1 How venture firms, corporates, regulators, and builders are shaping blockchain technology's future. The Future of Blockchain Tech 2 The presentation will also be sent to you. Feel free to share with colleagues. The resolution of some slides may be suboptimal due to the webinar software. Those slides will look fine in the presentation that we send you. Webinar recording will be distributed http://support.citrixonline.com/en_US/Webinar W I T H I N 2 4 H O U R S 3 @cbinsights @arieh313 #CBIblockchain J O I N T H E C O N V E R S A T I O N O N T W I T T E R 4 W H O W E A R E The technology market intelligence platform. CB Insights software lets you predict, discuss, and communicate emerging technology trends using data in ways that are beyond human cognition. We are a leader in the Expert Automation & Augmentation Software (EAAS) space. 5 T R U S T E D B Y T H E W O R L D ' S L E A D I N G C O M P A N I E S "We use CB Insights to find emerging trends and interesting companies that might signal a shift in technology or require us to reallocate resources." Beti Cung, Corporate Strategy, Microsoft 6 The Disruption of Financial Services The Future of Fintech is an exclusive gathering of the world's largest financial institutions, best fintech startups, and most active venture investors. New York, NY June 19-21, 2018 7 Arieh Levi Arieh Levi is a tech industry analyst at CB Insights, where he produces data-driven analysis and research reports on private company financing, exit and performance trends across emerging industries, geographies, and investors specifically, blockchain, and fintech. Prior to joining CB Insights, Arieh held roles in healthcare and financial services. Arieh is a summa cum laude graduate of Yeshiva University. Arieh's most popular research: What Is Blockchain Technology? Blockchain Investment Trends In Review Coinbase Strategy Teardown @arieh313 | alevi@cbinsights.com Tech Industry Analyst A B O U T T H E A N A L Y S T 8 Contents 9 13 15 30 48 74 Setting the stage What's on the agenda? Tokens and ICOs Venture activity Corporate activity To recap 9 Setting the stage 10 A blockchain allows untrusted parties to reach consensus on a shared digital history, without a middleman. W H A T ' S A B L O C K C H A I N ? 11 What if databases were distributed, not siloed? When everyone holds a copy of the ledger, it's harder to cheat; there is no single point of failure. Decentralization makes sense when participants don't want to entrust a single 3rd party. 12 "The real promise of these new technologies, many of their evangelists believe, lies not in displacing our currencies but in replacing much of what we now think of as the internet, while at the same time returning the online world to a more decentralized and egalitarian system. If you believe the evangelists, the blockchain is the future. But it is also a way of getting back to the internet's roots." R E T H I N K I N G T H E I N T E R N E T Steven Johnson Author, "Beyond the Bitcoin Bubble" 13 What's on the agenda? 14 1. The line between ICOs and equity financing is blurring 2. Regulatory activity is a double-edged sword 3. Top VCs are embracing tokens, and theses are shifting to "crypto" 4. Security tokens are emerging as a new cryptoasset class 5. 2017's winners are turning into investors and acquirers 6. Mentions of 'blockchain' are skyrocketing on earnings calls 7. Corporate investment is up but we've been here before 8. Consortia move forward, but questions remain 15 Tokens and ICOs 16 An initial coin offering (ICO) is when a company sells tokens to the public. Just like bitcoin or ether, these tokens provide utility within a network. W H A T A R E I N I T I A L C O I N O F F E R I N G S , A N Y W A Y ? 17 1. The line between ICOs and equity financing is blurring 2. Regulatory activity is a double-edged sword 3. Top VCs are embracing tokens, and theses are shifting to "crypto" 4. Security tokens are emerging as a new cryptoasset class 5. 2017's winners are turning into investors and acquirers 6. Mentions of 'blockchain' are skyrocketing on earnings calls 7. Corporate investment is up but we've been here before 8. Consortia move forward, but questions remain 18 How do pure-play ICOs work? 1 Blockchain startup seeks cash 2 ICOs embed value in the network itself 3 The startup sells scarce tokens 4 Tokens are traded on exchanges 5 Startup uses cash to build dApp 19 115 blockchain startups that have held big ICOs Completed ICOs greater than or equal to $24M. Q2'17 Q1'18 Sources: CB Insights, TokenData. Map is illustrative; not exhaustive. We make no claims to the value of any of these projects, and urge caution around ICOs given bad actors and regulatory stances. Infrastructure has been a key area of ICO activity Anticipating a world of decentralized applications, investors have poured money into "base-layer" protocols and projects. CLIENTS: CLICK HERE TO SEE THE FULL MAP 20 $200M $648M $460M $329M $775M $858M $823M $1.2B $1.6B $1.2B $507M $850M $850M 5 12 2 15 17 35 30 62 99 150 136 215 170 121 113 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Pure-play ICOs are losing funding momentum Disclosed funding of completed ICOs. January 2017 March 2018 Source: TokenData Total Completed ICOs Total Disclosed Raised ($M) Telegram (TON) Private Sale 21 Equity deals and dollars see massive uptick through Q1'18 Equity financing (excluding ICO). 2013 2018 (Q1'18) Investors are turning from ICOs to equity funding The sector saw gains across the board; more investors, more deals, more acquisitions, and almost 100% more dollars deployed to blockchain startups (YoY). With an impressive Q1'18 in the books, 2018 is on pace to surpass any prior year in terms of total deals and dollars. Total Completed Equity Deals Total Disclosed USD Raised ($M) $118M $415M $558M $569M $1,054M $540M 51 144 166 140 231 145 2013 2014 2015 2016 2017 2018 (Q1'18) Total Equity Deals Total Disclosed Raised ($M) 22 $48M $10M $70M $11M $181M $54M $40M $117M $94M $97M $102M $229M $156M $149M $235M 19 14 16 8 17 16 16 19 24 22 22 38 42 34 69 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Lots of recent equity dollars go to 'pre-sales' and private token sales Equity financing (excluding ICOs). January 2017 March 2018 Total Equity Deals Total Disclosed Raised ($M) 23 Basis is building a "stablecoin," that hopes to be less volatile than other cryptocurrencies. The company (fka Basecoin), raised $125M from 225 investors via a SAFT sale that took place at the end of Q1'18. B A S I S A ' S T A B L E C O I N ' R A I S E S M O N E Y V I A T H E S A F T Funding $125M 24 1. The line between ICOs and equity financing is blurring 2. Regulatory activity is a double-edged sword 3. Top VCs are embracing tokens, and theses are shifting to "crypto" 4. Security tokens are emerging as a new cryptoasset class 5. 2017's winners are turning into investors and acquirers 6. Mentions of 'blockchain' are skyrocketing on earnings calls 7. Corporate investment is up but we've been here before 8. Consortia move forward, but questions remain 25 Global regulators don't agree on ICOs, exchanges Source: Bloomberg 26 The Howey Test: is your token a security? 1 An investment of money 2 In a common enterprise 3 With an expectation of profits 4 From the efforts of others It's a security 27 "Let me try and divide [cryptoassets] into two areas. A pure medium of exchange, the one that's most often cited, is Bitcoin. As a replacement for currency, that has been determined by most people to not be a security. Then there are tokens, which are used to finance projects. I've been on the record saying there are very few there's no tokens that I've seen that aren't securities." Jay Clayton Chairman, SEC April 27, 2018 28 Larger share of deals move away from traditional venture Equity financing by stage. 2013 2017 Regulation is bad for ICOs: private/ pre-sale rounds are on the rise Companies that once might have held ICOs are moving to private and pre-sale rounds, here categorized as "other" rounds. 69% 71% 73% 59% 51% 14% 17% 7% 20% 18% 4% 2% 4% 4% 6% 1% 2% 2% 1% 1% 1% 1% 14% 9% 14% 14% 22% 2013 2014 2015 2016 2017 Seed/Angel Series A Series B Series C Series D Series E+ Other (pre-sales) 29 More players jump in with some regulatory clarity The SEC's determination that bitcoin isn't a security is encouraging non-crypto players to get in the game. In early May, Goldman Sachs announced that it was opening a bitcoin trading operation, saying that it understands the risks. Source: New York Times "It is not a new risk that we don't understand. It is just a heightened risk that we need to be extra aware of here." Rana Yared Managing Director, Goldman Sachs 30 Venture activity 31 1. The line between ICOs and equity financing is blurring 2. Regulatory activity is a double-edged sword 3. Top VCs are embracing tokens, and theses are shifting to "crypto" 4. Security tokens are emerging as a new cryptoasset class 5. 2017's winners are turning into investors and acquirers 6. Mentions of 'blockchain' are skyrocketing on earnings calls 7. Corporate investment is up but we've been here before 8. Consortia move forward, but questions remain 32 "We have a good thing going with the equity-based model, but we understand that we have to adapt and react to changes in the market, and we are doing that, fairly aggressively, with tokens." T O K E N S S T A R T T O R E P L A C E V C Fred Wilson Co-founder & Managing Partner, Union Square Ventures 33 The median time between first funding and IPO for US VC-backed tech companies that went public in 2017 was 8.9 years C O M P A R E D T O T R A D I T I O N A L V E N T U R E M O D E L , T O K E N S O F F E R F A S T E R L I Q U I D I T Y 34 How VC Powerhouses Are Catching Up And Betting Big On Crypto May 3, 2018 | More investors enter the fray 35 Investors gain exposure through hedge funds 175 crypto funds got their start in 2017, with 26 launching in 2018 so far (through April 5th). VCs have invested in cryptocurrency hedge funds as equity investors and as LPs. Source: Autonomous Next 36 "Smart money" VCs are betting on tokens Andreessen and USV's blockchain equity investments. 2013 2018 YTD (04/11/2018) 37 1. The line between ICOs and equity financing is blurring 2. Regulatory activity is a double-edged sword 3. Top VCs are embracing tokens, and theses are shifting to "crypto" 4. Security tokens are emerging as a new cryptoasset class 5. 2017's winners are turning into investors and acquirers 6. Mentions of 'blockchain' are skyrocketing on earnings calls 7. Corporate investment is up but we've been here before 8. Consortia move forward, but questions remain 38 A security token could digitally represent any number of real-world assets, from real estate or vehicular title, to shares of a company. Importantly, security tokens are subject to securities regulations. W H A T I S A S E C U R I T Y T O K E N ? 39 What could be tokenized? Real estate could be tied to a digital token, and could become more liquid as a result. 40 Harbor's $28M Series B in April saw participation from a who's who of the VC world, including Andreessen Horowitz and Founders Fund. Harbor's "R-Token Standard" encodes rules in tokens. These only allow eligible investors to invest, and require them to follow KYC/AML regulations, among others. Funding $40M 41 Backed by parent company Overstock, and with over $100M raised in its pre-sale, tZero is building a distributed ledger platform for for issuing and trading securities. tZero is under SEC investigation. Funding $114M+ 42 "The ICO craze of last year created a toxic waste dump of financial assets. To me, that world of ICOs is a Superfund site. What we're developing is a mechanism so that there will be a legal way to go forward and not create any new toxic waste." S E C U R I T Y T O K E N S P R O V I D E A R E G U L A T O R Y - F R I E N D L Y A L T E R N A T I V E Patrick Byrne CEO, Overstock 43 1. The line between ICOs and equity financing is blurring 2. Regulatory activity is a double-edged sword 3. Top VCs are embracing tokens, and theses are shifting to "crypto" 4. Security tokens are emerging as a new cryptoasset class 5. 2017's winners are turning into investors and acquirers 6. Mentions of 'blockchain' are skyrocketing on earnings calls 7. Corporate investment is up but we've been here before 8. Consortia move forward, but questions remain 44 Coinbase values its own equity at a reported $8B After wild 2017, Coinbase is worth a lot of money According to reports, Coinbase valued itself at $8B when it acquired Earn. The company is ramping up its exchange infrastructure and hiring in anticipation of "institutional" investment. $1B $2B $3B $4B $5B $6B $7B $8B $9B $250M $500M $750M $1000M Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Valuation ($B)$25M Series B $139M valuation $75M Series C $471M valuation $11M Series C-III $483M valuation $100M Series D $1.57B valuation Earn acquisition Reported $8B valuation Cumulative Funding ($M) 45 As bitcoin slides, exchanges acquire and invest Circle acquires Poloniex Coinbase Ventures launches Coinbase acquires Cipher Coinbase acquires Earn Binance invests $15M in Bermuda Huobi launches $1B fund $0 $2,500 $5,000 $7,500 $10,000 $12,500 $15,000 $17,500 $20,000 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Price of bitcoin (USD) 46 Blockchain project raises $61 million from Andreessen Horowitz, U.S. hedge fund February 7, 2018 | Startups are launching ecosystem funds Companies flush with cash are using it to incentivize platform and dApp development. 47 Ripple owns a majority of its associated cryptocurrency, XRP, which peaked in January at a $137B market capitalization well above the company's private market valuation. The company is deploying XRP in curious ways. In one instance, the company invested $25M in home storage and rental startup Omni. In another, it invested $25M in Blockchain Capital, one of the company's own investors. R I P P L E ' S U S E O F X R P I S C U R I O U S Funding $94M Valuation $255M Ripple Invests $25 Million in Blockchain Capital's $150 Million Venture Fund April 11, 2018 | 48 Corporate activity 49 1. The line between ICOs and equity financing is blurring 2. Regulatory activity is a double-edged sword 3. Top VCs are embracing tokens, and theses are shifting to "crypto" 4. Security tokens are emerging as a new cryptoasset class 5. 2017's winners are turning into investors and acquirers 6. Mentions of 'blockchain' are skyrocketing on earnings calls 7. Corporate investment is up but we've been here before 8. Consortia move forward, but questions remain 50 Mentions of 'blockchain' on earnings calls skyrocket Q3'13 Q1'18 Everyone's talking about blockchain Besides for bitcoin, ICOs, and tokens, corporations were exploring use cases for blockchain technology in 2017 and talking about it on earnings calls. 'blockchain' 51 "Really the way we're thinking about this whole area is that it's really a much bigger topic, it's really the blockchain or the distributed general ledger that is of great and very broad application potentially [] We really want to distinguish the blockchain, which is an area of huge emphasis and investments across our industry and across many industries, from a particular application of blockchain which tends to get all the news cycles; which is cryptocurrencies." W H A T ' S A L L T H E F U S S A B O U T ? Martin Chavez CFO, Goldman Sachs Q1'18 Earnings Call 52 Overstock talks the most about 'blockchain' on earnings calls, but others are catching up Mentions of 'blockchain' on earnings calls. Q3'13 Q1'18 53 MasterCard follows blockchain hype cycle Mentions of 'blockchain' on MasterCard's earnings calls. Q3'13 Q1'18 54 Nasdaq shifts strategy around blockchain tech Mentions of 'blockchain' or 'NFF' or 'NPM' on Nasdaq's earnings calls. Q3'13 Q1'18 'blockchain' 'Nasdaq Private Markets' 'Nasdaq Financial Framework' Nasdaq first explored blockchain in its private markets platform, NPM but then shifted to include blockchain as part of its broader financial infrastructure play, NFF 55 1. The line between ICOs and equity financing is blurring 2. Regulatory activity is a double-edged sword 3. Top VCs are embracing tokens, and theses are shifting to "crypto" 4. Security tokens are emerging as a new cryptoasset class 5. 2017's winners are turning into investors and acquirers 6. Mentions of 'blockchain' are skyrocketing on earnings calls 7. Corporate investment is up but we've been here before 8. Consortia move forward, but questions remain 56 43 104 111 91 141 96 3 19 89 70 119 56 2013 2014 2015 2016 2017 2018 (Q1'18) More VCs and corporates are investing through Q1'18 Equity financing. 2013 2018 (Q1'18) Total corporate investors jumped 70% YoY between 2016 and 2017 Banks and other financial institutions participated in big rounds to R3 in 2015 and 2017 ($107M Series A), pushing the total number of corporate investors up. Venture capital Corporates/ CVC 57 Citi and Goldman are among the most active investors Q1'12 Q1'18 Graphic is illustrative; not exhaustive. Partnerships reflect lead partner, and other banks are excluded. Goldman Sachs, JPMorgan, and Morgan Stanley have left R3. Banks and financial services firms have been exploring the tech since 2014 "Blockchain, but not bitcoin" has become a familiar refrain, as financial services firms engage with the technology underpinning the fraught cryptocurrency. 58 Companies beyond financial services have been exploring and investing Corporate equity financing. Q1'12 Q1'18 Goldman Sachs has since left R3. Investor Rank Select Companies (equity investments) Orb Kraken Coinplug Veem Wirex bitFlyer R3 Ripple Bcause 1 Settlemint Factom Ripio Symbiont Bitt Peernova Spera Voatz Bitsy 2 Gyft Blockchain Ripple LedgerX Buttercoin Veem 3 Digital Asset R3 Axoni Cobalt Chain 4 Digital Asset R3 Axoni Circle 5 CoolBitX Technology 59 Sectors and verticals exploring blockchain F I N A N C I A L S E R V I C E S I N S U R A N C E T E L E C O M S U P P L Y C H A I N I N D U S T R Y ( A N D E N E R G Y ) 60 Du Telecom partnered on blockchain for health, but found limited success In January 2017, Du announced a partnership with NMC Healthcare to implement electronic health records using blockchain. Estonian blockchain technology startup Guardtime would also play a part in the project, which was slated to launch in Q1'18. However, the former project lead at Du, has since left the firm, and there have been no further announcements regarding the project. "By digitizing all health records, and putting them in blockchain technology, data can be shared and distributed across all hospitals. We are looking at fully digitizing the health system with blockchain technology to assure data integrity with zero error and guarantee end-to-end accountability of the patients' records." Carlos Domingo (Former) Chief New Business and Innovation Officer at Du 61 Heavy industry is exploring blockchain but some projects appear to have stalled At the end of 2016, mining firm BHP Billiton partnered with Blockapps and Consensys to apply blockchain to its supply chain and enhance security around real-time mining data. BHP hoped to coordinate disparate contractors on a blockchain-based system, but in April 2017 the blockchain head at BHP left to join Consensys (an Ethereum development firm) as director of energy and consulting. 62 Supply chain is often pointed to as a use case E V E R L E D G E R T R A C K S 1 M + D I A M O N D S , A N D I S T A R G E T I N G F I N E W I N E P R O V E N A N C E F O C U S E S O N F O O D & D R I N K O R I G I N A N D T R A C K I N G V I A N T S E R V E S A N U M B E R O F C A P I T A L - I N T E N S I V E A R E A S 63 Marsh, IBM partner on 'proof of insurance' Many industries require proof of insurance, and Marsh an insurance brokerage announced in April that it is collaborating with IBM and other players to put proof of insurance on a Hyperledger Fabric blockchain. This most recent partnership is continued evidence of IBM's focus on blockchain-as-a- service; "blockchain" was mentioned 13 times on its Q1'18 earnings call. 64 Source: Tim Swanson Blockchain tech is one piece of a broader ecosystem Recall that blockchain technology only makes sense when a 3rd party isn't trusted to administer the database. Ledgers Distributed Ledgers Blockchains (decentralized) 65 Do you (really) need a blockchain? Source: Do You Need A Blockchain Distributed ledger technology (DLT) as an alternative for enterprises If a trusted 3rd party could administer the ledger, then a blockchain is a "solution in search of a problem." Administered DLT think: enterprise-grade Google Sheets might make more sense in such a scenario, and is often used instead of blockchain for corporate use cases. Do you need a ledger? Possible blockchain implementation (permissioned, permissionless, public, private) Are there multiple writers? Do you trust a 3rd party? Are all writers known? Are all writers trusted? Do you need to verify publicly? No blockchain (possible DLT) 1 2 3 4 5 6 66 1. The line between ICOs and equity financing is blurring 2. Regulatory activity is a double-edged sword 3. Top VCs are embracing tokens, and theses are shifting to "crypto" 4. Security tokens are emerging as a new cryptoasset class 5. 2017's winners are turning into investors and acquirers 6. Mentions of 'blockchain' are skyrocketing on earnings calls 7. Corporate investment is up but we've been here before 8. Consortia move forward, but questions remain 67 200+ banks, DFIs are part of R3's consortium While the firm saw early setback with some high-profile exits, R3 now has 200+ members, and its pilots - though limited in number and small in scale - have been declared early successes. Note: The business social graph above is not exhaustive of R3's members and partners. A red line denotes an investor that has since left the consortium. Corda isn't a blockchain per se; transactions aren't bundled in blocks, but validated individually Recent member additions include two Russian banks: Alfa-Bank, and SBI Bank (a subsidiary of Japan's SBI Holdings) Use Cases Among other use cases, Corda is being used to create a new syndicated loan marketplace R3 is expanding its vision beyond financial services, to supply chain, insurance, and healthcare Cognizant and a group of Indian life insurers is using Corda to share data between companies Road Ahead R3 plans to launch and distribute Enterprise Corda in Q2'18, which will be available to businesses beyond its consortium Investor 68 Hyperledger finds first use case in supply chain Hyperledger's Fabric framework is geared toward supply chain. The consortium has seen members come and go by the end of 2017, 15+ members had left or downgraded membership. Still, Hyperledger is adding new members, and now counts over 200 of them. Indy Iroha Fabric Burrow Sawtooth Lake Governed by the Linux Foundation, Hyperledger counts numerous projects and working groups Hyperledger counts over 200 members, but has seen member attrition and churn Use Cases Supply chain (Walmart, Kroger, Nestle) Ethereum smart contracts (via Monax integration with Sawtooth, and Burrow) Potential for tokens/ ICOs on top of Hyperledger platform Commercial bond trading (with Russia's NSD) Road Ahead Indy is built around decentralized identity, with an expected launch this year Iroha is a mobile-first blockchain, with an expected launch in May Projects are going live at a fast clip. Hyperledger continues to focus on interoperability with other blockchain projects Consortium members Frameworks 69 Maersk, Hyperledger, and IBM form joint-venture Yet to be named, the NYC-based company will aim to help shippers, ports, customs offices, banks, and other stakeholders in global supply chains track freight and replace related paperwork with tamper- resistant digital records. Presently, shipping supply chains are bogged down by paperwork shuffled between a glut of middlemen. Documentation, when lost or delayed, causes perishable goods lying in wait to spoil. In April, Holt Logistics (a port operator) conducted a pilot based via the joint venture. 70 Telcos band together to look at new use cases The Carrier Blockchain Study Group (CBSG) is a consortium that aims to develop secured clearing and settlement, identity and authentication, IoT applications, and other services using blockchain technology. 71 BiTA, Bloomberg BiTA is uniting big logistics and freight players UPS, FedEx, BNSF Railway (owned by Berkshire Hathaway), and Schneider Trucking are just a few of the big names participating in an alliance to explore blockchain tech for the coordination of freight transport. 2 0 0 + M E M B E R S 72 B3i builds out consortium, company for insurance B3i is backed by insurers and reinsurers like AIG, AIA, Allianz, Aegon and Swiss Re among others and now counts close to 40 members. The group has said that its preparing to invite brokers into the consortium, while it repositions itself as an independent company offering specific insurance products. In 2017, B3i built a prototype around property catastrophe excess of loss reinsurance contracts, and hopes to launch a working product this year. Image source: CoverageR 73 "The problem is a social, coordination problem: You gotta get everyone to agree to use one system, blockchain or otherwise. The word "blockchain" gets people excited and so is useful in solving that coordination problem -- "come to the blockchain meeting!" is a lot more appealing than "come to the paperwork reduction meeting!" -- but at this point it may have had too much success. Why just go to the blockchain meeting when you can build your own blockchain? But if everyone does that then it won't work." B L O C K C H A I N S O N B L O C K C H A I N S Matt Levine Bloomberg 74 To recap 75 1. The line between ICOs and equity financing is blurring 2. Regulatory activity is a double-edged sword 3. Top VCs are embracing tokens, and theses are shifting to "crypto" 4. Security tokens are emerging as a new cryptoasset class 5. 2017's winners are turning into investors and acquirers 6. Mentions of 'blockchain' are skyrocketing on earnings calls 7. Corporate investment is up but we've been here before 8. Consortia move forward, but questions remain 76 The CB Insights platform has the details on all the information included in this report WHERE IS ALL THIS DATA FROM? CLICK HERE TO SIGN UP FOR FREE FURTHER READING: What Is Blockchain Technology? What is Ethereum? Blockchain Investment Trends In Review 77 Questions? @cbinsights @arieh313 #CBIblockchain 78 cbinsights.com @cbinsights