BLOCKCHAIN AND CRYPTOCURRENCIES

The Blockchain and Cryptocurrencies Certificate aims to provide a practical understanding of the business models, infrastructure and investment logic of the blockchain and digital asset ecosystem. It combines the fundamentals of Bitcoin, Ethereum, Proof-of-Work and Proof-of-Stake with the financial and economic analysis of mining, staking, lending, trading/arbitrage and venture capital. Students will work on business cases, market data, white papers and simple financial models to understand how value is created, the main revenue and cost drivers, and the risks that determine whether a project is economically sustainable. The objective is not only to understand the technology, but to make decisions: build vs outsource, hosting vs self-mining, direct vs liquid staking, token vs equity, and how to assess risk-adjusted returns. Activities will be predominantly applied, with team work and interaction with entrepreneurs, investors and industry executives.

A basic understanding of finance, economics or accounting and elementary familiarity with Excel/Google Sheets are useful. No coding experience or prior technical knowledge of blockchain is required. An interest in financial markets, technology and digital business models is sufficient to benefit from the program.

Upon completion of the Certificate, students will be able to: • analyze the business model and value flows of a blockchain protocol or company; • build and interpret simple unit-economics models for mining, staking, lending and trading/arbitrage strategies; • compare operating alternatives such as hosting vs self-mining and direct vs liquid staking; • evaluate an investment opportunity by comparing token and equity structures, risks, return potential and key value drivers; • use market data and network metrics to formulate an evidence-based recommendation; • present and defend a decision-ready business or investment case, supported by a financial model and Q&A. The competencies are particularly relevant to roles in venture capital, asset management, corporate finance, investment banking, fintech strategy, digital assets and blockchain infrastructure. The three Digital Badges are linked to specific applied evidence: • Bitcoin Mining & Infrastructure Specialist – completion of the mining unit-economics case; • Staking & Digital Asset Yield Specialist – completion of the staking/lending yield case; • Crypto Investing & Venture Capital Specialist – completion of the investment memo / investment committee case.

The Certificate is structured around six applied modules: • blockchain and cryptocurrency fundamentals and digital business models; • crypto markets, diversification, trading and arbitrage; • Bitcoin mining and infrastructure: hardware, energy, hash price, hosting vs self-mining and financial modeling; • staking, lending and digital asset yield: lock-ups, staking ratio, liquid staking, ROA and fixed-income strategies; • venture capital and blockchain investing: token vs equity, investment trends and key ecosystem players; • a capstone business case supported by a financial model and final presentation. Cross-cutting topics such as operational risk, market risk, economic sustainability, digital ownership/NFTs and illicit use of cryptocurrencies will be integrated into the cases.

Core materials: instructor slides and case packs; the Bitcoin white paper; selected official Ethereum and Solana documentation; white papers and documentation of the protocols analyzed; Excel/Google Sheets financial-model templates; and public datasets used in class exercises. Supplementary materials: selected academic papers and industry research, public investor presentations and filings of sector companies, and public dashboards for network and market metrics. Readings will be assigned according to each week’s business case, with priority given to primary sources and current data.

The Certificate follows a strongly applied approach: indicatively 40% concepts/frameworks and 60% business cases, exercises and project work. • case studies and mini-challenges based on real-world situations; • Excel/Google Sheets models for unit economics, IRR, payback, yield and sensitivity analysis; • analysis of white papers, market data, investor materials and network metrics; • mock investment committees and presentations with Q&A; • team work, peer feedback and interaction with startups, entrepreneurs, investors and industry executives. Digital tools and AI may be used for preliminary research and problem solving, provided that students validate sources, data and assumptions.

Assessment will be pass/fail and based on practical evidence of learning: • 30% – applied exercises and mini-cases completed during the course; • 20% – an individual analytical/investment note; • 50% – team capstone project, financial model, presentation and Q&A. The three Digital Badges are linked to specific applied evidence: • Bitcoin Mining & Infrastructure Specialist – completion of the mining unit-economics case; • Staking & Digital Asset Yield Specialist – completion of the staking/lending yield case; • Crypto Investing & Venture Capital Specialist – completion of the investment memo / investment committee case. To pass the Certificate, students must complete the required activities and demonstrate sufficient understanding of the numbers, assumptions and risks behind their recommendations. The final assignment is the capstone project, completed in teams of approximately five students. Each team will select, subject to instructor approval, a business/investment case aligned with the Certificate and present: opportunity, business model, key assumptions, unit economics or expected returns, risks, scenarios and a final recommendation. Requirement for obtaining the Certificate: regular attendance of at least 70% of the learning activities and successful completion of the final assessment. For "non-compliant" students and students exempt from the attendance requirement, learning outcomes will be assessed through an oral examination, defined by the instructor in accordance with the Certificate content, learning objectives, and expected learning outcomes. For this purpose, the examination for "non-compliant" students and students exempt from the attendance requirement may include, at the instructor's discretion, questions on course content, discussion of cases or practical scenarios, analysis and discussion of materials, presentation and discussion of individual assignments, or any other assessment methods deemed appropriate to verify the full achievement of the expected learning outcomes. The Digital Badge will only be awarded to students who meet the minimum 70% attendance requirement. Therefore, students who, for any reason, including exemption from the attendance requirement, do not meet this threshold will not be eligible to receive the Digital Badge, even if they successfully pass the final examination.

Not applicable