Crypto, Data and Privacy in Europe #27: ByteTree, data provider for digital assets

Why Bitcoin price went 40% up, Deribit had another best trading day, Paxful is doing just fine supporting EMs and Bitcoin, Germany is not a fan of Monero etc..

Hi Everyone,

This is issue #27 of my European crypto newsletter aiming to give updates on corporates, startups and regulation in 🇪🇺 If you’d like to sign up, you can do so here.

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Etienne Twitter,

🏦 Ledger Vault

Thank you Ledger Vault for supporting the crypto European ecosystem 🇪🇺

🙈Who’s behind this?

This section aims to give the opportunity to introduce some of the best 🇪🇺 founders. Most people loves their products but don’t know who are the founders behind them. Hello World.

ByteTree (London), data provider for digital assets

Hi Charlie, you founded ByteTree in 2013, which provides real-time cryptocurrency data, fundamentals, technical and deep blockchain market analysis for Bitcoin, Litecoin and more; can you share a bit about your background?

In 2013, it became clear that the Bitcoin Network was exchanging real value. Bitcoin had gone from $0 to $300 in the space of four years. The market was very volatile and there was little information around what bitcoin’s fair value should be.

I created ByteTree to get the information I needed as a fund manager to better understand the market drivers. Needless to say I was investing my own money at this point, rather than the funds I managed.

How did you get into the bitcoin and blockchain industry?

A friend of mine is an economist who took a particular interest. Shortly after introducing me, the price went to all time highs. I was hooked.

Tell us a bit more who is behind ByteTree? How big is your team? Are you hiring?

ByteTree was founded by myself and Mark Griffiths, our CTO. Mark is an accomplished programmer who has won a number of awards over the years, including a quick time design award from Apple. Our skills are completely different, I think that’s why we work so well together.

Continue reading the interview

🐦 Tweets of the week

Bitcoin went up by almost 40% in 24h between Friday and Saturday. Everyone is trying to explain this surge with the announcement of Xi Xinping as the main driver.

It’s still unclear and likely to be a combination of few drivers inc. retail traders flocking to buy BTC because they heard Blockchain, a random fund that bought and move the market because it’s still illiquid or it was just Loop.

Some data on Wechat and Baidu shows that indeed there was a bump in BTC search on Baidu and Wechat but without on-chain data it’s difficult to really assess what drove the price up.

🤹 Startups News

  • Deribit, The Amsterdam-based Cryptocurrency Futures & Options Exchange, had one of its best day on Friday/Saturday with $2.4bn volume traded on its exchange

    • For reference, everyone is excited for Bakkt while only $10.3m traded during the same time… meanwhile BitMEX had almost $6bn of traded volume.

    • The market is still very much driven by retail and day -trader with a handful of institutional investors and CFDs / FXs broker. However, with new regulated exchanges like Bakkt and LMAX Digital the trend may reverse…

  • Congrats to Keyrock led by Kevin de Patoul named top 10 rising star and most disruptive innovator nominees by Deloitte

  • P2P bitcoin trading platform Paxful has added over 800,000 wallets in the past 12 months. The team gave a great interview to The Block

    • The majority of the growth has come from African countries – Nigeria, Ghana and Kenya 

    “We’ve seen 15 million trades across the platform during the past year, a 65% increase versus the previous time period,”

    • The average transaction is $100 and Users with $1.5k of transaction volume have to share KYC and additional ID info from $100k volume

    • The platform is Bitcoin only and will stay like this

    • While everyone was so excited about Coinbase being able to be profitable since 2017 and generating more profit than VC raise, well Paxful never raised venture or angel money and was profitable since inception while focusing on BTC and EMs…. But yeah. There is nothing great coming from Europe….

🎁 Startups Product & Partnership


  • Lithuania’s central bank, Bank of Lithuania, has selected technology behemoth IBM and IT services firm Tieto as the finalists contending to develop its blockchain platform

🏦Regulations / Universities

  • Polish police arrested the CEO of Crypto Capital, Ivan Manuel Molina Lee, on accusations of money laundering

    • The crypto entrepreneur was extradited to Warsaw, Poland under police escort

    • Polish authorities claim that Molina Lee is wanted in Poland for “laundering dirty money for Columbian drug cartels using a cryptocurrency exchange” in amounts of up to US$400M

    • This a bit important as this was the reason why Bitfinex had to launch LEO token and had working capital difficulty…

  • The Federal Ministry of Finance of Germany, member of the G-7, released a report, “First National Risk Analysis 2018/2019,” stating that the growing usage of Monero on the darknet makes it more dangerous than Bitcoin. 

“Due to the increasing popularity of Monero on the Darknet, it can be foreseen that this crypto asset, especially, will gain more practical relevance in the future in the area of securing and exploitation.”

💰Fundings & M&A

  • Cryptocurrency brokerage and custodian Bitcoin Suisse invested $3m in trading software provider CoinRoutes, an algorithmic trading software, which sources cryptocurrency price data from over 40 exchanges

  • Decentralized P2P crypto trading platform SIBEX raised $1.8m in a seed funding round led by Fenbushi Capital, SIX and Accomplice VC

    • The solution is targeting institutional investor and want to support secure and private large block orders

    • The solution is non-custodial, traders interact among themselves directly on blockchain and trades don’t have to be broadcast

    • This is interesting but they will have to face the great Paradigm team in this ecosystem…

📅  Event of the month: Malta Blockchain week

  • In few weeks,Malta will host its Blockchain Summit expecting 8,500 delegates, 300 exhibitors and 100 start-ups over the two day event

  • The event will include a wide range of speakers from Larry Sanger, Co-founder of Wikipedia and Ben Goertzel – CEO, SingularityNet as well as the singer Akon launching Akoin or legendary investor Tim Draper

Everyone is talking about San Francisco as the epicentre of everything in crypto. Well, I wanted to shed light on Europe and show how exciting the ecosystem is.

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