BestRate’s July 2018 deck reflects a specific moment in blockchain history, focusing heavily on the Initial Coin Offering (ICO) craze. By positioning themselves as an aggregator of crypto exchanges, they aimed to solve price fragmentation across a growing list of platforms. The deck highlights a dual-threat model: a consumer-facing exchange tool and a B2B payment tool for ICOs to accept 80+ cryptocurrencies. While the deck boasts 25+ clients and a network of 150 exchanges, it suffers from a lack of financial depth, missing crucial data on unit economics, revenue projections, and a specific fu…
Key takeaways
- The company uses a high-level analogy, calling itself 'The Priceline of Cryptocurrencies' to immediately communicate its aggregator value proposition (Slide 1).
- BestRate claims to aggregate 150 exchanges today with a roadmap to include over 1,500 more (Slide 4).
- The product suite includes a B2B 'Payment Tool' designed specifically for ICOs to accept 80+ cryptocurrencies, USD, and EUR (Slide 5).
- The platform offers automated token distribution via smart contracts for its B2B clients (Slide 5).
- Traction is evidenced by a list of 25+ clients, specifically highlighting 'Forty Seven' as a fintech startup client (Slide 6).
- The business model includes an affiliate program offering a 30% share, though it does not specify if this is a share of revenue or profit (Slide 7).
- The deck omits a dedicated team slide, failing to identify the founders or their professional backgrounds (Slide 8).
- There is no mention of a specific fundraising goal, valuation, or intended use of proceeds in the provided slides.
Slide-by-Slide Analysis
Slide 1: Title Slide
The deck opens with a minimalist black background featuring the BestRate logo and the tagline: 'The Priceline of Cryptocurrencies.' Dated July 2018, this slide uses a 'X for Y' analogy to immediately establish the business model. By referencing Priceline, the company signals that it is a middleman or aggregator that helps users find the best price in a fragmented market.
Slide 2: The Core Value Proposition
Slide 2 is a simple text transition: 'Aggregator of Crypto Exchanges.' This reinforces the title slide but removes the analogy, stating the business function in plain technical terms. It serves as a bridge to the product demonstration on the following slide.
Slide 3: Product Interface and User Benefits
This slide features a yellow background with a mockup of the exchange interface. It lists four key benefits: finding the best rate across trusted exchanges, no additional fees, switching currencies between own wallets, and being 'anonymous and secure.' The interface shows a conversion from USD to BTC, with a specific mention of 'Buy Bitcoin with Credit Card' alongside Visa and Mastercard logos. This suggests a fiat-to-crypto on-ramp, which was a significant hurdle in 2018.
Slide 4: Market Reach
Slide 4 focuses on scale. It states the platform currently supports 150 exchanges and has a pipeline for '1,500+ More Exchanges Coming Soon.' This is an ambitious claim intended to show the breadth of their technical integration and the potential for market dominance in the aggregation space.
Slide 5: Best Rate Payment Tool
The deck shifts from a consumer tool to a B2B offering. The 'Payment Tool' is described as a way for companies to accept payments in 80+ cryptocurrencies, USD, and EUR. Key features include setting automatic bonuses, investment limits, and real-time transaction monitoring. Notably, it promises to 'Distribute tokens via your Smart Contract automatically,' which was a high-demand feature for ICOs at the time.
Slide 6: Clients: ICOs
This slide provides social proof by listing '25+ clients.' It specifically highlights 'Forty Seven,' described as a fintech startup creating an open platform for digital payments. By focusing on ICOs as the primary client base, BestRate aligns itself with the primary source of capital and activity in the 2018 crypto market.
Slide 7: Partners: Affiliate Program
Slide 7 introduces a growth lever: an affiliate program offering a '30% Share.' The slide is sparse, providing no context on whether this is 30% of the company's revenue, profit, or a specific transaction fee. It is intended to show that the company has a mechanism for third-party distribution and user acquisition.
Slide 8: Closing Slide
The final slide returns to the black background with the logo and the slogan: 'Best Team. Best Product. Best Rate.' Despite the mention of a 'Best Team,' no team members are actually identified in the provided slides, which is a significant omission for a seed or Series A pitch.
What BestRate Does Well
Clarity of Purpose: The use of the 'Priceline' analogy on Slide 1 is effective. It tells the investor exactly what the company does in four words. In a complex industry like blockchain, simplifying the message is a major advantage.
Dual-Revenue Potential: By presenting both a consumer exchange aggregator and a B2B payment tool for ICOs, the company demonstrates multiple paths to market. The B2B tool, in particular, addresses a very specific pain point for crypto startups in 2018: the difficulty of managing multi-currency fundraising and token distribution.
Visual Simplicity: The deck avoids clutter. Each slide focuses on one main idea—market size, product features, or traction. This makes the deck easy to digest during a quick first pass by an analyst.
What is Missing from the Deck
Team Background: The most glaring omission is the lack of a team slide. In early-stage venture capital, the 'who' is often more important than the 'what.' Without knowing the technical or financial pedigree of the founders, it is impossible to assess the execution risk.
Financials and Unit Economics: The deck states there are 'no additional fees' for users (Slide 3), but it does not explain how the company makes money. If they are not charging users, are they taking a rebate from exchanges? Is the B2B tool a SaaS model or a percentage of funds raised? Investors need to see the path to profitability.
The Ask: There is no slide detailing the funding requirement. A pitch deck is a request for capital; failing to state how much is being raised and what the milestones are for that capital is a missed opportunity to drive the conversation forward.
Regulatory Strategy: Handling fiat (USD/EUR) and facilitating ICOs involves significant regulatory oversight. The deck mentions 'anonymous' transactions (Slide 3), which often conflicts with KYC (Know Your Customer) and AML (Anti-Money Laundering) laws. A slide addressing compliance would be mandatory for a serious institutional round.
Founder's Guide: What to Copy and What to Avoid
Copy the 'X for Y' Analogy: If your startup operates in a new or complex category, use a well-known incumbent from another industry to anchor your value proposition. It saves time and ensures the investor starts the meeting with the right mental model.
Copy the Feature-Benefit Mix: Slide 5 does a good job of mixing technical features (Smart Contract distribution) with business benefits (automatic bonuses). This appeals to both the technical and business-minded people in the room.
Avoid the 'Coming Soon' Trap: Slide 4 claims 1,500+ exchanges are 'coming soon.' In the crypto world, 'coming soon' is often viewed with skepticism. It is better to show a realistic roadmap with specific dates or milestones rather than a large, unsubstantiated number.
Avoid Omitting the Founders: Never leave out the team slide. Even if you are a first-time founder, highlight your relevant skills, your education, or your passion for the problem. Investors back people, not just ideas.
Avoid Vague Traction: While '25+ clients' is a good start, providing a logo wall or a brief case study of how one client specifically benefited from the tool would be much more persuasive than a single logo and a number.
Frequently asked questions
- What is the primary problem BestRate is trying to solve?
- BestRate addresses the fragmentation of the cryptocurrency market. In 2018, crypto prices varied significantly across different platforms. By acting as an 'Aggregator of Crypto Exchanges' (Slide 2), they allow users to find the best rates across 'trusted exchanges' without paying additional fees, simplifying the process of switching currencies between personal wallets.
- How does BestRate generate revenue based on these slides?
- The deck is vague on its primary revenue model but mentions a '30% Share' in its Affiliate Program (Slide 7). It also highlights a B2B payment tool for ICOs (Slide 5). Typically, such aggregators earn through a spread on the exchange rate or a commission from the exchanges, but the deck explicitly states 'No additional fees' for users (Slide 3).
- Who is the target customer for BestRate?
- The deck identifies two distinct segments. The first is the retail crypto trader looking for the best exchange rates (Slide 3). The second, and more emphasized segment in the latter half, is ICOs (Initial Coin Offerings) that need a tool to accept multiple currencies and automate token distribution (Slide 6).
- What technical features does the BestRate Payment Tool offer?
- According to Slide 5, the tool allows businesses to accept 80+ cryptocurrencies plus fiat (USD/EUR). It features real-time transaction monitoring, the ability to set automatic bonuses and investment limits, and a smart contract integration for the automatic distribution of tokens to investors.
- What is missing from this pitch deck that an investor would need?
- The deck is missing several critical components: a team slide showing founder expertise, a detailed financial plan, a competitive analysis, and a clear 'Ask' slide detailing how much capital they are raising and what milestones that capital will achieve. It also lacks a clear explanation of their regulatory compliance strategy for handling fiat payments.
