Harvard Case - FinBook: Designing a Decentralized Marketplace for Structured Crypto Assets
"FinBook: Designing a Decentralized Marketplace for Structured Crypto Assets" Harvard business case study is written by Wee Yong Yeo, Weiqi Zhang. It deals with the challenges in the field of Finance. The case study is 14 page(s) long and it was first published on : Apr 18, 2023
At Fern Fort University, we recommend that FinBook focus on building a robust and secure platform for trading structured crypto assets, prioritizing user experience and regulatory compliance. This strategy involves a phased approach:
- Phase 1: Launch a beta version of the platform with a limited selection of structured crypto assets, focusing on institutional investors and high-net-worth individuals.
- Phase 2: Expand the platform to include a broader range of structured crypto assets, attracting retail investors and integrating with existing financial institutions.
- Phase 3: Develop a comprehensive ecosystem for structured crypto assets, including tools for portfolio management, risk management, and financial analysis.
2. Background
FinBook is a startup aiming to create a decentralized marketplace for trading structured crypto assets. These assets are financial instruments that derive their value from underlying cryptocurrencies, offering investors exposure to various market segments. The case study highlights the potential of this market, the challenges of building a secure and user-friendly platform, and the need for regulatory compliance.
The main protagonists are:
- FinBook founders: They possess technical expertise and a vision for the future of finance.
- Potential investors: They are seeking high-growth opportunities in the burgeoning crypto space.
- Regulators: They are tasked with ensuring the safety and transparency of financial markets.
3. Analysis of the Case Study
Strategic Framework: We utilize a Porter's Five Forces Analysis to assess the competitive landscape and identify key opportunities and threats.
- Threat of New Entrants: High - The decentralized nature of blockchain technology makes it relatively easy for new entrants to enter the market.
- Bargaining Power of Buyers: Moderate - Buyers have choices between various platforms, but the demand for structured crypto assets is growing.
- Bargaining Power of Suppliers: Low - Suppliers are primarily developers and asset issuers, with limited bargaining power.
- Threat of Substitute Products: Moderate - Traditional financial instruments and other crypto-based platforms can serve as substitutes.
- Rivalry Among Existing Competitors: High - Several existing platforms offer similar services, leading to intense competition.
Financial Analysis: FinBook needs to consider its:
- Capital Structure: A mix of equity and debt financing will be required to fund platform development and marketing efforts.
- Cost of Capital: The cost of capital will depend on the risk profile of the business and the availability of financing options.
- Financial Forecasting: FinBook needs to develop realistic financial projections to attract investors and secure funding.
Marketing Analysis: FinBook needs to:
- Target Market: Identify specific segments of investors, including institutional investors, high-net-worth individuals, and retail investors.
- Value Proposition: Clearly communicate the benefits of using FinBook's platform, such as security, transparency, and accessibility.
- Marketing Strategy: Develop a comprehensive marketing plan to reach target audiences and build brand awareness.
Operational Analysis: FinBook needs to:
- Platform Development: Build a robust and secure platform that meets the needs of users.
- Regulatory Compliance: Ensure compliance with all relevant regulations to maintain a trustworthy environment.
- Customer Service: Provide excellent customer support to ensure user satisfaction.
4. Recommendations
Phase 1: Launch a Beta Version
- Target Audience: Institutional investors and high-net-worth individuals with experience in crypto markets.
- Focus: Security, transparency, and user-friendly interface for sophisticated investors.
- Features: Limited selection of structured crypto assets with detailed information and risk disclosures.
- Partnerships: Collaborate with established financial institutions and asset issuers to gain credibility and access to liquidity.
Phase 2: Expand to a Broader Audience
- Target Audience: Retail investors with a growing interest in cryptocurrencies and structured assets.
- Focus: Accessibility, education, and risk management tools for a wider range of users.
- Features: Expanded selection of structured crypto assets, educational resources, and portfolio management tools.
- Partnerships: Integrate with existing financial platforms and offer seamless onboarding for new users.
Phase 3: Develop a Comprehensive Ecosystem
- Focus: Building a complete ecosystem for structured crypto assets, including tools for:
- Portfolio Management: Customizable portfolios with real-time tracking and performance analysis.
- Risk Management: Advanced risk assessment tools and hedging strategies.
- Financial Analysis: Data analytics and insights to support informed investment decisions.
- Partnerships: Collaborate with fintech companies, data providers, and research institutions to enhance the platform's capabilities.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies: FinBook's core competency lies in its technical expertise and understanding of the crypto market.
- External Customers: The target audience includes both institutional and retail investors with varying levels of experience.
- Competitors: FinBook needs to differentiate itself from existing platforms by providing a secure, user-friendly, and comprehensive ecosystem.
- Attractiveness: The potential for high returns on investment (ROI) in the structured crypto asset market is significant.
6. Conclusion
FinBook has the potential to become a leading platform for trading structured crypto assets. By focusing on building a robust and secure platform, prioritizing user experience, and ensuring regulatory compliance, FinBook can attract investors and establish itself as a trusted leader in the emerging crypto market.
7. Discussion
Alternatives:
- Focusing solely on institutional investors: This approach could limit growth potential and miss out on the burgeoning retail market.
- Rapidly expanding to a broad audience without sufficient infrastructure: This could lead to security risks, regulatory issues, and user dissatisfaction.
Risks:
- Security breaches: The decentralized nature of blockchain technology makes FinBook vulnerable to hacking attempts.
- Regulatory changes: The regulatory landscape for cryptocurrencies is constantly evolving, posing potential challenges.
- Competition: The market is highly competitive, with new entrants emerging regularly.
Key Assumptions:
- Continued growth of the crypto market: This assumption is crucial for the success of FinBook's business model.
- Acceptance of structured crypto assets by investors: Investors need to be comfortable with the risks and complexities of these instruments.
- Technological advancements: FinBook needs to keep pace with technological advancements in the crypto space.
8. Next Steps
Timeline:
- Phase 1: Launch beta version within 6 months.
- Phase 2: Expand to a broader audience within 12 months.
- Phase 3: Develop a comprehensive ecosystem within 24 months.
Key Milestones:
- Secure funding: Raise sufficient capital to support platform development and marketing efforts.
- Build a strong team: Recruit experienced professionals in blockchain technology, finance, and marketing.
- Establish partnerships: Collaborate with key players in the crypto and financial industries.
- Ensure regulatory compliance: Obtain necessary licenses and approvals from relevant authorities.
By following these recommendations, FinBook can position itself for success in the rapidly growing market for structured crypto assets.
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Case Description
Finbook Pte. Ltd. (FinBook), a financial technology (fintech) start-up, started in July 2017 in Singapore as a decentralized marketplace for structured products on the blockchain. The founders obtained seed funding of approximately US$200,000 that allowed it to introduce and incorporate structured funds, short sales, and financial options in the crypto space using smart contracts under the distributed ledger system. In May 2018, FinBook launched a private cornerstone round of token financing and obtained $3.5 million worth of Ethereum. However, the cryptocurrency market plunged in 2018. As a result, the founders needed to discuss their options: Should they postpone the public initial coin offering (ICO) planned for September 2018, or should they consider another round of venture capital (VC) equity financing while waiting for a better time for the ICO?
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