Analyzing the cryptocurrency value chain: Storage

In 2017, cryptocurrencies saw a spark of institutional interest and with it, a number of new categories of startups emerged:

Historically, categories in the crypto-asset industry (e.g. mining, exchange) have operated with winner-take-most dynamics, though dominant regimes have never lasted long. If newly emergent categories have similar dynamics, it’s a useful exercise to see (1) what moves industry incumbents are making to capture a part of the value chain and (2) what new startups are attempting to potentially use a lateral category as a “wedge” into a bigger business.