Data and Infrastructure in Digital Assets

• One of the crypto sub-sectors well poised to produce its own unicorns as
within other ecosystems

• More than 50 companies

• Over $286M raised with 44 deals completed

• $47.8M average per year and $6.5M per deal

• ‘17 and ’19 CAGR – 33%

• 850 employees
• Average of 17 employees per firm
Segmentation
• Infrastructure providers
• Blockchain-as-a-service products enabling developers
and businesses to build blockchain-enabled Other
applications 12%

• On-chain metrics providers Market

35%
Infrastructure
• Insights and analytics across various blockchain 22%
networks

• Market data providers On-chain

31%
• Price and trade- related data offerings on digital assets
across various trading venues and financial markets
Infrastructure
• Service CHALLENGERS LEADERS
• Blockchain node infrastructure services and developer tools
Bison Trails Bloq Infura

• Customers Amberdata
Alchemy

• Enterprises, developers and hobbyists Blockset

Radar

• Challenges Settlemint
Blockcypher

Skillz
• The resources required to hire skilled engineers, set up
physical servers, and regularly maintain blockchain nodes Kaleido

can be too costly for many small-scale startups Blockdaemon

• Addressable market QuickNode

• $50 million in 2019

NICHE PLAYERS VISIONARIES
Market
• Service CHALLENGERS LEADERS
• OHLCV, order book, and trade data aggregated and pre- CryptoCompare

processed to one API Kaiko

Coin Gecko
skew

• Customers CoinAPI
Digital Asset Data

• Quant/algo traders, hedge funds, investment management CoinPaprika Amberdata Coin Metrics

firms, investment banks, and retail TradeBlock

Nomics

• Challenges Brave New Coin Messari

CryptoAPIs
Cryptosheets

• Data normalization, no standard API format across CoinMarketCap

exchanges, balance between the redundancy and cost-

effectiveness of data structure BitcoinAverage
Cryptofinance

• Addressable market CoinCodex

• $40M for enterprise solutions in 2019 NICHE PLAYERS VISIONARIES

On-Chain
• Service CHALLENGERS LEADERS
• Insights and analytics across various blockchain networks Flipside Crypto Coin Metrics
Trade Block

• Customers Digital Assets Data

• Enterprises, retail, traders

Etherscan

Elementus Alethio Amberdata

• Challenges Covalent
TokenAnalyst

• High operational costs (storage, node maintenance) and The Graph Bitfly Blockchair
hiring experienced engineers and analysts Glassnode Bitquery

• Addressable market Dune Analytics

• $10M - $20M in 2019 cmorq

NICHE PLAYERS VISIONARIES

Recent M&A
• CoinMarketCap
• ~$400m

• TokenAnalyst
• Undisclosed
Conclusion
• The total revenue opportunity of the entire data and infrastructure sector was around
$100M in 2019

• In comparison, financial market data spend broke $30 billion in each of the last two
years
• Bloomberg, Refinitiv, S&P Global Market Intelligence, and Moody's Analytics and
FactSet

• Consolidation

• Future looks bright for the digital asset data and infrastructure space
Q&A