly, and most importantly, we’ll seek to understand what will need to happen before they enter. ======================================== Two events came to our attention this past week — one that we judge to be very good/bullish, and one that is most assuredly not. Let’s get the bad news out of the way first. First, the Bad News Barring an unexpected and unlikely move, this week is going to mark an occasion that has only two precedents over the past six years, and has not happened since November 2015. Unfortunately, you’re going to have to keep the champagne locked up in the cellar for now as this will be an event we would all just as soon forget. Why? A Halloween horror show, indeed. Assuming that its price remains in the current range, then on November 1st 2018, for the first time in three years, Bitcoin’s 12-month trailing return will move from positive into negative territory. I’ll follow that up with this little gem of a table. I don’t think there’s a better way to illustrate the wild ride that has been crypto for the past five years, than this: As you can see, anyone who bought their first in January 2013 had a very merry Christmas that year. Conversely, those who entered the market in January 2014 ended the year with a big lump of coal (or a lump of something else entirely) in their stockings. Bitcoin You may ask, why am I bringing this up? It’s not because I enjoy dwelling on the negatives. After all, my parents always encouraged me to seek out the positives in any setbacks or disappointments. Maybe that’s because I was raised in the upper Midwest, where the weather is consistently terrible. Nonetheless, the fact remains that we arrived at this milestone amidst a remarkably stagnant period. I didn’t start actively trading crypto because I expected it to be boring. Quite the contrary. After all, one of my favorite crypto quotes comes from Arthur Hayes, founder of BitMex, who recently argued that . Yet, as the charts below demonstrate, here we are. “for crypto, a decline in volume and volatility is deadlier than white wine and painkillers” In fact, Bitcoin’s annualized volatility is now below or on par with that of many of the largest US tech stocks, including Apple (AAPL) and Netflix (NFLX). Source: Kosmos Research, Coinbase, NASDAQ Not surprisingly, this has coincided with: (1) Bitcoin trading in an ever-narrower range over recent months. In fact, when I last checked the price an hour ago, the 24-hour change was precisely 0.0%. We try not to stare at the ticker all day, but that was a first for me. (2) Exchange-traded volumes are falling off a cliff. To take BTC as but one example, see below a table showing the lowest 10 daily volumes of 2018: Yes, you are reading the table correctly: four of the ten slowest days year-to-date occurred last week and nine of the ten came this month. To put this in perspective, over US$ 11 billion traded on January 1 of this year. Great — so the market is stuck in an almighty rut. How does that help us as investors? Hold that thought for a moment. First, let me tell you about a conversation that we had last week that brightened our mood considerably. Now, The Good News Amidst all the crypto doom and gloom (but definitely no boom, sorry Marc Faber) my partner recently caught up with one of his friends, a macro hedge fund manager based in London. The crypto market loves to obsess over when that “institutional wall of money” is going to arrive. Well, this guy is an integral part of that wall. So we’re always interested in hearing his thoughts on crypto, to the extent that he has any. After all, like most macro fund managers he doesn’t have much time for an asset class where the capitalization isn’t measured in trillions of dollars. As recently as the fall of 2017 he had admitted to knowing ‘next to nothing’ about crypto, and lacked the bandwidth or incentives to spend time learning more. But this time the conversation went differently. He told us that he has begun reading up on the space and had questions. And if he is working his way up the learning curve, we strongly suspect that he is not alone. Our friend is not the type to waste time or energy on a topic unless he has identified a compelling opportunity. To us, more than anything we have read on Crypto Twitter, this was a bullish market signal. Most importantly, we found it interesting that this conversation took place just as Bitcoin’s one-year trailing return was about to descend into negative territory. However it’s important to consider these two data points — one good, the other not so much — in the context of what has transpired in the past year. Let’s briefly recap what happened to the crypto market in 2017, and why. Past Is (Not) Prologue Like most greed-driven bubbles, Bitcoin’s historic 2017 move started slowly. BTC traded at less than $1,000 on January 1st, and was worth only a few dollars more at the end of March. But something happened in the second quarter — by the end of June BTC’s value had increased by over 250%. Three months later, it had doubled in value again. And December, of course, is when the frenzy went into full swing. Prices doubled in less than three weeks, and nearly touched $20,000 before finally collapsing. Now, some might argue that initial coin offerings (ICOs) are what sparked the market frenzy. To an extent, we agree with this position. After all, the ICO mania is what initially shone the spotlight on crypto and forced the mainstream investing public to take notice. Looking more closely though, we would argue that a more consequential trend emerged in the second half of 2017. Rumors of — and seeming steps toward — institutional market entry were what ultimately drove Bitcoin into its parabolic end-game. An Annotated (Recent) History of Bitcoin Source: Coinbase/Coinigy Simultaneously, announcements of Bitcoin futures contracts, paired with headlines regarding Wall Street interest and breathless predictions of imminent change, conspired to fuel a self-fulfilling narrative of ever-higher asset prices. CNBC, December 2017. Boo-yah! The hysteria peaked on December 18th, 2017. Bitcoin had just hit an all-time high of $19,783 on Coinbase the day before. Two weeks earlier the Chicago futures exchanges, CME and CBOE, had announced launch dates for their Bitcoin futures contracts. Predictably, the cryptoasset market went ballistic as new entrants flooded in ahead of the ‘wall of institutional capital’ that was widely rumored to be imminent and was going to propel Bitcoin to new heights. The price of Bitcoin doubled in the first two weeks of that month. CBOE futures debuted on December 10th and traded 19% higher on their first day. Trading was halted twice due to exchange ‘circuit breaker’ rules. The market continued to buy, waiting with bated breath for the CME launch a week later. The CME contract opened to much fanfare, and then…traded 2% lower. It was the embodiment of failed expectations. . And this was only the beginning of the pain. The institutional money never arrived in earnest and did not drive this bubble In short, 2017 was almost exclusively a retail-driven train, and the late-arriving punters got crushed in the derailment. The institutional capital has not yet joined the party. Where Is The Proverbial ‘Wall of Money’? Go to any crypto meetup or convention today and the same question will be asked. It will be repeated like a mantra — in the panels, during the keynote, and in the furtive conversations backstage: “When are the institutions coming in???” We’re like teenagers waiting by the phone, staring at it like Luke Skywalker stared at that X-Wing Fighter on Dagobah…just it to ring. willing Come on, Blackrock, show us some love! There are an abundance of different but credible theories to explain what might push Bitcoin below the well-defended price floor of 5,800 that has been maintained since late June. On the other hand, the smart people we talk to in the space as well as the “crypto media” are fairly unanimous in their view that the next bull run will be driven by widespread institutional adoption — the “wall of money” — that in most permutations of this vision arrives on the back of a long-awaited Bitcoin ETF. While we love being contrarians, on this point we wholeheartedly concur. For your average long-term retail HODLer, the initial reaction to this question is likely an eye-roll. Why? For a concrete example, take a guess at the dates when these headlines were published. The first article, from the Financial Times, was written on 12 August 2018. The WSJ story was published a little over a year ago. You see, we’ve been here before and we’re still waiting for the institutions to arrive. We all know what the reaction was to the Journal article — see chart above. And how did the market respond to the more recent FT piece? Source: Coinbase/Coinigy Ironically, the conviction that institutional capital is the rocket fuel needed to ignite another crypto moonshot is, if anything, stronger now than last year. So why did the possibility of institutional entry drive such mania in 2017, and why has it failed to move the needle this year? Really it all comes back to the specific inquiry we received from our friendly British hedge fund mogul: “who is buying Bitcoin here and now?” The Importance of Market Psychology Some of the smartest people I have ever met are working day and night to develop effective valuation approaches for cryptoassets. This is a monumental task, since crypto is unlike any other asset in human history. Market capitalization (sorry, CoinMarketCap) is generally useless. Certain equations that we learned in Economics 101, such as MV=PQ, are better but also have their limitations. So crypto doesn’t yet have a universally accepted valuation metric. But we do have quite a few proxies. One of them is the measurement of how many active users are in a blockchain’s ecosystem at a given point in time. We refer to this as Daily Active Addresses (DAAs), which records the number of Bitcoin (or other token) wallets that engaged in transactions on a given day. DAAs are easy to track on the Bitcoin . blockchain Source: Coinmetrics.io Take a hard look at this chart. Let it sink in. The number of active wallets is — literally — half of what it was just ten months ago. Now, if you’re reading this in late October 2018, you have most likely been in the crypto market for awhile. You probably enjoyed some — maybe even all — of the 2017 bull run and you’re still sitting on top of significant gains, even after this year’s drawdown. You’re in this for the long haul. But now, imagine you’re one of those poor souls who decided to join the Great Crypto Buying Frenzy of December 2017 — right at the top of that chart. Maybe you were smart and just invested a small percentage of your net worth. Or maybe you weren’t so smart, and you mortgaged your house to go ‘all-in’. If you decided to #HODL, like all of those other amateurs on Twitter, you’re staring at an unrealized loss of 61%. What do you suppose your feelings toward crypto are by now? Are you buying more? Averaging down your cost basis? Most likely not. You’re probably cursing the friend who told you to open a Coinbase account, and wondering how you will ever make that money back. And you’re definitely telling anyone who will listen to your rants that they should stay away, too. While we acknowledge this is an imperfect measure, let’s assume that each of those new December 2017 DAAs equates to one late entrant. If so, then over 600,000 people were burned in the latest crypto crash, and have left the market with their portfolio in a smoking ruin. For an asset class with a market cap below $250 billion, that is a LOT of people. And it’s going to take a lot of good news to bring them back — if ever. If anything, we believe this wallet count understates end users as many on-exchange transactions get netted before they are ever recorded on-blockchain. The damage was compounded by the fact that these people could have served as crypto ambassadors to the next tier of risk takers. That misery is now being further exacerbated in real time because, starting this week, people who bought 12 months ago — even before the last parabolic push higher — are now underwater too. In many ways this is an age-old story: an asset collapsed, people lost money and therefore are more cautious this time around. However the scale of the carnage, given the proportion of investors who have been burned, is nearly unprecedented. “ ” we were asked. The answer was immediate and obvious: . Who is buying Bitcoin here? No one The marginal retail buyer — the people who were trying to front-run “big institutional money” in Q4 2017 — do not exist. So who does that leave? The Wall of Money… yet again Are you as tired of this metaphor as we are yet? We’re not talking about Chicago high-frequency traders here, or ‘Mrs Watanabe’ in Japan. This refers to the real allocators. Pension funds. Sovereign wealth funds. Endowments. Powerhouses with asset pools that run to twelve digits, or more. These organizations are managed by inherently risk-averse people who know that investing into new and untested markets implies significant career risk. Portfolio managers rarely get fired for buying German Bunds or T-bills. Any fund managers who went long crypto in December 2017 are probably dusting off their CVs now. With no retail investors and no genuine prospect of them returning again before a big-time upside breakout that reinvigorates the FOMO on which crypto has historically thrived, it is these institutions who will have to carry the water to get things started. There is no crystal ball on my desk, and I won’t pretend to know when this will happen. The timing of this evolution depends on a host of factors that are both endogenous and exogenous to the crypto market. However, we do feel confident in saying that no other spark exists for the next crypto bull run. Are we there yet? Two conditions must be met before that spark can be lit: (1) Institutions must have the to participate in the crypto markets ability (2) Institutions must have the to participate in the crypto markets desire Here’s the irony: in 2017, the desire was certainly there. Having worked on Wall Street, I can confirm that bankers and traders were watching this market intensely, and in many cases they personally participated. But they had no ability to participate professionally because the key building blocks — qualified custodians, trusted trading counterparties, and (in some cases) leverage — were simply not there. (Remember, career risk is one of the most powerful forces in nature.) And now, less than a year later, the conditions have been reversed. Over the past ten months the crypto community has improved its infrastructure by leaps and bounds. From actual, live people answering customer queries ( to fully licensed custody solutions, this market is evolving more rapidly than ever. thanks, Coinbase! and what’s taking you so long, Binance?!?) And yet, even though institutions now have the ability to enter — desire has left the building as volatility, volumes and returns have all evaporated. It’s a sad day when Apple stock carries more vol than crypto… So where does that leave us? We’ve already established that the retail investor will not rescue the crypto market from its current plateau, and that institutional capital will eventually provide that needed boost. However, something needs to get them off the sidelines and into this asset class. And while it’s safe to say that a Bitcoin ETF certainly can help to increase market adoption, we don’t believe this is the that the crypto market really wants — or needs. deus ex machina According to the World Bank, institutional investors in developed economies currently manage over $100 trillion of assets. Think about what just fifty basis points of that capital would do to the crypto market. That capital won’t be allocated overnight — each institution needs to arrive at its own decision to do so. And in order to allocate, an institution must believe that cryptoassets have finally arrived as an asset class that is worthy of investment. But other things are happening out there, far beyond the reach of crypto exchanges. Dark clouds are forming over equity and fixed income markets, for the first time since Satoshi’s white paper was released to the world. What happens if Wall Street loses its appetite for equities or corporate debt? Where does that capital go? In the right circumstances, could Bitcoin even be considered a safe haven? I think it’s very possible, and in our next article we’ll take a close look at how that just might happen. ======================================== I work at Kosmos Capital Management , which actively trades the emergent class of digital assets. Follow me on Twitter @kvirgil ======================================== DISCLAIMER: Nothing in this column is intended as investment advice and you definitely should not interpret it as such. Don’t rely on my advice, or for that matter anyone else’s advice, when making investment decisions. Doing your own research is the key to success in any market. ========================================

As Bitcoin Hits A Major Milestone, What Happens Now?

List of 230+ Venture Funds that are already investing in crypto startups. Are you a startup looking to raise funds for your project or to launch an . One of the best strategies to seek initial funding for your crypto project is to reach out to VCs that are already looking for promising startups and great teams to invest in. blockchain ICO Reaching out to Venture Capital firms might even yield you sufficient funds for the entire project development, saving you from launching an actual ICO for additional money. Below is a global list of VCs that are considering investing in blockchain startups. The list is provided to you by Crypto Gang (http://cryptogang.agency/), a blockchain-focused branding agency supporting crypto startups with branding services such as logo and brand identity creation, design and development of ICO and project websites, design of whitepapers, pitch decks, one-pagers and other visual materials. For any questions on ICOs and branding for startups, please contact me directly at anton@cryptogang.agency A to Z List of Venture Crypto Investment Funds 101 Venture LLC, USA 11–11 Ventures, USA 2L Capital, USA 3.0 Capital, USA 6M Capital, USA Acario Ventures, USA Accel, USA Access Ventures, USA Adamant Capital, USA Aenigma Capital, USA Airfoil Capital, USA Akuna Capital, USA Aldwych Capital Partners, USA Allstate Strategic Ventures, USA Alphacap Berhad, Malaysia Altpoint Capital, USA Andreessen Horowitz, USA Anti Hero Capital, Australia Apollo Capital Management, Australia AQR Capital Management, USA Aston Capital Management, USA Autonomous Crypto, USA Ayres Capital, Hong Kong Base58 Capital, Switzerland Batuta Capital Advisors, USA Beach View, USA Beachhead Venture Capital, Australia Beanstalk Ventures, USA Bellegarde Capital, Switzerland Ben Franklin Technology Partners of Southeastern Pennsylvania, USA Bessemer Venture Partners, USA Beverly Capital Group, USA Bindley Capital Partners, USA BitBull Capital, USA Block Hill Ventures, USA Blockchain Capital, USA Blockchain Global, Australia Blockchain Valley Ventures, Switzerland Blockchaincap.io, USA Blockseed Ventures Limited, Japan BlockTech Ventures, Canada Blocktricity Capital, USA BlockVC, China Blue Alpha Venture Capital, USA Blumberg Capital, USA BNY Mellon, USA Boost VC, USA BoxOne Ventures, Canada Bunker Capital, USA BXE Capital , USA Capital One Ventures, USA Capital One, USA Ceiba Capital, USA Cervin Ventures, USA Chain Plus Capital, China CityBlock Capital, USA CMCC, Hong Kong CME Ventures, USA Coefficient Ventures, USA Cohen & Company, USA Collinstar Capital, Australia Colony NorthStar, USA ConsenSys, USA Core Innovation Capital, USA Cosimo Ventures, USA Counterparty, Stoic Capital, USA Craft Ventures, USA Crypto Capital Investments, USA Cryptoindex Capital, USA Crypton Capital, Australia Cypher Capital, USA Dalma Capital, UAE Davidson Kempner Capital Management, USA DDC, USA Decentral Park Capital, USA Deep Knowledge Ventures, Hong Kong Dexterity Capital, USA Digital Asset Capital Management, Australia Digital Currency Group, USA Digital Currency Group, USA Digital Ventures, Thailand Draper Associates, USA e.ventures, USA East Rock Capital, USA Educapital, Brazil Eight Capital, Canada Element Capital Group, USA ElliptiCurve Capital, USA EMURGO Corporation, Japan Enso Capital, Israel Entoro Capital, USA Ether Capital, USA Evangelist capital, USA EverBlu Capital, Australia Evolve VC, USA fantail ventures, USA First Coin Capital, Canada First Digital Capital, Australia Flybridge Capital Partners, USA Foundation Capital, USA Founders Fund, USA Frontier Ventures, USA FundersClub, USA Future/Perfect Ventures, USA G20 Ventures, USA G2H2 Capital, USA Genpact Headstrong Capital Markets, USA Ginkgo Capital, Hong Kong Grit Capital, Canada Hard Yaka, USA Haystack, USA Hex Capital, Canada Highland Capital Partners, USA HODL Capital, USA Impact Capital Strategies, USA Indova Capital Management, USA Initialized Capital, USA Innovating Capital, USA Innovent Capital Group, USA In-Q-Tel, USA Insight Venture Partners, USA IronChain Capital, USA Jabre Capital Partners, Switzerland JCH Capital Pty Ltd, Australia Jump Capital, USA KAIST, Korea KENETIC CAPITAL, Hong Kong Khosla Ventures, USA Kilowatt Capital, USA King Capital Corporation, USA Kosmos CApital, Australia Kryptus Capital, USA Lakeside Partners, Switzerland LAKESTAR, Switzerland Lightspeed Venture Partners, USA LSVP, USA Lunar Capital, USA Lydians Capital, USA Maco.la, USA Magnet Capital, Australia Medici Ventures, USA Merces Capital Limited, USA Metaps+, Korea MGT Crypto-Capital Strategies, USA Michael Yang Capital Management, USA Moore Capital Management, USA MRTNZ Ventures, USA Multicoin Capital, USA Mutschler Ventures AG, Switzerland Naspers Ventures, USA Neva Capital, Thailand Oak HC/FT, USA Obvious Ventures, USA Octic Capital Management, USA Old Mission Capital, USA OMERS Ventures, Canada Orrick, Herrington & Sutcliffe LLP, USA Otsana Capital, Australia Outlier Ventures, Canada Pantera Capital, USA Park Capital, USA Passport Capital, USA PEER Venture Partners, USA Pelion Venture Partners, USA Plug and Play Tech Center, USA Polybius Capital, Australia Pritzker Group Venture Capital, USA Propel Venture Partners, USA QCP Capital, Singapore QL Ventures, USA Raptor Group, USA RBC Capital Markets, USA RChain Holdings, USA Reciprocal Ventures, USA Redpoint Ventures, USA Reflective Venture Partners, USA Ribbit Capital, USA Right Side Capital Management, USA Route 66 Ventures, USA RRE Ventures, USA RRE Ventures, USA Sandalphon Capital, USA Saudi Aramco Energy Ventures, USA Scalar Capital, USA Sequoia Capital, USA Shepherd Ventures, USA Singulariteam, Israel Sinovation Ventures, USA Skystar Capital, Indonesia Smart Block Capital, USA Social Starts, USA Sozo Ventures, USA SparkLabs Global Ventures, USA Steelhead Capital Management, USA StreetEdge Capital, USA Summit Partners, USA Sustany Capital, USA SV Angel, USA Swarm Fund, USA Taussig Capital, Switzerland Techstars, USA Tel Aviv Capital -TLVC, Israel TENX VENTURES INC, Canada Tetras Capital, USA Tetras, USA The Hive, USA The Whittemore Collection, USA Torque.vc, USA Totient Capital, USA TransformationWorx | Capital Blockchain, Canada Tristar Ventures Inc., Korea Two Sigma Ventures, USA Unchained Capital, USA Union Square Ventures, USA Union Square Ventures, USA Urgent, USA ValueNet Capital, China Venrock, USA Venture Aviator, USA Verizon Ventures, USA Version One Ventures, Canada Victoire Ventures, USA Virgil Capital, Australia Virtual Capital, USA VTF Capital, USA Vy Capital Advisors, USA Walden Bridge Capital, USA WING, USA Working Lab Capital, USA XDL Capital, Canada ZX Ventures, USA The list is provided to you by Crypto Gang (http://cryptogang.agency/), a blockchain-focused branding agency supporting crypto startups with branding services such as logo and brand identity creation, design and development of ICO and project websites, design of whitepapers, pitch decks, one-pagers and other visual materials. For any questions on ICOs and branding for startups, please contact me directly at anton@cryptogang.agency

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