Coinbase is publicly listed as of April 14, 2021. The market capitalization of Coinbase is estimated at US $100 billion. The crypto exchange’s growth is astonishing and has taken old-established financial institutions by surprise. Particularly traditional exchanges’ reactions will be located somewhere in a continuum between jealousy and awe. Coinbase’s success, culminating in its stock market launch, is a wake-up call for financial intermediaries and investors to take decisive action or to brace themselves for the turbulences ahead. — Authors: Philipp Sandner, Jong-Chan Chung

Coinbase leaves the established competition behind

Founded in 2012, Coinbase is the largest US-based centralized crypto currency exchange platform with 6.1 million…


With this article, we provide a toolkit on how to use Hyperledger in industrial DLT projects. This toolkit has been developed with other IT companies and also together with machinery manufacturers. It also includes code snippets to showcase how machines can be connected to to DLT networks with Hyperledger such that new business models can be explored. See the PDF link to the document (60 pages) below. Authors: Martin Schäffner, Constantin Lichti, Jonas Gross, Philipp Sandner

Distributed ledger technology (DLT) has the potential to address industrial challenges, build trust, and unlock new value across businesses and industries via the use…


Executive summary

At Frankfurt School Blockchain Center, we are hiring 2 x 50% positions for May and June, 2021. Job position can partly be compared to a trainee/association position in a consulting company or other corporation: project management, business development, research, consulting etc.

Ideally, we are searching smart young tech-savvy people that have a finished Bachelors’ degree or a finished Masters’ degree. Preferred fields: mixture between business and computer science; or tech-savvy business people. Requirements: tech orientation, blockchain knowledge, some business development capabilities, both professional level of German and English language. Gender and age are of course irrelevant. …


This paper sheds light on metrics that are correlated with the price of crypto assets. We conduct a literature analysis to derive such metrics and apply them to the market price of selected ERC-20 tokens. We find that monthly active addresses, as an approximation of a token’s user base, and the Bitcoin price, as a representation of the market, share a positive relationship, while monthly active addresses of stablecoins share a negative relationship with the price of the examined token. — Authors: Alexander Stober, Philipp Sandner

Download the article as a PDF file. More information about the the Frankfurt School…


Blockchain technology and the interest in Bitcoin is picking up momentum. A few companies such as MicroStrategy decided to exchange their liquid funds denominated in US dollars to Bitcoin. The European Union has set out its proposal to regulate crypto assets as of 2022 for the entire European Union and its 450 million citizens. Furthermore, companies like PayPal want to enhance their service offerings to crypto currencies. Initially starting in the United States, eligible users can now buy and sell Bitcoin via PayPal. Soon, Germany’s supervisory authority BaFin is expected to grant first licenses to crypto custodians, thus legitimating Bitcoin…


Institutional investors hold the majority of the world’s wealth. Their interest in digital assets is a fundamental driver of trading volume, prices, and innovation. To understand the demand for institutional-grade and blockchain-inspired investment vehicles, we presented a landmark study on over 55 registered professional investors including pension funds, insurance companies, banks, asset managers, and family offices. Authors: Demelza Hays, Philipp Sandner, Alfred Taudes

You can download the German version (PDF, 75 pages, 9.4 MB) and the English version (PDF, 75 pages, 9.3 MB) if you are interested in the full report.

In the report, we discuss how much professional…


“Programmable money” is, without doubt, one of the major buzzwords in the blockchain space in 2020. Even though everyone seems to talk about it, we still lack a clear definition and hence common understanding of this term. In this article, we present a taxonomy of programmable money. In particular, we argue that “programmable money” has to be differentiated from “programmable payments”. To make this distinction as clear as possible, we develop a framework in which we decompose the payments value chain into three pillars: the contract execution system, the digital payment infrastructure, and the monetary unit.


Die Europäische Kommission hat die MiCA-Verordnung vorgestellt. Damit entsteht eine sehr weitreichende, europaweit einheitliche Regulierung aller Arten von Kryptowerten einschließlich vieler Dienstleistungen und Emissionen in diesem Bereich. Was für Startups möglicherweise herausfordernd sein kann, beinhaltet auch enorme Chancen hinsichtlich Professionalisierung und Wachstum des gesamten Krypto-Ökosystems. — Autoren: Philipp Sandner, Johannes Blassl.

English version of this article on Forbes.

Am 24. September 2020 hat die Europäische Kommission einen Entwurf einer umfassenden Regulierung von “Crypto Assets” (digitale, blockchainbasierte Vermögenswerte; auch Kryptowerte genannt) vorgestellt, die voraussichtlich Ende 2022 in Kraft treten soll. …


We have designed an 18-week long program with 3 phases that will help ambitious women to quickly onboard to the blockchain ecosystem (ideal age should be 18+). Our goal is to guide the way for women to become entrepreneurs, technologists, regulators, investors or multiplicators. This program is free of charge (EUR 0), you just have to apply. We will admit a maximum of 36 women to this program starting on April 5, 2021. Application Deadline is March 22, 2021.

Update: A new application deadline and a new date for starting this program (April 5, 2021) in the 2nd batch was…


Some first documents have been revealed about the new European regulation regime on crypto assets, digital assets, and stablecoins. Not too much is known so far, only some first insights and documents. According to these, the EU seeks to establish an all-encompassing regulation framework which, of course, also includes financial service providers, issuers etc. For example, the European Commission ultimately places digital/crypto assets within the existing financial market regulatory framework and ensures that services related to digital assets are regulated in a similar way to traditional assets. Also, to regulate the yet-to-launch Libra network, stablecoin projects will be significantly regulated…

Philipp Sandner

Professor | Lecturer | Author | Investor | Frankfurt School Blockchain Center

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store