区块链公司融资估值方法,区块链公司融资估值多少

区块链技术的发展，让许多公司获得了融资估值。但是，如何估算区块链公司的融资估值仍然是一个复杂的过程。本文将介绍区块链公司融资估值的方法和要点。

首先，要准确测算区块链公司的融资估值，需要先了解公司的基本情况，包括其融资历史、管理团队、技术水平、市场前景等。这些因素都会影响公司的融资估值。

其次，要深入分析公司的财务状况，包括公司的资产负债表、收入和利润表、现金流量表等，以及其他重要的财务指标，以便准确估算公司的融资估值。

此外，还要考虑市场环境的变化，包括行业动态、政策变化、新技术的出现等，都会影响公司的融资估值。

最后，要根据上述分析结果，综合考虑公司的发展潜力、市场变化、投资风险等因素，给出准确的融资估值。

总而言之，准确测算区块链公司的融资估值，需要全方位考虑公司的基本情况、财务状况、市场环境以及投资风险等因素，并综合考虑，才能得出准确的融资估值。

因此，要准确估算区块链公司的融资估值，需要从多个角度，全面考虑公司的基本情况、财务状况、市场环境以及投资风险等因素，以便得出准确的融资估值。

请查看相关英文文档

Ⅰ Ant’s valuation exceeds 2 trillion. Do you understand this Pinduoduo version of the People’s Bank of China?

Delivering the thinking behind technology

The myth of Ant Financial’s wealth creation has become very popular these days. Not only has it created wealth freedom for its own employees, but even the landlords near Ant’s headquarters are almost free of wealth.

What is the concept of a valuation of 2.1 trillion?

Everyone still remembers China’s 4 trillion yuan bailout when the financial crisis swept the world in 2008. 4 trillion, saving the national real estate industry in one fell swoop.

Ant Financial, a company with a market value of 2 trillion, has boosted housing prices in a suburb of Hangzhou. It is a small case!

Various interpretations have arisen surrounding Ant Financial’s valuation.

Some people interpret it from a financial perspective and think that Ant’s price-to-earnings ratio is 10 times that of ordinary banks, which is too high!

Some people interpret it from a market perspective and believe that Ant is a retail bank based on the Internet. It is still a bank in essence, and its valuation is high!

Some interpret it from a technological perspective, believing that Ant has high technology, has its own big data technology, has blockchain technology, and its valuation is reasonable!

Some people interpret it from the perspective of traffic. They believe that Ant users are three times that of Paypal, and the transaction size is 25 times. The valuation is too low!

There are even those who interpret it from the perspective of the country’s future, believing that China has a great future, and the future of ants is also unlimited!

But have you ever thought about it, these statements are too one-sided:

Ant Financial has never said that it is a bank! Big data blockchain high technology? If this is the case, there will be many companies with a market value of trillions in China! Heavy traffic? Bus traffic is the largest every day, so why haven’t bus companies collectively gone public?

It’s even funnier to interpret it from the perspective of the country’s future. Shouldn’t we buy its sovereign bonds, index funds or hold its currency if we are optimistic about a country? Why is it linked to a company? Is it possible that if a country has a future, all enterprises must not lose money and make money every day? Investing in a company, but looking at a country, is a typical speculation!

Therefore, there must be a deeper reason for Ant Financial’s valuation of 2.1 trillion.

First, let’s take a look at how everyone spent money without Alipay and Ant Financial.

We can conduct transactions in two ways: one is through cash transactions; the other is through transfer transactions.

For cash transactions, after the user withdraws the cash, the bank loses the ability to track the entire transaction process. For transfer transactions, whether it is a bank card or a credit card, it must go through the clearing center of the People's Bank of China, and all user transaction data is controlled in China.in the hands of the People's Bank of China.

Then let’s see what happens after Alipay and Ant Financial come out.

Users register an Alipay account, and then they can make transactions in the following ways:

First, recharge the account balance, and then directly trade through the balance.

The second is to link the bank card through Alipay, and then pay through the bank card. The account opening bank first transfers the money to Ant Financial's account, and then Ant Financial transfers the money to the other party's Alipay account through the internal system.

The third is to trade through credit accounts such as Huabei provided by Ant.

In all these methods, Alipay participates in the entire process and records the entire process.

Have you noticed that the emergence of Alipay has changed the most?

There are two biggest changes:

1. The transaction recording role of the People's Bank of China as the central bank's clearing center has been largely replaced!

2. The original situation of uncontrollable cash transactions has been completely reversed!

It can be said that these two changes are the most fundamental reasons for Ant Financial’s current popularity.

Let’s think about it. Without Alipay, a large number of cash transactions could not be linked to personal credit. Many of the transactions through the People's Bank of China are small transactions, and the central bank's attitude towards these data is very negative. Everyone knows that data is priceless, but the value is relative to the owner. The central bank is not a commercial bank, so it cannot monetize this data, and it cannot buy or sell this data.

As for commercial banks, since personal data is in the hands of the central bank, there is basically no possibility of utilizing it. Therefore, it is extremely difficult to investigate personal credit. The loan business of commercial banks is therefore mainly targeted at large customers and large personal loans, such as home loans and car loans.

The non-profit nature of the central bank determines that this situation will definitely happen, whether it is China or a foreign country.

The emergence of Alipay and Ant Financial has fundamentally changed this situation.

It is equivalent to the central bank giving up its role as a small settlement center to Ant Financial!

Therefore, when it comes to personal business, Ant Financial is equivalent to a Pinduoduo version of the central bank! Except that currency cannot be issued.

What are Pinduoduo’s advantages over Taobao and JD.com?

It is to tap out the user value of small towns scattered in the fourth and fifth tiers!

Ant Financial has tapped into the value of scattered individual microfinance users!

Without Ant, the cost would be too high for commercial banks to mine this value, just like JD.com operating the county and township primary markets.

And let the central bank do it? The central bank and even commercial banks do notYes, it treats the data in its hands with numbness. It is like Ant Financial. Seeing data is like a shark smelling blood!

Now everyone understands, you said that Ant is a bank, a retail bank, a big data technology company, a blockchain technology company, a company with a large number of users, these are all correct!

But these are not the reasons why Ant Financial has its current status.

Ant Financial’s valuation can reach 2.1 trillion because it plays the role of a central bank to a certain extent. For hundreds of millions of users, it is like ruling the world!

If you lose this role, what can you do no matter how rich or skilled you are?

If you have money, you can only be an investor and invest everywhere. If you have technology, you can only turn blockchain into a pyramid scheme.

So where did this character from Ant Financial come from? It's just that the time, place and people are favorable.

It is the right time for Alipay to catch up with the wave of Internetization in the retail industry!

Ant Financial was born in a rising China, which is really a good location!

There are a group of people who are brave enough to start a business internally, and there are loose supervision externally, which is really a harmonious relationship!

The first-mover advantage allows Ant Financial to maintain this competitive advantage for a relatively long period of time.

What about the future? Especially the birth of digital renminbi? What will happen?

I will continue to share the thinking behind these technologies in the following articles!

Thank you!

II How a Beihang student made over 100 million a year through blockchain

Zhang Nangeng, born in 1983, is a deep otaku. Back then, campus life was boring, and I had a soft spot for Ultraman. I could watch more than 500 anime a year.

In 2011, Zhang Nangeng, who was still a graduate student at Beihang University, used his professional skills to customize several batches of FPGA mining machines for foreigners in his spare time. He gradually became famous in the circle and was nicknamed "Pumpkin Zhang". In 2012, Zhang Nangeng's request to drop out of school and start a business was ruthlessly rejected by his tutor, so he had no choice but to drop out and go to work. In April 2013, Zhang Nangeng and Li Jiaxuan invested a total of 100,000 yuan to establish Hangzhou Jianan Yunzhi Information Technology Co., Ltd. in Beijing.

Zhang Nangeng independently designed the world's first ASIC mining machine, named "Avalon". Avalon is the strongest defensive weapon in the Japanese anime "Fate", which shows the deep influence of anime on Zhang. The mining machine can generate 357 Bitcoins a day, making it highly profitable. As a result, he signed some quite funny "overlord clauses" with others. For example, there are no refunds under any circumstances; there is no sales customer service; there is no guarantee, which includes but is not limited to: there is no risk caused by third-party reviews, the risk that we are liars, and the inability to ship on time due to objective and subjective reasons Risks, Bitcoin itself appears seriousThe risk that the problem will not continue to exist, etc.

Blockchain and Bitcoin are developing rapidly. Standing at the forefront, they can indeed take off. In the following years, despite the sharp decline in Bitcoin and changes in domestic policies, Canaan still achieved amazing results. In four years, through 10 capital increases, the company's registered capital was changed to 300 million, an increase of 3,000 times. In May 2017, Canaan Venture Capital received nearly 300 million yuan in financing from Baopu Investment, Jinjiang Group, and Dunlan Capital, with its post-investment valuation reaching 3.3 billion yuan. Recently, Canaan Yunzhi submitted a prospectus to the Hong Kong Stock Exchange. The prospectus disclosed that in 2017, the company's revenue reached 1.3 billion yuan and profit was 361 million yuan. Canaan Ventures, the entrepreneurial masterpiece of Zhang Nangeng, a student at Beihang University, is expected to become "China's first blockchain stock."

Ⅲ What is the current status of China’s blockchain industry

The rapid development of China’s blockchain industry in 2019 is mainly reflected in the following points:

First , National high-level strategic guidance and support to create a good policy environment. According to incomplete statistics, in the first half of 2019, more than 23 provinces and cities across the country released more than 112 pieces of policy information involving blockchain. High-level government officials emphasized that the application of blockchain technology plays an important role in technological innovation and industrial transformation, and supported the accelerated development of blockchain technology and industrial innovation.

In addition, market supervision policies regarding blockchain have also gradually improved. On the one hand, strict vigilance and testing are carried out for virtual currency transactions and services; on the other hand, related industries with blockchain applications The regulatory system is also being further constructed and improved to provide a strong guarantee for industrial blockchain projects to deeply serve the real economy. The market has become more standardized and the industrial environment has gradually become clearer. In addition, support for technological breakthroughs and talent encouragement has also been provided through the establishment of blockchain Industrial parks, blockchain special investment funds and other means will subsidize technological innovation and talent introduction to promote the development of the blockchain industry.

Second, domestic enterprises actively participate in the research and development and application of blockchain technology and carry out blockchain strategic layout. For example, e-commerce giants such as Alibaba use blockchain technology in areas such as product traceability and cross-border settlement. JD.com uses a transparent supply chain system to combat counterfeit and shoddy products. Tencent focuses on the development of applications in financial fields such as electronic invoices.

IV Strategic layout of blockchain technology applications, China Enterprise Cloud Chain joins hands with Qulian Technology

On December 23, 2019, Hangzhou Yunlian Qulian Digital Technology Co., Ltd. (hereinafter referred to as "Yunqu Digital") completed industrial and commercial registration and the company was officially established, marking the strategic layout of China Enterprise Cloud Chain in the field of blockchain technology application.

Yunqu Digital was jointly funded and established by China Enterprise Yunlian and Hangzhou Qulian Technology Co., Ltd. (referred to as "Qulian Technology"), positioning blockchain technology in the industrial Internet and supply chain scenario finance Development service provider in the field.

Due to the high degree of compatibility between the characteristics of supply chain financial business and the characteristics of blockchain technology, a natural application scenario of blockchain has been formed. In the context of rapid development in their respective fields, China Enterprise Cloud Chain and Qulian Technology, this in-depth cooperation is also the general trend. It will deeply integrate China Enterprise Cloud Chain's scenario financial service innovation and Qulian Technology's HyperChain blockchain underlying platform technology. Advantages, based on the product strategy of "safety, trust, efficiency, and win-win", we provide customers with innovative industrial financial business models, independent and controllable security technical services, serve the industrial Internet ecology, and contribute to the development of industrial and financial digital finance.

From the traditional offline model to the initial realization of onlineization, and then to the gradual formation of multi-centralization, the industrial Internet including supply chain finance is undergoing a new era with the blessing of technology. rounds of iterative change. In the VUCA era, Yunqu Digital will bring more possibilities to reduce risks and build a safe and trustworthy trading environment, which has given new expectations to the entire industry.

Founded in 2016, Qulian Technology is the first quasi-unicorn company in the domestic blockchain field. It has completed Series B financing with a valuation of 3 billion. Qulian takes the domestic independent and controllable alliance chain underlying technology platform as its core competitiveness. The team has strong technical strength, more than 80% of whom have master's or doctorate degrees. Currently, it has applied for more than 140 patents and obtained more than 50 software copyrights. Since its establishment, it has implemented application scenarios with many large state-owned enterprises such as State Grid, China Telecom, and China Southern Airlines, and has been implemented in Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, China UnionPay, Shanghai Stock Exchange, and Zheshang Bank and other large financial institutions have landed, and are far ahead in the industry in terms of company size, technical strength, asset scale, cooperation cases, social effects, etc. Qulian Technology jointly established the Zhejiang Provincial Blockchain Research Institute with the Cyberspace Administration of Zhejiang Province and Zhejiang University, and established the Zhejiang University Blockchain Research Center in cooperation with Zhejiang University.

IV Forbes announced the top 50 blockchain companies, with Du Xiaoman Financial on the list

Recently, Forbes announced the list of the top 50 global blockchain companies, with Ant Financial, Du Xiaoman Financial, and Tencent , China Construction Bank, Foxconn and other five Chinese companies are on the list. In addition, Amazon, Google, Microsoft, Samsung, IBM, etc. were also selected for the list.

The companies on the list own the basic technologies of cryptocurrencies such as Bitcoin and apply them to accelerate business processes and improve In transparency, billions of dollars in cost savings can be realized. At the same time, the list also requires the companies on the list to have annual revenue of no less than US$1 billion, or a valuation of more than US$1 billion. For the companies on the list, blockchain technology has been truly reflected in revenue and cost savings.

Du Xiaoman Financial has explored and implemented multiple blockchain projects, one of which allows millions of ordinary Chinese users to adopt and trade cute digital puppy pets "Leitz Dogs" - these pets All are different and “live” on the blockchain. ThatThere is also a service that provides education loans, "Safe Pay", which uses blockchain technology to ensure that students consume teaching services before allocating funds. Du Xiaoman uses a variety of blockchain implementation solutions, including Hyperledger Fabric developed by IBM.

Currently, the application of blockchain technology has extended to many fields such as digital finance, Internet of Things, intelligent manufacturing, supply chain management, and digital asset transactions. At the same time, major countries around the world are accelerating the development of blockchain technology.

In October 2019, the country emphasized that blockchain should be used as an important breakthrough for independent innovation of core technologies, and clearly proposed to accelerate the development of blockchain technology and industrial innovation, and actively promote blockchain and economic and social integrated development. Some people in the industry believe that this is a new positioning of the blockchain at the top level and has been elevated to a national strategy.

Among the large domestic Internet companies, Duxiaoman Financial is at the forefront in accumulating and implementing blockchain technology.

In addition to the projects on the list, Duxiaoman Finance is also actively innovating in the fields of distributed finance. The distributed finance white paper released in 2019 was the first in the industry to propose reference technologies for distributed finance. architecture. In the field of consumer finance, Duxiaoman Finance, as a pioneer, launched the blockchain ABS (asset securitization) project to solve the problem of trust in the authenticity of the underlying assets of all parties to the transaction.

In 2017, Du Xiaoman Financial jointly issued the first domestic ABS project supported by blockchain technology with partners such as Baiqian Leasing and Huaneng Trust. The issuance scale was 424 million yuan. This was the first domestic ABS project. It uses blockchain technology as the underlying technical support to realize the project of ABS "real assets"; in the same year, it also released the "Network-Chang'an Xinsheng-Tianfeng 2017 First Phase Asset Support Special Plan", which means China's first blockchain-based project The exchange asset securitization product of blockchain technology has been launched, and it is also the product with the lowest issuance interest rate in the current period.

The above-mentioned project was recognized by the academic community for two consecutive years in 2018 and 2019, and was selected into the case library of Peking University Guanghua School of Management, becoming the school’s first classroom teaching case based on blockchain technology; Won the 2019 "Excellence in Practice Award" from Harvard Business Review.

"Youqianhua" is a credit service brand under Duxiaoman Financial (formerly Internet Finance). It is a big brand, reliable, low interest rate and trustworthy. It provides personal consumer credit services to the public and creates innovative The consumer credit model inherits the technological genes of the Internet, and Youqianhua uses artificial intelligence and big data risk control technology to provide users with convenient, fast and secure Internet credit services.

VI Tencent led Taimei Medical’s 1.5 billion yuan financing; Qianxun Position raised 1 billion yuan丨IT Orange Weekly

Learn a little about the venture capital circle every day

10 The third week of the month is a busy time to catch up and enter the 10-day class.During the tiring period with only one day of rest, a total of 148 investment and financing mergers and acquisitions occurred last week. Although the number is the lowest in the past quarter, there is no shortage of big spenders; according to IT Orange statistics, domestic financing of more than 100 million yuan There were 20 transactions, of which 2 exceeded RMB 1 billion, including Taimei Medical and Qianxun Positioning.

In terms of industry distribution, health care became the industry with the most financing M&A events last week with 37, accounting for 25%; corporate services ranked second, with 33 financing M&A events, accounting for approximately 22%; the financial industry ranked third, with 10 financing mergers and acquisitions, accounting for 7%.

It can be said that medical care and enterprise services have been the hot topics that have occupied the top spot in the past half month. (Click to view the previous weekly report → VIPKID received US$150 million in financing from Tencent; JD.com acquired WeChat payment service provider Lehui | IT Orange Weekly report)

The sub-sectors most sought after by investors last week were biotechnology and pharmaceuticals, medical devices and hardware, medical informatization, corporate security, virtual currency, industry informatization solutions, and medical diagnosis and treatment. , new car manufacturing and hardware, gourmet catering, IT infrastructure.

From the perspective of round distribution, Series A events accounted for the largest share last week, with 53 incidents occurring, accounting for 36%; strategic investment ranked second, with 26 incidents occurring, accounting for 17%; Series B financing Incidents ranked third, with 24 incidents occurring, accounting for approximately 16%.

From the perspective of regional distribution (new this week), as predicted by IT Orange, Beijing is still the well-deserved "investment and financing highland", with 28 incidents occurring, calculated based on 7 days a week, with an average of 4 per day. financing M&A transactions; Guangdong ranked second with 14 cases; Shanghai ranked third with 10 cases.

Last week, Tencent made the most moves, while other Internet giants held their hands for the time being.

Tencent led Taimei Medical’s 1.5 billion yuan Series E and Series E+ financing.

According to news on October 18, Taimei Medical Technology officially announced the completion of Series E and Series E+ financing totaling 1.5 billion yuan. The investment was led by Tiger Global Management and Tencent respectively, with participation from SoftBank China, Morningside Capital, Kaifeng Venture Partners, SAIF Investment Fund, Zheshang Venture Capital, and Ivy Capital.

Taimei Medical is a SaaS service provider in the pharmaceutical industry. Its products cover clinical research, pharmacovigilance and other fields, including MobileMD-EDC system, CTMS clinical trial project management system, etc.

Tencent Cloud acquires cloud service provider coding

Tencent Cloud recently completed its wholly-owned acquisition of CODING, a one-stop cloud software service platform. Acquisition completedAfterwards, CODING, as a wholly-owned subsidiary of Tencent, will continue to operate independently as the main body of Shenzhen Tengyun Buting Technology Co., Ltd.

Tencent Investment Invoice

Gaodeng Technology recently announced the completion of Series B financing, with a financing amount of more than 1 billion yuan. This round of financing was funded by old shareholders Tencent and CDH, together with China Investment and Finance, Shenzhen Venture Capital jointly led the investment, and original investors such as Hillhouse, Wanda, Pulse, and IDG also completed the investment.

Biaobaoer is a complete solution provider for electronic invoices. It focuses on providing users with electronic invoice issuance, storage, reimbursement and other services. It has functions such as invoice verification, collection and invoice business card management. It has now accepted It has entered multiple application scenarios covering consumer life such as restaurants, hotels, offline retail, parking lots, and e-commerce.

Last week, there were also the following investment financing and important mergers and acquisitions events worth more than 100 million yuan worth paying attention to:

[Local life field]

Guabao Pet Food Group recently officially announced the completion of a 500 million yuan Series B financing. This round of financing was invested by Legend Capital and the Investment Banking Department of Industrial Bank. Taihe Capital serves as the exclusive financial advisor.

Guabao Pet is a supplier of pet snacks. Its products include dry food for dogs and cats, dried and freeze-dried snacks, canned wet food, chews, tooth cleaning bones and other categories. The main product series include McFoody, Wet Nose, and Guobao, and also provide consumers with pet-raising guides and other related knowledge.

[E-commerce field]

"Master Bao" announced the completion of an A+ round of nearly 100 million yuan led by Huaying Capital and followed by Jiuchuang Capital. Financing, Minxi Capital serves as the exclusive financial advisory agency. Master Bao is a luxury care service platform. The company is committed to mobile Internet + luxury goods after-market services. It can provide a series of related services such as private luxury goods maintenance and idle luxury goods transactions. It also involves auctions, fashion new media and other businesses.

Recently, STAR APE Internet e-commerce shopping platform under Shenzhen Xingyuan Blockchain Technology Co., Ltd. received investment led by LianDou Capital, and well-known investors such as Jingchuang Capital and Lianshan Capital Institutions followed suit with a strategic investment of approximately RMB 100 million and reached a strategic partnership.

STAR APE is a blockchain Internet e-commerce shopping platform. STAR APE is a global brand e-commerce platform based on the identity system of Star Residents Token (SRT). It is based on F2C (Factory to Customer) is based on the factory-to-consumer model and integrates the SRT pass identity + Internet e-commerce business model empowered by the blockchain economic architecture.

[Real estate service field]

XiaopangXiong is an APP that provides the supply and distribution of a full range of auxiliary materials for the decoration industry, focusing on B2B transactions of building materials. Recently, it was announced that it has received 130 million yuan in Series B financing, led by Zhenghan Investment, followed by Yunqi Capital, and Matrix Partners China continues to invest.

[Tool software field]

Qianxun Location recently announced the completion of RMB 1 billion in Series A financing, with the company’s valuation exceeding RMB 13 billion. This round of financing was led by Shanghai International Group Asset Management Co., Ltd., ICBC Financial Asset Investment Co., Ltd., and China State-owned Capital Venture Capital Fund, and was followed by Shanghai Guohe Investment, Yonghui Fund, Jinpu Pengyuan Fund, and Kunying Capital.

Qianxun Location is a joint venture established by China Ordnance Industry Group and Alibaba Group. It uses Beidou foundation to enhance the integration and construction of a nationwide network, and builds location services based on satellite positioning, cloud computing and big data technology. An open platform that provides high-precision location services from meter level to centimeter level.

[Hardware field]

Zhongwang announced the completion of its second round of 140 million yuan in financing. This round of financing was jointly funded by Yida Capital and China Internet Investment Fund. Leading the investment, Yuecai Fund, Yuexiu Industrial Investment, Yueke Group, Dachen Venture Capital and Aerospace Science and Industry participated in the investment.

ZW Software is a CAD/CAM solution provider. Its independently developed products include ZW CAD, ZW CAD Mechanical Edition, ZW CAD Architectural Edition, and ZW 3D CAD/CAM. It is committed to It helps users solve the problem of genuineness at a reasonable cost while maximizing the application benefits of genuine CAD/CAM software.

The following companies were successfully listed:

Jingfeng Mingyuan is a developer of virtual IDM analog and mixed-signal chips. It was listed on the Shanghai Stock Exchange today. Listed on the board, the company's stock code is 688368, the issuance price is 56.68 yuan/share, and the issuance price-to-earnings ratio is 46.9 times.

Keboda is a provider of automotive intelligent and energy-saving component system solutions. It has always been based on the market platform of the global automotive industry and focuses on the technology research and development and industrialization of automotive electronics and related products. It has successfully integrated into the global automotive electronics high-end industry chain system and is one of the few domestic high-end automotive brands that can compete with the world.

Jiahe Intelligent is a headphone equipment manufacturer dedicated to the research, development and production of electroacoustic products. Recently listed on the GEM of Shenzhen Stock Exchange.

List of all investment and financing events last week:

Ⅶ Steady ten-fold return - a brief discussion on the valuation logic of platform coins in the currency circle

The currency circle has been bearish for a long time , the hustle and bustle of the past has long disappeared, the community is deserted, the trading volume is sluggish, and the currency value has shrunk. Only by learning more in a bear market can you gain more in a bull market.

Whether it is passingBuffett, the traditional investment guru, and Li Xiaolai, the currency circle guru, both emphasize investing only in areas they are familiar with. Only by understanding your investment choices can you avoid being cut off.

Wu Lu believes that there are two types of safest investments in the currency circle. One is mainstream currencies such as BTC, ETH, and EOS, which have strong consensus, strong technology, and a team that works hard; the other is the platform. The currency has a clear profit model, and its value can be judged using traditional financial valuation methods.

Ordinary cryptocurrencies can be analyzed from the dimensions of technology, team, community, etc., while platform coins can be judged by traditional financial valuation analysis methods.

So today Pork Belly will take you to analyze the valuation logic of the platform currency.

Platform currency is a cryptocurrency issued by currency exchanges. It usually has the right to deduct transaction fees and enjoy dividends. Some exchanges will also regularly repurchase the platform currency issued by themselves. Currently, the main platform coins on the market include BNB issued by Binance, HT issued by Huobi, OKB issued by OKex, CET issued by Chaince, etc. Wu Belly found that when it comes to blockchain thinking, the Chinese are the best at implementing it, and most of the exchanges that issue platform coins are exchanges with Chinese backgrounds. On the other hand, non-Chinese exchanges prefer traditional financing. For example, Coinbase in the United States is valued at US$8 billion. South Korea's TOP2 exchange Bithumb just sold 50% of its shares to a Singaporean consortium for US$350 million in October 2018, with an overall valuation of approximately US$700 million.

Let’s compare traditional financial exchanges and currency exchanges.

In terms of profitability and transaction volume, currency exchanges are completely comparable to traditional financial exchanges. However, the valuation is far lower than that of traditional exchanges. The PE of traditional exchanges is in the 20-30 range, and the PV is in the 0.07-0.1 range, both of which are about 10 times that of currency exchanges. The average PE of currency exchanges is 2-3, and the average PV is 0.005-0.007. Therefore, according to traditional valuation theory, the valuation of the currency circle platform can be said to be very low and worthy of investment. Many experts say A-shares are at the bottom of their valuation, with its current PE of around 12.94. The PE of outstanding companies in the currency circle is only 2 to 3.

It is worth noting that Coinbase’s valuation is ahead of its brothers. As the most official currency exchange, Coinbase has the closest ties with traditional finance, so its valuation is most in line with traditional finance. Theoretical pricing. Well, among them, I chose Channel Exchange as a negative example. Both PE and PV are extremely overvalued.

*Data comes from the Internet.

**Traditional stock exchange data are for 2017, and market capitalization is the real-time price at the time of writing on October 13, 2018.

***The trading volume of currency exchanges is estimated based on the recent daily trading volume. The annual profits of Binance/Huobi/OK/Chance are estimated based on the amount of buybacks or dividends. The annual profits of Coinbase and Bithumb are calculated based on the profit transaction volume ratio (EV) of 0.0025.

The low valuation of currency exchanges may be due to the great uncertainty in the future. Due to unclear regulatory policies in various countries, it is still doubtful whether currency exchanges that are not endorsed or licensed by the state can exist in the long term. If these currency exchanges receive state support, their valuations will definitely be the same as traditional exchanges. On the other hand, the uncertainty of blockchain technology and the investment market also greatly affects valuations. If cryptocurrency investment can become the same investment option as stocks in the future, valuations will also increase significantly.

If you believe in the future of blockchain, platform currency is a relatively safe and profitable investment choice in the currency circle. In the long run, there may be 10 times the income.