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1.33 MB
Extraction Summary
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People
5
Organizations
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Locations
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Events
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Relationships
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Quotes
Document Information
Type:
Financial presentation slide / congressional exhibit
File Size:
1.33 MB
Summary
This document is a presentation slide from the Goldman Sachs Investment Management Division, dated circa late 2017, analyzing the rise of Initial Coin Offerings (ICOs) versus traditional Venture Capital. It presents data showing a massive surge in ICO fundraising in 2017 ($3.46 billion YTD) compared to previous years, and notes that by mid-2017, ICO fundraising had surpassed Angel & Seed VC funding for internet startups. The document bears a 'HOUSE_OVERSIGHT' Bates stamp, indicating it was part of a document production for a congressional investigation, though no specific connection to Jeffrey Epstein is explicitly mentioned in the text of this specific page.
Organizations (5)
| Name | Type | Context |
|---|---|---|
| Goldman Sachs |
Investment Management Division, likely creator of the presentation
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| Autonomous Research |
Cited source regarding ICO fraud
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| Bloomberg |
Data source
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| Cryptocompare.com |
Data source
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| House Oversight Committee |
Implied by Bates stamp 'HOUSE_OVERSIGHT'
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Relationships (1)
Goldman Sachs cites Autonomous Research report '#Token Mania' in footnote.
Key Quotes (3)
"New blockchain-related projects are funded via an Initial Coin Offering (ICO)."Source
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Quote #1
"While many ICOs support legitimate use cases, Autonomous Research asserts, 'unfortunately, many ICOs are fraudulent.'"Source
HOUSE_OVERSIGHT_025672.jpg
Quote #2
"Rather than raising fiat currency, ICOs primarily raise capital in the form of Bitcoin and Ether, driving additional demand for the cryptocurrencies."Source
HOUSE_OVERSIGHT_025672.jpg
Quote #3
Full Extracted Text
Complete text extracted from the document (1,491 characters)
ICOs Fund the Development of New Currencies
Investment Management Division
Goldman Sachs
Investment Management Division
Goldman Sachs
1. Approximate Funds Raised by ICOs by Calendar Year (US$ Millions)
Approximate Annual Funds Raised Through ICOs ($mil)
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
2014 $26
2015 $14
2016 $222
2017 YTD $3,461
Approximate Annual Funds Raised Through ICOs ($mil)
$4,000
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
2014 $26
2015 $14
2016 $222
2017 YTD $3,461
2. Total Funds Raised by Month (US$ Millions): Angel and Seed Stage Internet VC versus ICO
Angel & Seed VC Funding (Internet)
ICO Fundraising
Total Funds Raised ($Mn)
900
800
700
600
500
400
300
200
100
0
7/16 262 2
8/16 235 12
9/16 271 12
10/16 298 12
11/16 256 21
12/16 190 5
1/17 207 15
2/17 259 25
3/17 346 19
4/17 268 80
5/17 278 235
6/17 369 572
7/17 230 638
8/17 237 397
9/17 319 839
Angel & Seed VC Funding (Internet)
ICO Fundraising
Total Funds Raised ($Mn)
900
800
700
600
500
400
300
200
100
0
7/16 262 2
8/16 235 12
9/16 271 12
10/16 298 12
11/16 256 21
12/16 190 5
1/17 207 15
2/17 259 25
3/17 346 19
4/17 268 80
5/17 278 235
6/17 369 572
7/17 230 638
8/17 237 397
9/17 319 839
- New blockchain-related projects are funded via an Initial Coin Offering (ICO). This process raises capital through token sales.
- In an ICO, the object offered is either a new digital coin or a yet-undeveloped concept in search of funding. ICO investors purchase an ownership percentage of a future money supply or functionality.
- While many ICOs support legitimate use cases, Autonomous Research asserts, "unfortunately, many ICOs are fraudulent."1
- Rather than raising fiat currency, ICOs primarily raise capital in the form of Bitcoin and Ether, driving additional demand for the cryptocurrencies.
- In an ICO, the object offered is either a new digital coin or a yet-undeveloped concept in search of funding. ICO investors purchase an ownership percentage of a future money supply or functionality.
- While many ICOs support legitimate use cases, Autonomous Research asserts, "unfortunately, many ICOs are fraudulent."1
- Rather than raising fiat currency, ICOs primarily raise capital in the form of Bitcoin and Ether, driving additional demand for the cryptocurrencies.
(1) #Token Mania, Autonomous Research, July 2017.
Source: Investment Strategy Group, Bloomberg, Goldman Sachs Global Investment Research, Cryptocompare.com.
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HOUSE_OVERSIGHT_025672
Source: Investment Strategy Group, Bloomberg, Goldman Sachs Global Investment Research, Cryptocompare.com.
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HOUSE_OVERSIGHT_025672
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