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PAUL ARK
MANAGING DIRECTOR, CORPORATEVENTURE CAPITAL
DIGITALVENTURES,A SUBSIDIARY OF SIAM COMMERCIAL BANK
APRIL 2019
A Ven...
Token-Based Funding Comes of Age
2016
2017
2018
116,000	
170,000	
207,000	
252	
7,043	
19,789	
739	
3,979	
5,319	
VC Crowd...
Increased VC Interest in Blockchain & Crypto
2016
2017
2018
115,310	
168,930	 201,420	
690	
1,070	
5,580	
All	other	vertic...
Role of CVC in Blockchain & Crypto Investment
2016
2017
2018
390	
670	
3,180	
300	 400	
2,400	
Institutional	VC Corporate	...
Largest VC Investments in Blockchain in 2018
Source: Diar
Company Size	(mn) Led	by
Bitmain $400 Sequoia	Capital
DFINITY $1...
Source of Blockchain & Crypto VC Investment
Source: Diar
79%
12%
2% 2%
5%
United	States China South	Korea Singapore Other
Recent Regulatory Developments in ASEAN
Source: DV Research, SCB
• SET green-litTH’s
first ICO portal
• Crypto assets = se...
Case Study:
Andreesen Horowitz
• Andreessen	Horowitz	has	made	27	publicly-
disclosed	crypto	investments	through	its	
main	...
July 2017: Remittance Payments on Ripple
International transfers
Total remittance flows of
c.US$250M/year
47,000Thai natio...
July 2017: Supply Chain on Hyperledger
KBANK launched a blockchain-based Letter of Guarantee network utilizing IBM’s
Hyper...
August 2017: Blockchain & IoT
The State Railway of Thailand (SRT) and Thailand Post announced plans to leverage
IoT and bl...
October 2017: Remittance Payments on Ripple
Krungsri Bank piloted real-time
remittance payments from Thailand to
Singapore...
February 2018:
Decentralized
Digital Lending
Jaymart’s Jfin Coin will underpin its decentralized
digital lending platform
...
May 2018: Equity Crowdfunding on SET LiVE
The Stock Exchange of Thailand launched a blockchain-powered equity crowdfunding...
May 2018: Trade Finance on Blockchain
Bangkok Bank joined the Voltron project to develop a blockchain-based letter of cred...
September 2018: Cross-Border B2B Payments
KBANK joined Visa’s B2B Connect pilot program designed to improve cross-border B...
September 2018: Procure-to-Pay with SCG
Co-developed by DV and Accenture on R3’s Corda, Procure-to-Pay is the world’s firs...
January 2019: Academic Document Verification
Developed by DV on the Ethereum blockchain in partnership with the Ministry o...
• Bangchak’s Green Community Energy Management System
(“GEMS”) is an Ethereum-based blockchain platform
which can operate ...
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A VC's View on Blockchain and Cryptocurrency in Southeast Asia

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My slide deck on VC investment in the blockchain and cryptocurrency space globally, recent regulatory developments in Southeast Asia, and a summary of enterprise-grade blockchain solutions launched in Thailand. Presented 26 April 2019 at the Fintech on the Block networking night and fireside chat in Bangkok hosted by Bitkub. Many thanks to Vasharada Lapcharoen of Digital Ventures, who did much of the research and created many of the slides.

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A VC's View on Blockchain and Cryptocurrency in Southeast Asia

  1. 1. PAUL ARK MANAGING DIRECTOR, CORPORATEVENTURE CAPITAL DIGITALVENTURES,A SUBSIDIARY OF SIAM COMMERCIAL BANK APRIL 2019 A Venture Capitalist’s View on Blockchain and Cryptocurrency in Southeast Asia
  2. 2. Token-Based Funding Comes of Age 2016 2017 2018 116,000 170,000 207,000 252 7,043 19,789 739 3,979 5,319 VC Crowdfunding Coin offerings Fundraising via token sales has exploded over the past few years, growing 786% CAGR since 2016 and nearly tripling from 2017 to 2018. Proceeds from token sales accounted for 8.5% of all fundraising for new ventures in 2018. New venture funding (US$ mn) Source: PwC / CB Insights MoneyTree Report (Q4 2018), Crypto Valley, Statista
  3. 3. Increased VC Interest in Blockchain & Crypto 2016 2017 2018 115,310 168,930 201,420 690 1,070 5,580 All other verticals Blockchain & Crypto VC funding into blockchain startups and cryptocurrencies has grown 284% CAGR since 2016, and quintupled from 2017 to 2018, accounting for 2.7% of all VC-funded ventures. VC funding by vertical (US$ mn) Source: PwC / CB Insights MoneyTree Report (Q4 2018), Pitchbook
  4. 4. Role of CVC in Blockchain & Crypto Investment 2016 2017 2018 390 670 3,180 300 400 2,400 Institutional VC Corporate VC Corporate interest in blockchain and cryptocurrency investment has grown in lockstep with traditional institutional VC funds, and has consistently represented about 40% of all VC funding in the sector. Funding by type of VC (US$ mn) Source: Pitchbook
  5. 5. Largest VC Investments in Blockchain in 2018 Source: Diar Company Size (mn) Led by Bitmain $400 Sequoia Capital DFINITY $163 Andreessen Horowitz, Hashed, Polychain Basis $133 Bain Capital Ventures R3 $122 Bank of America, SBI Holdings, HSBC Circle $110 Bitmain Seba Crypto $104 Black River Ventures, Summer Capital Ledger $77 Draper Esprit Paxos $65 RRE Ventures, Liberty City Ventures, Jay Jordan Uphold $58 Hard Yaka Figure $55 Ribbit Capital, DCM Ventures The 10 largest VC-funded blockchain and crypto startups raised nearly $1.8 billion in funding, accounting for nearly a quarter of all VC funding into the sector.
  6. 6. Source of Blockchain & Crypto VC Investment Source: Diar 79% 12% 2% 2% 5% United States China South Korea Singapore Other
  7. 7. Recent Regulatory Developments in ASEAN Source: DV Research, SCB • SET green-litTH’s first ICO portal • Crypto assets = securities • Unlicensed exchanges & ICOs carries prison term • MAS’ Project Ubin for payments • Global Trade Connectivity Network (GTCN) for trade finance • Cybersecurity Law (Jan 2019) • Regulatory sandbox administered by State Bank ofVietnam • Digital AssetToken Offerings • Creation of Blockchain Association of Philippines • Promotion of crypto within Cagayan Economic Zone Authority • Crypto = commodities • Ban on crypto as payment
  8. 8. Case Study: Andreesen Horowitz • Andreessen Horowitz has made 27 publicly- disclosed crypto investments through its main fund and its dedicated crypto fund • In June 2018, the firm launched a $300 million venture fund dedicated to investing in crypto companies and protocols. • In 2019, A16Z indicated that it will invest upwards of $1 billion into cryptocurrencies
  9. 9. July 2017: Remittance Payments on Ripple International transfers Total remittance flows of c.US$250M/year 47,000Thai nationals currently living in Japan SCB collaborated with SBI Remit to launch Ripple’s xCurrent enterprise blockchain solution, enabling real-time remittance payments between Japan and Thailand • Atomic payments: reduce transaction time from days to seconds • Lower fees from fewer inefficiencies; 100% completion rate • Real-time settlement of ledgers
  10. 10. July 2017: Supply Chain on Hyperledger KBANK launched a blockchain-based Letter of Guarantee network utilizing IBM’s Hyperledger Fabric Of the US$9 billion of Letters of Guarantee estimated to be issued in 2018, Kbank expected 5% to be issued via the Hyperledger platform
  11. 11. August 2017: Blockchain & IoT The State Railway of Thailand (SRT) and Thailand Post announced plans to leverage IoT and blockchain technology to improve their respective logistics services • Planned investment by the SRT of THB 1 billion (c.US$31M) over 3 years • The National Broadcasting and Telecommunications Commission approved an 8-900MHz spectrum for a wireless railway communications system • Key benefits: • Exact arrival times made available to passengers • In the event of accidents, IoT sensors attached to trains will communicate with the railway signaling system and enable authorities to stop trains immediately • Tracking of the delivery of high-value parcels
  12. 12. October 2017: Remittance Payments on Ripple Krungsri Bank piloted real-time remittance payments from Thailand to Singapore using Ripple’s xCurrent enterprise blockchain solution
  13. 13. February 2018: Decentralized Digital Lending Jaymart’s Jfin Coin will underpin its decentralized digital lending platform • E-wallet • P2P lending • Crowdfunding • Marketplace lending
  14. 14. May 2018: Equity Crowdfunding on SET LiVE The Stock Exchange of Thailand launched a blockchain-powered equity crowdfunding platform for startups and SMEs to raise funds from qualified investors • Blockchain-based OTC trading service and crowdfunding market for startups and SMEs • Investor types on LiVE are: 1) Institutional investors 2) Venture capital investors 3) Corporate venture capital investors 4) Individual investors with annual income of at least THB4M or with combined assets of at least THB50M • Only available to companies registered in Thailand Startups fundraising on LiVE Select public & private sector partners
  15. 15. May 2018: Trade Finance on Blockchain Bangkok Bank joined the Voltron project to develop a blockchain-based letter of credit (L/C) service, and joined the R3 consortium to develop a trade finance service on Corda BBL’s L/C service using the Corda DLT product will… • Increase efficiency • Reduce processing times of transactions, starting from the request by an importer to issue an L/C to an exporter receiving payments
  16. 16. September 2018: Cross-Border B2B Payments KBANK joined Visa’s B2B Connect pilot program designed to improve cross-border B2B payments Other banks participating in the pilot program include the U.S. Commerce Bank, Shinhan Bank in South Korea, the Union Bank of the Philippines, and UOB in Singapore
  17. 17. September 2018: Procure-to-Pay with SCG Co-developed by DV and Accenture on R3’s Corda, Procure-to-Pay is the world’s first fully integrated block chain procurement-to-payment solution, increasing supply chain efficiency ERP Integration Integration of B2P with existing ERP systems so PO and GR can be managed through the B2P platform Purchase Order (PO), Goods Received (GR), and Invoice Visibility Allows all parties involved in the procurement process to access relevant information, from PO issuance to completion of payment 3-Way Matching and Payment Visibility Automatic matching and verification of POs, GRs, and invoices, with real-time tracking ability of approval and payment Roadmap PO across industries, international trade, and tokenized settlements
  18. 18. January 2019: Academic Document Verification Developed by DV on the Ethereum blockchain in partnership with the Ministry of Digital Economy and Society, B.VER allows universities & employers to verify transcripts online Selected Partners • Original transcripts uploaded onto platform by universities, subsequently encrypted & stored in a fingerprint format • Platform decrypts documents by comparing fingerprint format with original documents stored on the blockchain to verify authenticity
  19. 19. • Bangchak’s Green Community Energy Management System (“GEMS”) is an Ethereum-based blockchain platform which can operate simultaneously with the MEA utility grid • Currently testing a blockchain energy trading platform and commercial microgrid at a Bangkok community mall (anchored by a fuel station) • Energy pilot will combine: • c.281kW of commercial rooftop and canopy solar photovoltaics (PV) • 913kWh of lithium-ion • Nickel-manganese-cobalt oxide (NMC) • 92kWh of lithium-iron-phosphate (LiFePO4) battery energy storage capacity March 2019: Energy Trading Platform Bangchak is developing a MicroGrid energy trading platform on the Ethereum blockchain
  • swilmarth

    Apr. 27, 2019

My slide deck on VC investment in the blockchain and cryptocurrency space globally, recent regulatory developments in Southeast Asia, and a summary of enterprise-grade blockchain solutions launched in Thailand. Presented 26 April 2019 at the Fintech on the Block networking night and fireside chat in Bangkok hosted by Bitkub. Many thanks to Vasharada Lapcharoen of Digital Ventures, who did much of the research and created many of the slides.

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