Category Archives: FinTech and Alternative Finance

Congressional Hearing on The Future of Money & Crypto: “These Innovations Should be Fostered Not Smothered”

Share

Crowdfund Insider | | Jul 18, 2018

The Monetary Policy Subcommittee, part of the House Financial Services Committee, held a hearing today addressing the emerging world of cryptocurrencies. Over the past several months, several Congressional committees have held similar hearings as policy makers seek to better understand crypto and perhaps hinder, or foster, its growth with legislation.

In the Republican controlled House, representatives tend to lean more towards embracing entrepreneurship and innovation but the learning curve can be hard – especially for Members that still carry a flip phone.

As previously reported, the list of witnesses included the following individuals;

  • Dr. Rodney J. Garratt, Maxwell C. and Mary Pellish Chair, Professor of Economics, University of California Santa Barbara
  • Dr. Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation
  • Dr. Eswar S. Prasad, Senior Fellow, The Brookings Institution
  • Mr. Alex J. Pollock, Distinguished Senior Fellow, R Street Institute

Each of the witnesses provided a different perspective on the potential for cryptocurrencies, the value provided, and whether, or not, a central bank should issue central bank digital currency (CBDC) – a hot topic within the crypto policy world.

See:  The forces of change are trumping banks and regulators

Subcommittee Chairman Andy Barr issued a statement following the hearing, which was unfortunately cut short due to votes on the Hill. Representative Barr stated;

“Today, the subcommittee examined the potential impact of digital currency on the future of our financial system. From its viability as an alternative, to traditional currencies, to its potential adoption by central banks, to its possible impact on monetary policy, it is important Congress carefully study every aspect of this new technology.”

In prepared testimony, Dr. Garratt pointed to the decline of paper money and the shift to digital transactions. He posited;

“It seems likely that the use of cash for transactions will continue to fall and it is worth noting that there is tipping point at which even if customers seek to use cash, businesses and banks will not want to deal with it.”

So what happens when cash is no more (or nearly no more)? Garratt believes there is a possibility that consumers may turn to “privately issued cryptocurrencies” thus implying a need to move first and have central banks issue digital currency.

Dr. Michel, who previously co-authored a paper on the need to enable competition between currencies – whether they are crypto or not, reaffirmed this belief;

“… it is possible that Bitcoin (or other cryptocurrencies) eventually will be widely accepted and recognized as money. It is certainly difficult to imagine a cryptocurrency replacing the U.S. dollar as long as the Federal Reserve acts as a moderately good steward of the national currency, but it is for this very reason that Congress should eliminate barriers that impede people from using their preferred medium of exchange,” said Michel. “Competitive market forces can improve the means of payment in the same way that market forces improve virtually all goods and services, and Congress should not protect the Federal Reserve from those competitive forces.”

Pollock quoted Hayek in his remarks. Sympathizing with the famous economist;

“Why should we not let people choose freely what money they want to use? … I have no objection to governments issuing money, but I believe their claim to a monopoly, or their power to limit the kinds of money in which contracts may be concluded within their territory, or to determine the rates at which monies can be exchanged, to be wholly harmful. … I hope it will not be too long before complete freedom to deal in any money one likes will be regarded as the essential mark of a free country.”

While adding he did not expect a “revolution in the international monetary system,” Dr. Prasad stated;

“While reserve currencies might not be challenged as stores of value, digital versions of extant reserve currencies and improved cross-border transaction channels could intensify competition among reserve currencies themselves.”

Check out:  ‘This Is Not a Passing Fad’: CFA Exam Adds Crypto, Blockchain Topics

Subcommittee members were clearly mixed in their opinion. Representative Foster said that a central bank that issues a central bank cryptocurrency could supplant the dollar as the supreme currency around the world.

“We have to be prepared to respond to that threat,” said Foster. “The issue of anonymity is at the heart of this.”

Representative Sherman, a consistently anti-crypto politician, said there is nothing that can be done with cryptocurrency that cannot be done with sovereign currency.

Continue to the full article --> here

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Click for News:

 

Crowdfund Insider | JD Alois | Jul 18, 2018 The Monetary Policy Subcommittee, part of the House Financial Services Committee, held a hearing today addressing the emerging world of cryptocurrencies. Over the past several months, several Congressional committees have held similar hearings as policy makers seek to better understand crypto and perhaps hinder, or foster, its growth with legislation. In the Republican controlled House, representatives tend to lean more towards embracing entrepreneurship and innovation but the learning curve can be hard – especially for Members that still carry a flip phone. As previously reported, the list of witnesses included the following individuals; Dr. Rodney J. Garratt, Maxwell C. and Mary Pellish Chair, Professor of Economics, University of California Santa Barbara Dr. Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation Dr. Eswar S. Prasad, Senior Fellow, The Brookings Institution Mr. Alex J. Pollock, Distinguished Senior Fellow, R Street Institute Each of the witnesses provided a different perspective on the potential for cryptocurrencies, the value provided, and whether, or not, a central bank should issue central bank digital currency (CBDC) – a hot topic within the crypto policy world. See:  The forces of change are trumping banks and regulators ...
Read More
Congressional Hearing on The Future of Money & Crypto: “These Innovations Should be Fostered Not Smothered”
Pymnts.com | Jul 17, 2018 When one tries to Google the phrase “millennials and mortgages,” something curious happens. Two different – and in some cases, mutually exclusive sounding – accounts of millennials and their home-buying habits, or lack thereof, emerge. Millennials are either dragging down the housing market because they can’t/won’t buy houses, or millennials are both leading the modern mortgage market and simultaneously leading it into the digital age. It’s a lot of apparently contradictory data about a rising generation of consumers that is often discussed, but not nearly as often well-understood. The upshot is that millennials are buying houses – but not at the rates that consumers in the same age cohort have historically bought homes. “Historically low mortgage rates and increasingly favorable employment conditions should have generated a far greater number of home purchases by young adults, especially in the last five years,” said Sam Khater, chief economist at Freddie Mac. And the fact that they haven’t has turned up a lot of data, revealing that the market for millennial real estate consumers remains an extremely uneven and, for many, rather uncertain place. The Complex Demographic Born between 1980 and 2000 (roughly), the millennial generation is a ...
Read More
Millennials Turn To Crowdfunding For Mortgage Down Payments
Bloomberg | By Michael Patterson and Andrea Tan | Jul 16, 2018 It might be the definitive sign that cryptocurrencies have arrived on Wall Street. CFA Institute, whose grueling three-level program has helped train more than 150,000 financial professionals, is adding topics on cryptocurrencies and blockchain to its Level I and II curriculums for the first time next year. Material for the 2019 exams will be released in August, giving candidates their first opportunity to start logging a recommended 300 hours of study time. CFA added the topics, part of a new reading called Fintech in Investment Management, after industry participants showed surging interest in surveys and focus groups. The worlds of finance and crypto have become increasingly intertwined after last year’s Bitcoin boom, with regulated futures now trading in Chicago, blue-chip firms like Goldman Sachs Group Inc. dabbling in digital assets, and scores of Wall Streeters joining crypto-related startups. More:  Traders With Pockets Full of Crypto Quit Wall Street While digital coins have tumbled in 2018 and the real-world impact of blockchain ventures has thus far been limited, some observers say the technology could ultimately transform swathes of the global financial system. “We saw the field advancing more quickly ...
Read More
‘This Is Not a Passing Fad’: CFA Exam Adds Crypto, Blockchain Topics
Oracle Times | Andreas Townsend | Jul 9, 2018 The crypto world and the technology behind it are still intriguing for traders and investors as well from all over the world. A token burn is a common occurrence, and some crypto companies may decide to burn some of their tokens from the circulating supply for more reasons. This is known as coin burning, and it has been conducted by various token developers as a tool to increase demand. Binance coin burning is approaching Binance is on the verge of its quarterly coin buyback and burn of its Ethereum-based token Binance Coin (BNB). The company’s whitepaper explained how the coin burn works and states that “every quarter, we will use 20% of our profits to buy back BNB and destroy them until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.” The structure will make the coin more attractive to investors Binance has initially created 200 million BNB, and they promised that no more coins will be generated ever again. This structure is designed to make the coin more attractive to investors ...
Read More
Binance Coin Burn Is Around The Corner – How The Coin Burn Works
North American Clean Energy | Jul 15, 2018 Blockchain is coming to the energy world and its impact will be massive. It will accelerate the transition to renewables and give us real and immediate ways to combat global warming, incentivize the production of renewable energy, and replace fossil fuels. What is blockchain? If you’ve heard of Bitcoin, blockchain is the technology that powers it. Blockchain allows data to be recorded on a distributed ledger in a way that cannot be changed. Why does it matter? The key benefit of blockchain as a technology is that it enables parties that do not know each other or trust each other to do business together and still feel secure.  Applications running on the blockchain can take advantage of smart contracts that trigger certain events (for example, payment) when particular milestones are met – so long as some form of proof is presented that a particular milestone has been met. More:  Blockchain has the potential to do amazing things, but it needs a reboot Together, blockchain as a technology, and the advent of smart contracts running on it, have the potential to change everything, much the same way that internet technology changed everything in the ...
Read More
Blockchain and the Future of Energy
BNN Bloomberg | Nisha Gopalan and Andy Mukherjee | Jul 14, 2018 (Bloomberg Opinion) -- Can’t code, or speak Bahasa? Didn’t go to school with a CEO’s son or daughter? A robot will take your trading seat. Read on if you want to save your job. The threat from automation is in the flows part of banks’ global markets business, the most important chunk of the biggest division of investment banking. Investment banks garner 70 percent of their revenue from global markets, made up of trading stocks and bonds, as well as structuring derivatives products and financing; the remaining 30 percent comes from advisory services like shepherding M&As or helping companies raise equity and debt. The higher-margin areas within markets — from structuring to swaps — is relationship-oriented, and therefore (relatively) safe from robot overlords. And it happens to be a big contributor to the 70 percent pie, especially in Asia, where commissions on equities and fixed-income trades are sinking fast, and language and client connections play a big role. Good news? Read on. With the flows business comprising 51 percent of banks’ global markets revenue of $109.8 billion last year, according to Coalition data, automation of even vanilla trades is no small threat. Besides, the 30 percent ...
Read More
Lifehacks for When a Robot Wants Your Job
Crowdfund Insider | Cali Haan | Jul 9, 2018 The Ontario Securities Commission (OSC) published its 2018-2019 “Statement of Priorities” June 5th, but the document provides zero helpful guidance to Ontario companies trying to engage with cutting-edge blockchain-based financial technologies, says Toronto-based blockchain lawyer Amy ter Haar. The “OSC…Statement of Priorities for the Financial Year to End March 31, 2019” restates the commission’s ongoing commitment to investor protection, reduction of regulatory burden and the enhancement of staffing diversity. But according to ter Haar, when it comes to areas like ICOs (Initial Coin Offerings), “tokenized securities” and blockchain for fintech, the agency is painfully vague. “The entire investment community is looking to the OSC and CSA for guidance around blockchain and cryptocurrencies and it is disappointing that this hasn’t been highlighted as a priority,” wrote a frustrated Ter Haar via LinkedIN. While it is clear from the “Statement of Priorities” that the OSC has many concerns in its purview, the document’s reliance on fuzzy platitudes regarding Fintech suggests sluggishness at commission and the downright neglect of a growth industry supercharging across the globe: “There are two sides to industry health. Investor protection is just one side of it…However we categorize cryptocurrencies ...
Read More
Ontario Securities Commission “Doesn’t Really Know What’s Going On” in Blockchain Fintech, Says Lawyer
About NCFA Canada | C. Asano | July 9, 2018 TORONTO, JUL 9, 2018 – The National Crowdfunding & Fintech Association of Canada (NCFA) today announced that Charlene Cieslik, Chief Anti-Money Laundering Officer (CAMLO) of Coinsquare, has joined the Association`s growing Advisory Group to advise on the areas Compliance and Anti-Money Laundering (view). Charlene Cieslik is the Chief Anti Money Laundering Officer of Coinsquare, Canada's most secure digital asset exchange for buying bitcoin, ethereum, and other digital currencies.  During her 20-year career, Charlene has held roles as the Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Anti-Bribery Officer, and Chief Privacy Officer at several Canadian and Foreign scheduled banks, where she was responsible for the development, remediation, and execution of AML/ATF, anti-bribery, regulatory, and privacy programs. Charlene has worked with several “Big 4” accounting firms and a Canadian fintech company, where she has assisted global financial institutions with AML/ATF program development, particularly with post-regulatory exam remediation and AML/ATF investigations. Charlene holds a Master’s degree in Criminology from the University of Toronto, is a Certified Anti-Money Laundering Specialist, and was an original founder of the Toronto ACAMS Chapter.  She has lectured as a Professor at Seneca College and currently teaches in ...
Read More
Charlene Cieslik, Chief Anti-Money Laundering Officer of Coinsquare, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group
Crowdfund Insider | JD Alois | Jul 2, 2018 In a significant policy move by the UK government, the threshold for investment crowdfunding has been upped to €8 million thus matching the recent change by Germany which announced the same funding limit. This increase is due to a change in the Prospectus Directive. In the UK, there is no limit on how much a crowdfunding platform may raise online. But a rule requiring a full blown prospectus at €5 million has, in effect, created a significant speed bump for investment crowdfunding platforms – one that has rarely been breached due to the cost of creating and complying with a prospectus requirement. The change announced today, should have an important impact on UK crowdfunding platforms as it will help make the online capital formation industry far more viable as issuers seek larger funding amounts raised via the issuance of securities online. In the early days of UK crowdfunding most issuers raised smaller seed round amounts. Today, issuers span a far wider range of funding requirements from seed stage to scale up. Frequently, these offerings are done in partnership with professional investors such as VCs or experienced angels. See:  Competition Bureau weighs in on ...
Read More
UK Government Ups Crowdfunding without Prospectus to €8 Million – Matching Germany
Betakit | By Amira Zubairi | Jul 4, 2018 Several Canadian FinTechs have made announcements on the growth of their companies, launching new features and partnerships. Here’s the latest on these company updates. Skrumble Network raises $19.96 million Toronto-based Skrumble Network, which aims to create secure connections for communication, raised $19.96 million ($15 million USD) through its token crowd-sale. Skrumble Network said it raised the funding for its communication-centric blockchain network that will provide developers the infrastructure to build messaging apps. The company wants to help developers build messaging apps that feature secure connections, real-time voice and video calling, wallet integrations for in-context money transfers, and the ability to edit, save, and unsend messages. Skrumble Network said its broader goal is to address data privacy concerns and allow users to take back ownership of their personal data. The company uses a consensus-based algorithm derived from unique session IDs, which enable private peer-to-peer connections. “Social media has completely changed the face of communication, and now, data privacy and ownership is one of the biggest concerns of this time. 2.2 billion users around the world have trusted Facebook with their information; 87 million of those users received a wake-up call…when they got ...
Read More
Today in FinTech: Skrumble Network raises $19 million CAD in ICO, Goldmoney partners with Malbex Resources

 

Share

Millennials Turn To Crowdfunding For Mortgage Down Payments

Share

Pymnts.com | Jul 17, 2018

When one tries to Google the phrase “millennials and mortgages,” something curious happens. Two different – and in some cases, mutually exclusive sounding – accounts of millennials and their home-buying habits, or lack thereof, emerge.

Millennials are either dragging down the housing market because they can’t/won’t buy houses, or millennials are both leading the modern mortgage market and simultaneously leading it into the digital age.

It’s a lot of apparently contradictory data about a rising generation of consumers that is often discussed, but not nearly as often well-understood. The upshot is that millennials are buying houses – but not at the rates that consumers in the same age cohort have historically bought homes.

“Historically low mortgage rates and increasingly favorable employment conditions should have generated a far greater number of home purchases by young adults, especially in the last five years,” said Sam Khater, chief economist at Freddie Mac.

And the fact that they haven’t has turned up a lot of data, revealing that the market for millennial real estate consumers remains an extremely uneven and, for many, rather uncertain place.

The Complex Demographic

Born between 1980 and 2000 (roughly), the millennial generation is a sharply age-bifurcated place, despite the common habit of talking about millennials as though they are a fairly homogeneous group when they really aren’t.

Younger millennials – those born between 1989 and the year 2000 – are still in their 20s, in some cases still in college and mostly new to the adult world of work and commerce. They aren’t buying houses – but even historically speaking, college students and recent grads have never been an incredibly highly active share of the housing market.

See:  Real estate crowdfunding in Canada: portal insights for 2017/18

Older millennials – born before 1988 – are in their 30s, have spent longer in their careers, and are more likely to have gotten married and started families. PYMNTS, in a study of that older subset of millennials – bridge millennials – found that their spending, saving and general interests are very distinct, both from their younger fellows in the millennial generation and the population at large. Those consumers are buying houses, and are a driving force in some markets. The conventional wisdom of a few years ago – that the millennial generation had evolved beyond homeownership – has not exactly been proven.

“Millennials are shaping the market more than anyone realized. In fact, half of all buyers are under 36 and half of sellers are under 41,” said Zillow Chief Marketing Officer Jeremy Wacksman, referring to results from a survey of more than 13,000 homeowners, sellers, buyers and renters that were part of the Zillow Group Report on Consumer Housing Trends.

But while millennials may be driving the real estate markets, data released by the Urban Institute’s Housing Finance Policy Center indicates that generationally speaking, they are participating in the homeownership markets less, with an ownership rate running 8 percent to 9 percent behind previous generations.

Why that is the case is broken down over dozens of factors, including income, race, education level, marital status, region, city and parental homeownership status, to name a handful of the most oft-cited data points. In general, the data agrees that when it comes to homeownership, the majority of millennial sellers are white, college-educated, earning a household income over $100,000 and have parents who own homes.

The data across sources also seems to agree that, despite programs like FHA that are designed to lower the initial costs of homeownership, the down payment is the stumbling block that keeps most millennial buyers away.

The Down Payment Dilemma

According to data released last month by Redfin, affording a down payment was the leading concern among millennials looking to purchase a home in the last 12 months, with 50 percent of millennial respondents noting down payment woes.

Redfin’s data echoes the Urban Institute’s in noting that down payment anxiety is not quite evenly experienced. While 24 percent of millennial respondents reported gift money from family as an expected source of funds for a down payment, that expectation grew to 40 percent among households with income north of $100,000.

Meanwhile, households earning less than $100,000 are more likely to report saving money out of their paycheck toward a mortgage, or taking on a secondary source of employment to raise the funds.

“For millennials who have launched their careers while working to pay off student loans in the last decade, having enough to set aside toward a down payment would have been a significant accomplishment,” said Sheharyar Bokhari, senior economist at Redfin. “These results reveal some of the inequalities that have been exacerbated in the years following the recession, with the well-off having more flexibility and thereby ability to become homeowners and build more wealth, through advantages like financial support from family and the opportunity to invest in the stock market.”

Some of those inequalities, reports have noted, can actually be aided by education, since many millennials hold a somewhat dated belief that a first-time homebuyer needs a full 20 percent to put down on a purchase. In fact, the median average down payment rate on first-time mortgages in the U.S. is 5 percent – and the FHA program allows first-time buyers to go as low as 3.5 percent. That means many millennials may be closer to affording homeownership than they think.

More:  How Real Estate Investing Is Spurring Millennial Home Ownership

But, as the Urban Institute pointed out, millennial buyers are clustered around urban markets, yet another complicated factor.

“Millennials prefer living in high-cost cities, where housing supply is inelastic,” the study notes.

And inelasticity breeds expense. In high demand metro markets, where home prices can average at or about $500,000, saving up for a down payment – even a 3.5 percent down payment – could take a matter of years.

Zillow estimates that at today’s rates, it would take someone renting a home in the Seattle metro area nearly three years to save a 3.5 percent down payment on a home – assuming housing prices don’t rise at all during that time, which of course they will.

And this is where startups like HomeFundMe come into play.

New Methods of Access

Run by lender CMG Financial, HomeFundMe gives otherwise qualified (by credit score and income) homebuyers a way to crowdfund down payments and other associated costs from family members and friends. As part of a conventional financing agreement with a bank or mortgage lender, consumers can receive cash gifts toward a down payment, but the circle of eligible gift givers is very limited – and those gifts must be carefully (and sometimes arduously) verified.

Continue to the full article --> here


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Click for News:

 

Crowdfund Insider | JD Alois | Jul 18, 2018 The Monetary Policy Subcommittee, part of the House Financial Services Committee, held a hearing today addressing the emerging world of cryptocurrencies. Over the past several months, several Congressional committees have held similar hearings as policy makers seek to better understand crypto and perhaps hinder, or foster, its growth with legislation. In the Republican controlled House, representatives tend to lean more towards embracing entrepreneurship and innovation but the learning curve can be hard – especially for Members that still carry a flip phone. As previously reported, the list of witnesses included the following individuals; Dr. Rodney J. Garratt, Maxwell C. and Mary Pellish Chair, Professor of Economics, University of California Santa Barbara Dr. Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation Dr. Eswar S. Prasad, Senior Fellow, The Brookings Institution Mr. Alex J. Pollock, Distinguished Senior Fellow, R Street Institute Each of the witnesses provided a different perspective on the potential for cryptocurrencies, the value provided, and whether, or not, a central bank should issue central bank digital currency (CBDC) – a hot topic within the crypto policy world. See:  The forces of change are trumping banks and regulators ...
Read More
Congressional Hearing on The Future of Money & Crypto: “These Innovations Should be Fostered Not Smothered”
Pymnts.com | Jul 17, 2018 When one tries to Google the phrase “millennials and mortgages,” something curious happens. Two different – and in some cases, mutually exclusive sounding – accounts of millennials and their home-buying habits, or lack thereof, emerge. Millennials are either dragging down the housing market because they can’t/won’t buy houses, or millennials are both leading the modern mortgage market and simultaneously leading it into the digital age. It’s a lot of apparently contradictory data about a rising generation of consumers that is often discussed, but not nearly as often well-understood. The upshot is that millennials are buying houses – but not at the rates that consumers in the same age cohort have historically bought homes. “Historically low mortgage rates and increasingly favorable employment conditions should have generated a far greater number of home purchases by young adults, especially in the last five years,” said Sam Khater, chief economist at Freddie Mac. And the fact that they haven’t has turned up a lot of data, revealing that the market for millennial real estate consumers remains an extremely uneven and, for many, rather uncertain place. The Complex Demographic Born between 1980 and 2000 (roughly), the millennial generation is a ...
Read More
Millennials Turn To Crowdfunding For Mortgage Down Payments
Bloomberg | By Michael Patterson and Andrea Tan | Jul 16, 2018 It might be the definitive sign that cryptocurrencies have arrived on Wall Street. CFA Institute, whose grueling three-level program has helped train more than 150,000 financial professionals, is adding topics on cryptocurrencies and blockchain to its Level I and II curriculums for the first time next year. Material for the 2019 exams will be released in August, giving candidates their first opportunity to start logging a recommended 300 hours of study time. CFA added the topics, part of a new reading called Fintech in Investment Management, after industry participants showed surging interest in surveys and focus groups. The worlds of finance and crypto have become increasingly intertwined after last year’s Bitcoin boom, with regulated futures now trading in Chicago, blue-chip firms like Goldman Sachs Group Inc. dabbling in digital assets, and scores of Wall Streeters joining crypto-related startups. More:  Traders With Pockets Full of Crypto Quit Wall Street While digital coins have tumbled in 2018 and the real-world impact of blockchain ventures has thus far been limited, some observers say the technology could ultimately transform swathes of the global financial system. “We saw the field advancing more quickly ...
Read More
‘This Is Not a Passing Fad’: CFA Exam Adds Crypto, Blockchain Topics
Oracle Times | Andreas Townsend | Jul 9, 2018 The crypto world and the technology behind it are still intriguing for traders and investors as well from all over the world. A token burn is a common occurrence, and some crypto companies may decide to burn some of their tokens from the circulating supply for more reasons. This is known as coin burning, and it has been conducted by various token developers as a tool to increase demand. Binance coin burning is approaching Binance is on the verge of its quarterly coin buyback and burn of its Ethereum-based token Binance Coin (BNB). The company’s whitepaper explained how the coin burn works and states that “every quarter, we will use 20% of our profits to buy back BNB and destroy them until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.” The structure will make the coin more attractive to investors Binance has initially created 200 million BNB, and they promised that no more coins will be generated ever again. This structure is designed to make the coin more attractive to investors ...
Read More
Binance Coin Burn Is Around The Corner – How The Coin Burn Works
North American Clean Energy | Jul 15, 2018 Blockchain is coming to the energy world and its impact will be massive. It will accelerate the transition to renewables and give us real and immediate ways to combat global warming, incentivize the production of renewable energy, and replace fossil fuels. What is blockchain? If you’ve heard of Bitcoin, blockchain is the technology that powers it. Blockchain allows data to be recorded on a distributed ledger in a way that cannot be changed. Why does it matter? The key benefit of blockchain as a technology is that it enables parties that do not know each other or trust each other to do business together and still feel secure.  Applications running on the blockchain can take advantage of smart contracts that trigger certain events (for example, payment) when particular milestones are met – so long as some form of proof is presented that a particular milestone has been met. More:  Blockchain has the potential to do amazing things, but it needs a reboot Together, blockchain as a technology, and the advent of smart contracts running on it, have the potential to change everything, much the same way that internet technology changed everything in the ...
Read More
Blockchain and the Future of Energy
BNN Bloomberg | Nisha Gopalan and Andy Mukherjee | Jul 14, 2018 (Bloomberg Opinion) -- Can’t code, or speak Bahasa? Didn’t go to school with a CEO’s son or daughter? A robot will take your trading seat. Read on if you want to save your job. The threat from automation is in the flows part of banks’ global markets business, the most important chunk of the biggest division of investment banking. Investment banks garner 70 percent of their revenue from global markets, made up of trading stocks and bonds, as well as structuring derivatives products and financing; the remaining 30 percent comes from advisory services like shepherding M&As or helping companies raise equity and debt. The higher-margin areas within markets — from structuring to swaps — is relationship-oriented, and therefore (relatively) safe from robot overlords. And it happens to be a big contributor to the 70 percent pie, especially in Asia, where commissions on equities and fixed-income trades are sinking fast, and language and client connections play a big role. Good news? Read on. With the flows business comprising 51 percent of banks’ global markets revenue of $109.8 billion last year, according to Coalition data, automation of even vanilla trades is no small threat. Besides, the 30 percent ...
Read More
Lifehacks for When a Robot Wants Your Job
Crowdfund Insider | Cali Haan | Jul 9, 2018 The Ontario Securities Commission (OSC) published its 2018-2019 “Statement of Priorities” June 5th, but the document provides zero helpful guidance to Ontario companies trying to engage with cutting-edge blockchain-based financial technologies, says Toronto-based blockchain lawyer Amy ter Haar. The “OSC…Statement of Priorities for the Financial Year to End March 31, 2019” restates the commission’s ongoing commitment to investor protection, reduction of regulatory burden and the enhancement of staffing diversity. But according to ter Haar, when it comes to areas like ICOs (Initial Coin Offerings), “tokenized securities” and blockchain for fintech, the agency is painfully vague. “The entire investment community is looking to the OSC and CSA for guidance around blockchain and cryptocurrencies and it is disappointing that this hasn’t been highlighted as a priority,” wrote a frustrated Ter Haar via LinkedIN. While it is clear from the “Statement of Priorities” that the OSC has many concerns in its purview, the document’s reliance on fuzzy platitudes regarding Fintech suggests sluggishness at commission and the downright neglect of a growth industry supercharging across the globe: “There are two sides to industry health. Investor protection is just one side of it…However we categorize cryptocurrencies ...
Read More
Ontario Securities Commission “Doesn’t Really Know What’s Going On” in Blockchain Fintech, Says Lawyer
About NCFA Canada | C. Asano | July 9, 2018 TORONTO, JUL 9, 2018 – The National Crowdfunding & Fintech Association of Canada (NCFA) today announced that Charlene Cieslik, Chief Anti-Money Laundering Officer (CAMLO) of Coinsquare, has joined the Association`s growing Advisory Group to advise on the areas Compliance and Anti-Money Laundering (view). Charlene Cieslik is the Chief Anti Money Laundering Officer of Coinsquare, Canada's most secure digital asset exchange for buying bitcoin, ethereum, and other digital currencies.  During her 20-year career, Charlene has held roles as the Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Anti-Bribery Officer, and Chief Privacy Officer at several Canadian and Foreign scheduled banks, where she was responsible for the development, remediation, and execution of AML/ATF, anti-bribery, regulatory, and privacy programs. Charlene has worked with several “Big 4” accounting firms and a Canadian fintech company, where she has assisted global financial institutions with AML/ATF program development, particularly with post-regulatory exam remediation and AML/ATF investigations. Charlene holds a Master’s degree in Criminology from the University of Toronto, is a Certified Anti-Money Laundering Specialist, and was an original founder of the Toronto ACAMS Chapter.  She has lectured as a Professor at Seneca College and currently teaches in ...
Read More
Charlene Cieslik, Chief Anti-Money Laundering Officer of Coinsquare, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group
Crowdfund Insider | JD Alois | Jul 2, 2018 In a significant policy move by the UK government, the threshold for investment crowdfunding has been upped to €8 million thus matching the recent change by Germany which announced the same funding limit. This increase is due to a change in the Prospectus Directive. In the UK, there is no limit on how much a crowdfunding platform may raise online. But a rule requiring a full blown prospectus at €5 million has, in effect, created a significant speed bump for investment crowdfunding platforms – one that has rarely been breached due to the cost of creating and complying with a prospectus requirement. The change announced today, should have an important impact on UK crowdfunding platforms as it will help make the online capital formation industry far more viable as issuers seek larger funding amounts raised via the issuance of securities online. In the early days of UK crowdfunding most issuers raised smaller seed round amounts. Today, issuers span a far wider range of funding requirements from seed stage to scale up. Frequently, these offerings are done in partnership with professional investors such as VCs or experienced angels. See:  Competition Bureau weighs in on ...
Read More
UK Government Ups Crowdfunding without Prospectus to €8 Million – Matching Germany
Betakit | By Amira Zubairi | Jul 4, 2018 Several Canadian FinTechs have made announcements on the growth of their companies, launching new features and partnerships. Here’s the latest on these company updates. Skrumble Network raises $19.96 million Toronto-based Skrumble Network, which aims to create secure connections for communication, raised $19.96 million ($15 million USD) through its token crowd-sale. Skrumble Network said it raised the funding for its communication-centric blockchain network that will provide developers the infrastructure to build messaging apps. The company wants to help developers build messaging apps that feature secure connections, real-time voice and video calling, wallet integrations for in-context money transfers, and the ability to edit, save, and unsend messages. Skrumble Network said its broader goal is to address data privacy concerns and allow users to take back ownership of their personal data. The company uses a consensus-based algorithm derived from unique session IDs, which enable private peer-to-peer connections. “Social media has completely changed the face of communication, and now, data privacy and ownership is one of the biggest concerns of this time. 2.2 billion users around the world have trusted Facebook with their information; 87 million of those users received a wake-up call…when they got ...
Read More
Today in FinTech: Skrumble Network raises $19 million CAD in ICO, Goldmoney partners with Malbex Resources

 

Share

‘This Is Not a Passing Fad’: CFA Exam Adds Crypto, Blockchain Topics

Share

Bloomberg | By and | Jul 16, 2018

It might be the definitive sign that cryptocurrencies have arrived on Wall Street.

CFA Institute, whose grueling three-level program has helped train more than 150,000 financial professionals, is adding topics on cryptocurrencies and blockchain to its Level I and II curriculums for the first time next year. Material for the 2019 exams will be released in August, giving candidates their first opportunity to start logging a recommended 300 hours of study time.

CFA added the topics, part of a new reading called Fintech in Investment Management, after industry participants showed surging interest in surveys and focus groups. The worlds of finance and crypto have become increasingly intertwined after last year’s Bitcoin boom, with regulated futures now trading in Chicago, blue-chip firms like Goldman Sachs Group Inc. dabbling in digital assets, and scores of Wall Streeters joining crypto-related startups.

More:  Traders With Pockets Full of Crypto Quit Wall Street

While digital coins have tumbled in 2018 and the real-world impact of blockchain ventures has thus far been limited, some observers say the technology could ultimately transform swathes of the global financial system.

“We saw the field advancing more quickly than other fields and we also saw it as more durable,” said Stephen Horan, managing director for general education and curriculum at CFA Institute in Charlottesville, Virginia. “This is not a passing fad.”

The CFA material on crypto and blockchain will appear alongside other fintech subjects including artificial intelligence, machine learning, big data and automated trading. More crypto topics, such as the intersection of virtual currencies and economics, may eventually be added to the curriculum, Horan said.

“It will be beneficial for us, since there’s been a huge expansion and adoption of crypto in our investment universe,” said Kayden Lee, 27, a financial economics student at Columbia University who took the CFA Level I exam in June and is interning as a fund analyst in Singapore during his summer break.

“But more importantly the focus is on fintech and blockchain,” Lee said. “How it works to improve, unravel or even disrupt certain sectors.”

See:  Could Cryptocurrency Be the Investment Opportunity of a Lifetime?

The new topics will also make an appearance in the CFA readings on professional ethics, an area that some say is lacking in the crypto world. Many virtual currency projects operate in a legal gray zone, while digital-asset trading venues and initial coin offerings are rife with examples of fraud, market manipulation, money laundering and theft.

Continue to the full article --> here


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Click for News:

 

Crowdfund Insider | JD Alois | Jul 18, 2018 The Monetary Policy Subcommittee, part of the House Financial Services Committee, held a hearing today addressing the emerging world of cryptocurrencies. Over the past several months, several Congressional committees have held similar hearings as policy makers seek to better understand crypto and perhaps hinder, or foster, its growth with legislation. In the Republican controlled House, representatives tend to lean more towards embracing entrepreneurship and innovation but the learning curve can be hard – especially for Members that still carry a flip phone. As previously reported, the list of witnesses included the following individuals; Dr. Rodney J. Garratt, Maxwell C. and Mary Pellish Chair, Professor of Economics, University of California Santa Barbara Dr. Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation Dr. Eswar S. Prasad, Senior Fellow, The Brookings Institution Mr. Alex J. Pollock, Distinguished Senior Fellow, R Street Institute Each of the witnesses provided a different perspective on the potential for cryptocurrencies, the value provided, and whether, or not, a central bank should issue central bank digital currency (CBDC) – a hot topic within the crypto policy world. See:  The forces of change are trumping banks and regulators ...
Read More
Congressional Hearing on The Future of Money & Crypto: “These Innovations Should be Fostered Not Smothered”
Pymnts.com | Jul 17, 2018 When one tries to Google the phrase “millennials and mortgages,” something curious happens. Two different – and in some cases, mutually exclusive sounding – accounts of millennials and their home-buying habits, or lack thereof, emerge. Millennials are either dragging down the housing market because they can’t/won’t buy houses, or millennials are both leading the modern mortgage market and simultaneously leading it into the digital age. It’s a lot of apparently contradictory data about a rising generation of consumers that is often discussed, but not nearly as often well-understood. The upshot is that millennials are buying houses – but not at the rates that consumers in the same age cohort have historically bought homes. “Historically low mortgage rates and increasingly favorable employment conditions should have generated a far greater number of home purchases by young adults, especially in the last five years,” said Sam Khater, chief economist at Freddie Mac. And the fact that they haven’t has turned up a lot of data, revealing that the market for millennial real estate consumers remains an extremely uneven and, for many, rather uncertain place. The Complex Demographic Born between 1980 and 2000 (roughly), the millennial generation is a ...
Read More
Millennials Turn To Crowdfunding For Mortgage Down Payments
Bloomberg | By Michael Patterson and Andrea Tan | Jul 16, 2018 It might be the definitive sign that cryptocurrencies have arrived on Wall Street. CFA Institute, whose grueling three-level program has helped train more than 150,000 financial professionals, is adding topics on cryptocurrencies and blockchain to its Level I and II curriculums for the first time next year. Material for the 2019 exams will be released in August, giving candidates their first opportunity to start logging a recommended 300 hours of study time. CFA added the topics, part of a new reading called Fintech in Investment Management, after industry participants showed surging interest in surveys and focus groups. The worlds of finance and crypto have become increasingly intertwined after last year’s Bitcoin boom, with regulated futures now trading in Chicago, blue-chip firms like Goldman Sachs Group Inc. dabbling in digital assets, and scores of Wall Streeters joining crypto-related startups. More:  Traders With Pockets Full of Crypto Quit Wall Street While digital coins have tumbled in 2018 and the real-world impact of blockchain ventures has thus far been limited, some observers say the technology could ultimately transform swathes of the global financial system. “We saw the field advancing more quickly ...
Read More
‘This Is Not a Passing Fad’: CFA Exam Adds Crypto, Blockchain Topics
Oracle Times | Andreas Townsend | Jul 9, 2018 The crypto world and the technology behind it are still intriguing for traders and investors as well from all over the world. A token burn is a common occurrence, and some crypto companies may decide to burn some of their tokens from the circulating supply for more reasons. This is known as coin burning, and it has been conducted by various token developers as a tool to increase demand. Binance coin burning is approaching Binance is on the verge of its quarterly coin buyback and burn of its Ethereum-based token Binance Coin (BNB). The company’s whitepaper explained how the coin burn works and states that “every quarter, we will use 20% of our profits to buy back BNB and destroy them until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.” The structure will make the coin more attractive to investors Binance has initially created 200 million BNB, and they promised that no more coins will be generated ever again. This structure is designed to make the coin more attractive to investors ...
Read More
Binance Coin Burn Is Around The Corner – How The Coin Burn Works
North American Clean Energy | Jul 15, 2018 Blockchain is coming to the energy world and its impact will be massive. It will accelerate the transition to renewables and give us real and immediate ways to combat global warming, incentivize the production of renewable energy, and replace fossil fuels. What is blockchain? If you’ve heard of Bitcoin, blockchain is the technology that powers it. Blockchain allows data to be recorded on a distributed ledger in a way that cannot be changed. Why does it matter? The key benefit of blockchain as a technology is that it enables parties that do not know each other or trust each other to do business together and still feel secure.  Applications running on the blockchain can take advantage of smart contracts that trigger certain events (for example, payment) when particular milestones are met – so long as some form of proof is presented that a particular milestone has been met. More:  Blockchain has the potential to do amazing things, but it needs a reboot Together, blockchain as a technology, and the advent of smart contracts running on it, have the potential to change everything, much the same way that internet technology changed everything in the ...
Read More
Blockchain and the Future of Energy
BNN Bloomberg | Nisha Gopalan and Andy Mukherjee | Jul 14, 2018 (Bloomberg Opinion) -- Can’t code, or speak Bahasa? Didn’t go to school with a CEO’s son or daughter? A robot will take your trading seat. Read on if you want to save your job. The threat from automation is in the flows part of banks’ global markets business, the most important chunk of the biggest division of investment banking. Investment banks garner 70 percent of their revenue from global markets, made up of trading stocks and bonds, as well as structuring derivatives products and financing; the remaining 30 percent comes from advisory services like shepherding M&As or helping companies raise equity and debt. The higher-margin areas within markets — from structuring to swaps — is relationship-oriented, and therefore (relatively) safe from robot overlords. And it happens to be a big contributor to the 70 percent pie, especially in Asia, where commissions on equities and fixed-income trades are sinking fast, and language and client connections play a big role. Good news? Read on. With the flows business comprising 51 percent of banks’ global markets revenue of $109.8 billion last year, according to Coalition data, automation of even vanilla trades is no small threat. Besides, the 30 percent ...
Read More
Lifehacks for When a Robot Wants Your Job
Crowdfund Insider | Cali Haan | Jul 9, 2018 The Ontario Securities Commission (OSC) published its 2018-2019 “Statement of Priorities” June 5th, but the document provides zero helpful guidance to Ontario companies trying to engage with cutting-edge blockchain-based financial technologies, says Toronto-based blockchain lawyer Amy ter Haar. The “OSC…Statement of Priorities for the Financial Year to End March 31, 2019” restates the commission’s ongoing commitment to investor protection, reduction of regulatory burden and the enhancement of staffing diversity. But according to ter Haar, when it comes to areas like ICOs (Initial Coin Offerings), “tokenized securities” and blockchain for fintech, the agency is painfully vague. “The entire investment community is looking to the OSC and CSA for guidance around blockchain and cryptocurrencies and it is disappointing that this hasn’t been highlighted as a priority,” wrote a frustrated Ter Haar via LinkedIN. While it is clear from the “Statement of Priorities” that the OSC has many concerns in its purview, the document’s reliance on fuzzy platitudes regarding Fintech suggests sluggishness at commission and the downright neglect of a growth industry supercharging across the globe: “There are two sides to industry health. Investor protection is just one side of it…However we categorize cryptocurrencies ...
Read More
Ontario Securities Commission “Doesn’t Really Know What’s Going On” in Blockchain Fintech, Says Lawyer
About NCFA Canada | C. Asano | July 9, 2018 TORONTO, JUL 9, 2018 – The National Crowdfunding & Fintech Association of Canada (NCFA) today announced that Charlene Cieslik, Chief Anti-Money Laundering Officer (CAMLO) of Coinsquare, has joined the Association`s growing Advisory Group to advise on the areas Compliance and Anti-Money Laundering (view). Charlene Cieslik is the Chief Anti Money Laundering Officer of Coinsquare, Canada's most secure digital asset exchange for buying bitcoin, ethereum, and other digital currencies.  During her 20-year career, Charlene has held roles as the Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Anti-Bribery Officer, and Chief Privacy Officer at several Canadian and Foreign scheduled banks, where she was responsible for the development, remediation, and execution of AML/ATF, anti-bribery, regulatory, and privacy programs. Charlene has worked with several “Big 4” accounting firms and a Canadian fintech company, where she has assisted global financial institutions with AML/ATF program development, particularly with post-regulatory exam remediation and AML/ATF investigations. Charlene holds a Master’s degree in Criminology from the University of Toronto, is a Certified Anti-Money Laundering Specialist, and was an original founder of the Toronto ACAMS Chapter.  She has lectured as a Professor at Seneca College and currently teaches in ...
Read More
Charlene Cieslik, Chief Anti-Money Laundering Officer of Coinsquare, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group
Crowdfund Insider | JD Alois | Jul 2, 2018 In a significant policy move by the UK government, the threshold for investment crowdfunding has been upped to €8 million thus matching the recent change by Germany which announced the same funding limit. This increase is due to a change in the Prospectus Directive. In the UK, there is no limit on how much a crowdfunding platform may raise online. But a rule requiring a full blown prospectus at €5 million has, in effect, created a significant speed bump for investment crowdfunding platforms – one that has rarely been breached due to the cost of creating and complying with a prospectus requirement. The change announced today, should have an important impact on UK crowdfunding platforms as it will help make the online capital formation industry far more viable as issuers seek larger funding amounts raised via the issuance of securities online. In the early days of UK crowdfunding most issuers raised smaller seed round amounts. Today, issuers span a far wider range of funding requirements from seed stage to scale up. Frequently, these offerings are done in partnership with professional investors such as VCs or experienced angels. See:  Competition Bureau weighs in on ...
Read More
UK Government Ups Crowdfunding without Prospectus to €8 Million – Matching Germany
Betakit | By Amira Zubairi | Jul 4, 2018 Several Canadian FinTechs have made announcements on the growth of their companies, launching new features and partnerships. Here’s the latest on these company updates. Skrumble Network raises $19.96 million Toronto-based Skrumble Network, which aims to create secure connections for communication, raised $19.96 million ($15 million USD) through its token crowd-sale. Skrumble Network said it raised the funding for its communication-centric blockchain network that will provide developers the infrastructure to build messaging apps. The company wants to help developers build messaging apps that feature secure connections, real-time voice and video calling, wallet integrations for in-context money transfers, and the ability to edit, save, and unsend messages. Skrumble Network said its broader goal is to address data privacy concerns and allow users to take back ownership of their personal data. The company uses a consensus-based algorithm derived from unique session IDs, which enable private peer-to-peer connections. “Social media has completely changed the face of communication, and now, data privacy and ownership is one of the biggest concerns of this time. 2.2 billion users around the world have trusted Facebook with their information; 87 million of those users received a wake-up call…when they got ...
Read More
Today in FinTech: Skrumble Network raises $19 million CAD in ICO, Goldmoney partners with Malbex Resources

 

Share

Binance Coin Burn Is Around The Corner – How The Coin Burn Works

Share

Oracle Times | | Jul 9, 2018

The crypto world and the technology behind it are still intriguing for traders and investors as well from all over the world.

A token burn is a common occurrence, and some crypto companies may decide to burn some of their tokens from the circulating supply for more reasons. This is known as coin burning, and it has been conducted by various token developers as a tool to increase demand.

Binance coin burning is approaching

Binance is on the verge of its quarterly coin buyback and burn of its Ethereum-based token Binance Coin (BNB).

The company’s whitepaper explained how the coin burn works and states that “every quarter, we will use 20% of our profits to buy back BNB and destroy them until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.”

The structure will make the coin more attractive to investors

Binance has initially created 200 million BNB, and they promised that no more coins will be generated ever again. This structure is designed to make the coin more attractive to investors thanks to its deflationary nature.

See:  Coinsquare’s CEO Is Focused On Expanding Services While Gaining Public Trust

Until now, Binance managed to execute three coin burns three months apart and the first one was back in October when 986,000 BNB coins have been burned.

The next burn came in January 2018 when 1,821,586 BNB were burned, and the third burn was in April when 2,220,314 BNB had been burned.

If the burning process respects the same schedule, this would mean that the next burn is scheduled for a week from now sometime between July 15 and July 18.

Continue to the full article --> here

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Click for News:

 

Crowdfund Insider | JD Alois | Jul 18, 2018 The Monetary Policy Subcommittee, part of the House Financial Services Committee, held a hearing today addressing the emerging world of cryptocurrencies. Over the past several months, several Congressional committees have held similar hearings as policy makers seek to better understand crypto and perhaps hinder, or foster, its growth with legislation. In the Republican controlled House, representatives tend to lean more towards embracing entrepreneurship and innovation but the learning curve can be hard – especially for Members that still carry a flip phone. As previously reported, the list of witnesses included the following individuals; Dr. Rodney J. Garratt, Maxwell C. and Mary Pellish Chair, Professor of Economics, University of California Santa Barbara Dr. Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation Dr. Eswar S. Prasad, Senior Fellow, The Brookings Institution Mr. Alex J. Pollock, Distinguished Senior Fellow, R Street Institute Each of the witnesses provided a different perspective on the potential for cryptocurrencies, the value provided, and whether, or not, a central bank should issue central bank digital currency (CBDC) – a hot topic within the crypto policy world. See:  The forces of change are trumping banks and regulators ...
Read More
Congressional Hearing on The Future of Money & Crypto: “These Innovations Should be Fostered Not Smothered”
Pymnts.com | Jul 17, 2018 When one tries to Google the phrase “millennials and mortgages,” something curious happens. Two different – and in some cases, mutually exclusive sounding – accounts of millennials and their home-buying habits, or lack thereof, emerge. Millennials are either dragging down the housing market because they can’t/won’t buy houses, or millennials are both leading the modern mortgage market and simultaneously leading it into the digital age. It’s a lot of apparently contradictory data about a rising generation of consumers that is often discussed, but not nearly as often well-understood. The upshot is that millennials are buying houses – but not at the rates that consumers in the same age cohort have historically bought homes. “Historically low mortgage rates and increasingly favorable employment conditions should have generated a far greater number of home purchases by young adults, especially in the last five years,” said Sam Khater, chief economist at Freddie Mac. And the fact that they haven’t has turned up a lot of data, revealing that the market for millennial real estate consumers remains an extremely uneven and, for many, rather uncertain place. The Complex Demographic Born between 1980 and 2000 (roughly), the millennial generation is a ...
Read More
Millennials Turn To Crowdfunding For Mortgage Down Payments
Bloomberg | By Michael Patterson and Andrea Tan | Jul 16, 2018 It might be the definitive sign that cryptocurrencies have arrived on Wall Street. CFA Institute, whose grueling three-level program has helped train more than 150,000 financial professionals, is adding topics on cryptocurrencies and blockchain to its Level I and II curriculums for the first time next year. Material for the 2019 exams will be released in August, giving candidates their first opportunity to start logging a recommended 300 hours of study time. CFA added the topics, part of a new reading called Fintech in Investment Management, after industry participants showed surging interest in surveys and focus groups. The worlds of finance and crypto have become increasingly intertwined after last year’s Bitcoin boom, with regulated futures now trading in Chicago, blue-chip firms like Goldman Sachs Group Inc. dabbling in digital assets, and scores of Wall Streeters joining crypto-related startups. More:  Traders With Pockets Full of Crypto Quit Wall Street While digital coins have tumbled in 2018 and the real-world impact of blockchain ventures has thus far been limited, some observers say the technology could ultimately transform swathes of the global financial system. “We saw the field advancing more quickly ...
Read More
‘This Is Not a Passing Fad’: CFA Exam Adds Crypto, Blockchain Topics
Oracle Times | Andreas Townsend | Jul 9, 2018 The crypto world and the technology behind it are still intriguing for traders and investors as well from all over the world. A token burn is a common occurrence, and some crypto companies may decide to burn some of their tokens from the circulating supply for more reasons. This is known as coin burning, and it has been conducted by various token developers as a tool to increase demand. Binance coin burning is approaching Binance is on the verge of its quarterly coin buyback and burn of its Ethereum-based token Binance Coin (BNB). The company’s whitepaper explained how the coin burn works and states that “every quarter, we will use 20% of our profits to buy back BNB and destroy them until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.” The structure will make the coin more attractive to investors Binance has initially created 200 million BNB, and they promised that no more coins will be generated ever again. This structure is designed to make the coin more attractive to investors ...
Read More
Binance Coin Burn Is Around The Corner – How The Coin Burn Works
North American Clean Energy | Jul 15, 2018 Blockchain is coming to the energy world and its impact will be massive. It will accelerate the transition to renewables and give us real and immediate ways to combat global warming, incentivize the production of renewable energy, and replace fossil fuels. What is blockchain? If you’ve heard of Bitcoin, blockchain is the technology that powers it. Blockchain allows data to be recorded on a distributed ledger in a way that cannot be changed. Why does it matter? The key benefit of blockchain as a technology is that it enables parties that do not know each other or trust each other to do business together and still feel secure.  Applications running on the blockchain can take advantage of smart contracts that trigger certain events (for example, payment) when particular milestones are met – so long as some form of proof is presented that a particular milestone has been met. More:  Blockchain has the potential to do amazing things, but it needs a reboot Together, blockchain as a technology, and the advent of smart contracts running on it, have the potential to change everything, much the same way that internet technology changed everything in the ...
Read More
Blockchain and the Future of Energy
BNN Bloomberg | Nisha Gopalan and Andy Mukherjee | Jul 14, 2018 (Bloomberg Opinion) -- Can’t code, or speak Bahasa? Didn’t go to school with a CEO’s son or daughter? A robot will take your trading seat. Read on if you want to save your job. The threat from automation is in the flows part of banks’ global markets business, the most important chunk of the biggest division of investment banking. Investment banks garner 70 percent of their revenue from global markets, made up of trading stocks and bonds, as well as structuring derivatives products and financing; the remaining 30 percent comes from advisory services like shepherding M&As or helping companies raise equity and debt. The higher-margin areas within markets — from structuring to swaps — is relationship-oriented, and therefore (relatively) safe from robot overlords. And it happens to be a big contributor to the 70 percent pie, especially in Asia, where commissions on equities and fixed-income trades are sinking fast, and language and client connections play a big role. Good news? Read on. With the flows business comprising 51 percent of banks’ global markets revenue of $109.8 billion last year, according to Coalition data, automation of even vanilla trades is no small threat. Besides, the 30 percent ...
Read More
Lifehacks for When a Robot Wants Your Job
Crowdfund Insider | Cali Haan | Jul 9, 2018 The Ontario Securities Commission (OSC) published its 2018-2019 “Statement of Priorities” June 5th, but the document provides zero helpful guidance to Ontario companies trying to engage with cutting-edge blockchain-based financial technologies, says Toronto-based blockchain lawyer Amy ter Haar. The “OSC…Statement of Priorities for the Financial Year to End March 31, 2019” restates the commission’s ongoing commitment to investor protection, reduction of regulatory burden and the enhancement of staffing diversity. But according to ter Haar, when it comes to areas like ICOs (Initial Coin Offerings), “tokenized securities” and blockchain for fintech, the agency is painfully vague. “The entire investment community is looking to the OSC and CSA for guidance around blockchain and cryptocurrencies and it is disappointing that this hasn’t been highlighted as a priority,” wrote a frustrated Ter Haar via LinkedIN. While it is clear from the “Statement of Priorities” that the OSC has many concerns in its purview, the document’s reliance on fuzzy platitudes regarding Fintech suggests sluggishness at commission and the downright neglect of a growth industry supercharging across the globe: “There are two sides to industry health. Investor protection is just one side of it…However we categorize cryptocurrencies ...
Read More
Ontario Securities Commission “Doesn’t Really Know What’s Going On” in Blockchain Fintech, Says Lawyer
About NCFA Canada | C. Asano | July 9, 2018 TORONTO, JUL 9, 2018 – The National Crowdfunding & Fintech Association of Canada (NCFA) today announced that Charlene Cieslik, Chief Anti-Money Laundering Officer (CAMLO) of Coinsquare, has joined the Association`s growing Advisory Group to advise on the areas Compliance and Anti-Money Laundering (view). Charlene Cieslik is the Chief Anti Money Laundering Officer of Coinsquare, Canada's most secure digital asset exchange for buying bitcoin, ethereum, and other digital currencies.  During her 20-year career, Charlene has held roles as the Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Anti-Bribery Officer, and Chief Privacy Officer at several Canadian and Foreign scheduled banks, where she was responsible for the development, remediation, and execution of AML/ATF, anti-bribery, regulatory, and privacy programs. Charlene has worked with several “Big 4” accounting firms and a Canadian fintech company, where she has assisted global financial institutions with AML/ATF program development, particularly with post-regulatory exam remediation and AML/ATF investigations. Charlene holds a Master’s degree in Criminology from the University of Toronto, is a Certified Anti-Money Laundering Specialist, and was an original founder of the Toronto ACAMS Chapter.  She has lectured as a Professor at Seneca College and currently teaches in ...
Read More
Charlene Cieslik, Chief Anti-Money Laundering Officer of Coinsquare, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group
Crowdfund Insider | JD Alois | Jul 2, 2018 In a significant policy move by the UK government, the threshold for investment crowdfunding has been upped to €8 million thus matching the recent change by Germany which announced the same funding limit. This increase is due to a change in the Prospectus Directive. In the UK, there is no limit on how much a crowdfunding platform may raise online. But a rule requiring a full blown prospectus at €5 million has, in effect, created a significant speed bump for investment crowdfunding platforms – one that has rarely been breached due to the cost of creating and complying with a prospectus requirement. The change announced today, should have an important impact on UK crowdfunding platforms as it will help make the online capital formation industry far more viable as issuers seek larger funding amounts raised via the issuance of securities online. In the early days of UK crowdfunding most issuers raised smaller seed round amounts. Today, issuers span a far wider range of funding requirements from seed stage to scale up. Frequently, these offerings are done in partnership with professional investors such as VCs or experienced angels. See:  Competition Bureau weighs in on ...
Read More
UK Government Ups Crowdfunding without Prospectus to €8 Million – Matching Germany
Betakit | By Amira Zubairi | Jul 4, 2018 Several Canadian FinTechs have made announcements on the growth of their companies, launching new features and partnerships. Here’s the latest on these company updates. Skrumble Network raises $19.96 million Toronto-based Skrumble Network, which aims to create secure connections for communication, raised $19.96 million ($15 million USD) through its token crowd-sale. Skrumble Network said it raised the funding for its communication-centric blockchain network that will provide developers the infrastructure to build messaging apps. The company wants to help developers build messaging apps that feature secure connections, real-time voice and video calling, wallet integrations for in-context money transfers, and the ability to edit, save, and unsend messages. Skrumble Network said its broader goal is to address data privacy concerns and allow users to take back ownership of their personal data. The company uses a consensus-based algorithm derived from unique session IDs, which enable private peer-to-peer connections. “Social media has completely changed the face of communication, and now, data privacy and ownership is one of the biggest concerns of this time. 2.2 billion users around the world have trusted Facebook with their information; 87 million of those users received a wake-up call…when they got ...
Read More
Today in FinTech: Skrumble Network raises $19 million CAD in ICO, Goldmoney partners with Malbex Resources

 

Share

Lifehacks for When a Robot Wants Your Job

Share

BNN Bloomberg | Nisha Gopalan and Andy Mukherjee | Jul 14, 2018

(Bloomberg Opinion) -- Can’t code, or speak Bahasa? Didn’t go to school with a CEO’s son or daughter? A robot will take your trading seat. Read on if you want to save your job.

The threat from automation is in the flows part of banks’ global markets business, the most important chunk of the biggest division of investment banking. Investment banks garner 70 percent of their revenue from global markets, made up of trading stocks and bonds, as well as structuring derivatives products and financing; the remaining 30 percent comes from advisory services like shepherding M&As or helping companies raise equity and debt.

The higher-margin areas within markets — from structuring to swaps — is relationship-oriented, and therefore (relatively) safe from robot overlords. And it happens to be a big contributor to the 70 percent pie, especially in Asia, where commissions on equities and fixed-income trades are sinking fast, and language and client connections play a big role. Good news? Read on.

With the flows business comprising 51 percent of banks’ global markets revenue of $109.8 billion last year, according to Coalition data, automation of even vanilla trades is no small threat. Besides, the 30 percent advisory pie of investment banking revenue outside global markets only pays well when banks counsel on large cross-border transactions or underwrite big IPOs.

See:  Charlene Cieslik, Chief Anti-Money Laundering Officer of Coinsquare, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group

In Asia, the former is largely a Japanese game since China pulled the plug on deal-making by its overly ambitious conglomerates. And large share sales only happen in a few markets. India may be the second-biggest destination for cheap Xiaomi phones, but the Chinese firm’s Hong Kong IPO probably made more for banks than the entire Indian equity advisory industry will earn in fees this year, as a senior finance executive told one of us.

Desks have already shrunk, and will get smaller still. A decade from now all trading will be electronic. Last year, JPMorgan Chase & Co. Chairman Jamie Dimon famously boasted of a currency trader that made a $100 million bet via a cell phone. That’s the shape of things to come.

In contrast to the early days of the 2008 financial crisis, when tech was culled to cut costs, digital upgrades are now seen as both an operational necessity and a strategic differentiator. Tech spending in global-markets divisions of investment banks has risen to $16.5 billion at the 12 institutions Coalition canvassed, from $13.8 billion in 2013. A chunk of that is maintenance of bulky legacy systems, but Amrit Shahani, a London-based research director at Coalition, says large Wall Street and European banks are each spending around 10 percent, or a giddy $1 billion of their annual revenue, to stay relevant.

Chief technology officers are pushing for even bigger budgets. Their teams are the financial coders who’ve created bespoke systems for Goldman Sachs Group Inc. and the like and who are increasingly sitting on trading floors so that precious minutes aren’t wasted talking to someone in Bangalore when a huge deal blows up. Contract workers from third-party firms like PageGroup Plc’s Michael Page and Robert Walters Plc are getting seconded for a few years to help run trading floors smoothly. Headhunters say a $155,000 salary (excluding bonuses) for someone with eight years’ experience isn’t uncommon in Hong Kong, for instance. It’s not exactly banker comp, but it’s rising much faster.

Beyond the coders are the bankers-cum-traders-cum-tech thinkers.

See:  The world’s new oil and AI’s imminent impact on the future of Fintech

Nomura Holdings Inc. in February hired Jezri Mohideen, a former senior trader at Royal Bank of Scotland Group Plc and Brevan Howard Asset Management, to be its global chief digital officer for investment banking. Based in Dubai, part of his job is to set up artificial-intelligence labs and merge the old and new worlds of asset custody.

Talk to any senior banker or trader and they’ll tell you there’s a lot of soul-searching going on amid threats from fintech and blockchain. The challenges are even more pressing for consumer and private banks, as well as in some corners of corporate lending such as trade finance.

Barclays Plc’s wealth management and investment operations head in the U.K. is Dirk Klee, previously at UBS Group AG’s wealth arm in technology and digital services. Singapore’s DBS Group Holdings Ltd. CEO Piyush Gupta is using open-application-programming interfaces to blur the boundaries between payments and commerce. If he doesn’t do it, Ant Financial’s Alipay or upstarts such as ride-hailing service PT Go-Jek Indonesia surely will. In trade finance, using blockchain to retire paperwork older than Shakespeare’s “Merchant of Venice” is a project both Singapore and Hong Kong are working on.

Continue to the full article --> here


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Click for News:

 

Crowdfund Insider | JD Alois | Jul 18, 2018 The Monetary Policy Subcommittee, part of the House Financial Services Committee, held a hearing today addressing the emerging world of cryptocurrencies. Over the past several months, several Congressional committees have held similar hearings as policy makers seek to better understand crypto and perhaps hinder, or foster, its growth with legislation. In the Republican controlled House, representatives tend to lean more towards embracing entrepreneurship and innovation but the learning curve can be hard – especially for Members that still carry a flip phone. As previously reported, the list of witnesses included the following individuals; Dr. Rodney J. Garratt, Maxwell C. and Mary Pellish Chair, Professor of Economics, University of California Santa Barbara Dr. Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation Dr. Eswar S. Prasad, Senior Fellow, The Brookings Institution Mr. Alex J. Pollock, Distinguished Senior Fellow, R Street Institute Each of the witnesses provided a different perspective on the potential for cryptocurrencies, the value provided, and whether, or not, a central bank should issue central bank digital currency (CBDC) – a hot topic within the crypto policy world. See:  The forces of change are trumping banks and regulators ...
Read More
Congressional Hearing on The Future of Money & Crypto: “These Innovations Should be Fostered Not Smothered”
Pymnts.com | Jul 17, 2018 When one tries to Google the phrase “millennials and mortgages,” something curious happens. Two different – and in some cases, mutually exclusive sounding – accounts of millennials and their home-buying habits, or lack thereof, emerge. Millennials are either dragging down the housing market because they can’t/won’t buy houses, or millennials are both leading the modern mortgage market and simultaneously leading it into the digital age. It’s a lot of apparently contradictory data about a rising generation of consumers that is often discussed, but not nearly as often well-understood. The upshot is that millennials are buying houses – but not at the rates that consumers in the same age cohort have historically bought homes. “Historically low mortgage rates and increasingly favorable employment conditions should have generated a far greater number of home purchases by young adults, especially in the last five years,” said Sam Khater, chief economist at Freddie Mac. And the fact that they haven’t has turned up a lot of data, revealing that the market for millennial real estate consumers remains an extremely uneven and, for many, rather uncertain place. The Complex Demographic Born between 1980 and 2000 (roughly), the millennial generation is a ...
Read More
Millennials Turn To Crowdfunding For Mortgage Down Payments
Bloomberg | By Michael Patterson and Andrea Tan | Jul 16, 2018 It might be the definitive sign that cryptocurrencies have arrived on Wall Street. CFA Institute, whose grueling three-level program has helped train more than 150,000 financial professionals, is adding topics on cryptocurrencies and blockchain to its Level I and II curriculums for the first time next year. Material for the 2019 exams will be released in August, giving candidates their first opportunity to start logging a recommended 300 hours of study time. CFA added the topics, part of a new reading called Fintech in Investment Management, after industry participants showed surging interest in surveys and focus groups. The worlds of finance and crypto have become increasingly intertwined after last year’s Bitcoin boom, with regulated futures now trading in Chicago, blue-chip firms like Goldman Sachs Group Inc. dabbling in digital assets, and scores of Wall Streeters joining crypto-related startups. More:  Traders With Pockets Full of Crypto Quit Wall Street While digital coins have tumbled in 2018 and the real-world impact of blockchain ventures has thus far been limited, some observers say the technology could ultimately transform swathes of the global financial system. “We saw the field advancing more quickly ...
Read More
‘This Is Not a Passing Fad’: CFA Exam Adds Crypto, Blockchain Topics
Oracle Times | Andreas Townsend | Jul 9, 2018 The crypto world and the technology behind it are still intriguing for traders and investors as well from all over the world. A token burn is a common occurrence, and some crypto companies may decide to burn some of their tokens from the circulating supply for more reasons. This is known as coin burning, and it has been conducted by various token developers as a tool to increase demand. Binance coin burning is approaching Binance is on the verge of its quarterly coin buyback and burn of its Ethereum-based token Binance Coin (BNB). The company’s whitepaper explained how the coin burn works and states that “every quarter, we will use 20% of our profits to buy back BNB and destroy them until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.” The structure will make the coin more attractive to investors Binance has initially created 200 million BNB, and they promised that no more coins will be generated ever again. This structure is designed to make the coin more attractive to investors ...
Read More
Binance Coin Burn Is Around The Corner – How The Coin Burn Works
North American Clean Energy | Jul 15, 2018 Blockchain is coming to the energy world and its impact will be massive. It will accelerate the transition to renewables and give us real and immediate ways to combat global warming, incentivize the production of renewable energy, and replace fossil fuels. What is blockchain? If you’ve heard of Bitcoin, blockchain is the technology that powers it. Blockchain allows data to be recorded on a distributed ledger in a way that cannot be changed. Why does it matter? The key benefit of blockchain as a technology is that it enables parties that do not know each other or trust each other to do business together and still feel secure.  Applications running on the blockchain can take advantage of smart contracts that trigger certain events (for example, payment) when particular milestones are met – so long as some form of proof is presented that a particular milestone has been met. More:  Blockchain has the potential to do amazing things, but it needs a reboot Together, blockchain as a technology, and the advent of smart contracts running on it, have the potential to change everything, much the same way that internet technology changed everything in the ...
Read More
Blockchain and the Future of Energy
BNN Bloomberg | Nisha Gopalan and Andy Mukherjee | Jul 14, 2018 (Bloomberg Opinion) -- Can’t code, or speak Bahasa? Didn’t go to school with a CEO’s son or daughter? A robot will take your trading seat. Read on if you want to save your job. The threat from automation is in the flows part of banks’ global markets business, the most important chunk of the biggest division of investment banking. Investment banks garner 70 percent of their revenue from global markets, made up of trading stocks and bonds, as well as structuring derivatives products and financing; the remaining 30 percent comes from advisory services like shepherding M&As or helping companies raise equity and debt. The higher-margin areas within markets — from structuring to swaps — is relationship-oriented, and therefore (relatively) safe from robot overlords. And it happens to be a big contributor to the 70 percent pie, especially in Asia, where commissions on equities and fixed-income trades are sinking fast, and language and client connections play a big role. Good news? Read on. With the flows business comprising 51 percent of banks’ global markets revenue of $109.8 billion last year, according to Coalition data, automation of even vanilla trades is no small threat. Besides, the 30 percent ...
Read More
Lifehacks for When a Robot Wants Your Job
Crowdfund Insider | Cali Haan | Jul 9, 2018 The Ontario Securities Commission (OSC) published its 2018-2019 “Statement of Priorities” June 5th, but the document provides zero helpful guidance to Ontario companies trying to engage with cutting-edge blockchain-based financial technologies, says Toronto-based blockchain lawyer Amy ter Haar. The “OSC…Statement of Priorities for the Financial Year to End March 31, 2019” restates the commission’s ongoing commitment to investor protection, reduction of regulatory burden and the enhancement of staffing diversity. But according to ter Haar, when it comes to areas like ICOs (Initial Coin Offerings), “tokenized securities” and blockchain for fintech, the agency is painfully vague. “The entire investment community is looking to the OSC and CSA for guidance around blockchain and cryptocurrencies and it is disappointing that this hasn’t been highlighted as a priority,” wrote a frustrated Ter Haar via LinkedIN. While it is clear from the “Statement of Priorities” that the OSC has many concerns in its purview, the document’s reliance on fuzzy platitudes regarding Fintech suggests sluggishness at commission and the downright neglect of a growth industry supercharging across the globe: “There are two sides to industry health. Investor protection is just one side of it…However we categorize cryptocurrencies ...
Read More
Ontario Securities Commission “Doesn’t Really Know What’s Going On” in Blockchain Fintech, Says Lawyer
About NCFA Canada | C. Asano | July 9, 2018 TORONTO, JUL 9, 2018 – The National Crowdfunding & Fintech Association of Canada (NCFA) today announced that Charlene Cieslik, Chief Anti-Money Laundering Officer (CAMLO) of Coinsquare, has joined the Association`s growing Advisory Group to advise on the areas Compliance and Anti-Money Laundering (view). Charlene Cieslik is the Chief Anti Money Laundering Officer of Coinsquare, Canada's most secure digital asset exchange for buying bitcoin, ethereum, and other digital currencies.  During her 20-year career, Charlene has held roles as the Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Anti-Bribery Officer, and Chief Privacy Officer at several Canadian and Foreign scheduled banks, where she was responsible for the development, remediation, and execution of AML/ATF, anti-bribery, regulatory, and privacy programs. Charlene has worked with several “Big 4” accounting firms and a Canadian fintech company, where she has assisted global financial institutions with AML/ATF program development, particularly with post-regulatory exam remediation and AML/ATF investigations. Charlene holds a Master’s degree in Criminology from the University of Toronto, is a Certified Anti-Money Laundering Specialist, and was an original founder of the Toronto ACAMS Chapter.  She has lectured as a Professor at Seneca College and currently teaches in ...
Read More
Charlene Cieslik, Chief Anti-Money Laundering Officer of Coinsquare, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group
Crowdfund Insider | JD Alois | Jul 2, 2018 In a significant policy move by the UK government, the threshold for investment crowdfunding has been upped to €8 million thus matching the recent change by Germany which announced the same funding limit. This increase is due to a change in the Prospectus Directive. In the UK, there is no limit on how much a crowdfunding platform may raise online. But a rule requiring a full blown prospectus at €5 million has, in effect, created a significant speed bump for investment crowdfunding platforms – one that has rarely been breached due to the cost of creating and complying with a prospectus requirement. The change announced today, should have an important impact on UK crowdfunding platforms as it will help make the online capital formation industry far more viable as issuers seek larger funding amounts raised via the issuance of securities online. In the early days of UK crowdfunding most issuers raised smaller seed round amounts. Today, issuers span a far wider range of funding requirements from seed stage to scale up. Frequently, these offerings are done in partnership with professional investors such as VCs or experienced angels. See:  Competition Bureau weighs in on ...
Read More
UK Government Ups Crowdfunding without Prospectus to €8 Million – Matching Germany
Betakit | By Amira Zubairi | Jul 4, 2018 Several Canadian FinTechs have made announcements on the growth of their companies, launching new features and partnerships. Here’s the latest on these company updates. Skrumble Network raises $19.96 million Toronto-based Skrumble Network, which aims to create secure connections for communication, raised $19.96 million ($15 million USD) through its token crowd-sale. Skrumble Network said it raised the funding for its communication-centric blockchain network that will provide developers the infrastructure to build messaging apps. The company wants to help developers build messaging apps that feature secure connections, real-time voice and video calling, wallet integrations for in-context money transfers, and the ability to edit, save, and unsend messages. Skrumble Network said its broader goal is to address data privacy concerns and allow users to take back ownership of their personal data. The company uses a consensus-based algorithm derived from unique session IDs, which enable private peer-to-peer connections. “Social media has completely changed the face of communication, and now, data privacy and ownership is one of the biggest concerns of this time. 2.2 billion users around the world have trusted Facebook with their information; 87 million of those users received a wake-up call…when they got ...
Read More
Today in FinTech: Skrumble Network raises $19 million CAD in ICO, Goldmoney partners with Malbex Resources

 

Share

UK Government Ups Crowdfunding without Prospectus to €8 Million – Matching Germany

Share

Crowdfund Insider | | Jul 2, 2018

In a significant policy move by the UK government, the threshold for investment crowdfunding has been upped to €8 million thus matching the recent change by Germany which announced the same funding limit. This increase is due to a change in the Prospectus Directive.

In the UK, there is no limit on how much a crowdfunding platform may raise online. But a rule requiring a full blown prospectus at €5 million has, in effect, created a significant speed bump for investment crowdfunding platforms – one that has rarely been breached due to the cost of creating and complying with a prospectus requirement.

The change announced today, should have an important impact on UK crowdfunding platforms as it will help make the online capital formation industry far more viable as issuers seek larger funding amounts raised via the issuance of securities online. In the early days of UK crowdfunding most issuers raised smaller seed round amounts. Today, issuers span a far wider range of funding requirements from seed stage to scale up. Frequently, these offerings are done in partnership with professional investors such as VCs or experienced angels.

See: 

The industry leadership organization, the UK Crowdfunding Association (UKCFA), welcomed the UK government’s decision to change the rule – a change that becomes actionable almost immediately – on July 21st.

Investment crowdfunding platforms, both debt and equity, have been increasing the scale and scope of investment offers with many platforms already consistently raising the maximum €5 million for SME’s and infrastructure projects in the UK. The extension is said to enable a new age of crowdfunding for larger businesses and tackle more significant infrastructure projects in a diverse sector of industry.

A spokesperson for the UKCFA shared a statement with CI:

“Our members are already working now on investment offers which could take advantage of this opportunity for larger, more efficient capital raising through investment based crowdfunding without compromising on levels of due diligence. The economics of the previous threshold no longer added up, creating a distortion in the market which has now been addressed. This means that a new sector of ‘scale up’ businesses will be able to benefit from the option of choosing crowdfunding as a route to funding their growth and success.  It also helps maintain the UK’s competitive position as a great place to start and scale a business.”

Continue to the full article --> here


Click for News:

 

Crowdfund Insider | JD Alois | Jul 18, 2018 The Monetary Policy Subcommittee, part of the House Financial Services Committee, held a hearing today addressing the emerging world of cryptocurrencies. Over the past several months, several Congressional committees have held similar hearings as policy makers seek to better understand crypto and perhaps hinder, or foster, its growth with legislation. In the Republican controlled House, representatives tend to lean more towards embracing entrepreneurship and innovation but the learning curve can be hard – especially for Members that still carry a flip phone. As previously reported, the list of witnesses included the following individuals; Dr. Rodney J. Garratt, Maxwell C. and Mary Pellish Chair, Professor of Economics, University of California Santa Barbara Dr. Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation Dr. Eswar S. Prasad, Senior Fellow, The Brookings Institution Mr. Alex J. Pollock, Distinguished Senior Fellow, R Street Institute Each of the witnesses provided a different perspective on the potential for cryptocurrencies, the value provided, and whether, or not, a central bank should issue central bank digital currency (CBDC) – a hot topic within the crypto policy world. See:  The forces of change are trumping banks and regulators ...
Read More
Congressional Hearing on The Future of Money & Crypto: “These Innovations Should be Fostered Not Smothered”
Pymnts.com | Jul 17, 2018 When one tries to Google the phrase “millennials and mortgages,” something curious happens. Two different – and in some cases, mutually exclusive sounding – accounts of millennials and their home-buying habits, or lack thereof, emerge. Millennials are either dragging down the housing market because they can’t/won’t buy houses, or millennials are both leading the modern mortgage market and simultaneously leading it into the digital age. It’s a lot of apparently contradictory data about a rising generation of consumers that is often discussed, but not nearly as often well-understood. The upshot is that millennials are buying houses – but not at the rates that consumers in the same age cohort have historically bought homes. “Historically low mortgage rates and increasingly favorable employment conditions should have generated a far greater number of home purchases by young adults, especially in the last five years,” said Sam Khater, chief economist at Freddie Mac. And the fact that they haven’t has turned up a lot of data, revealing that the market for millennial real estate consumers remains an extremely uneven and, for many, rather uncertain place. The Complex Demographic Born between 1980 and 2000 (roughly), the millennial generation is a ...
Read More
Millennials Turn To Crowdfunding For Mortgage Down Payments
Bloomberg | By Michael Patterson and Andrea Tan | Jul 16, 2018 It might be the definitive sign that cryptocurrencies have arrived on Wall Street. CFA Institute, whose grueling three-level program has helped train more than 150,000 financial professionals, is adding topics on cryptocurrencies and blockchain to its Level I and II curriculums for the first time next year. Material for the 2019 exams will be released in August, giving candidates their first opportunity to start logging a recommended 300 hours of study time. CFA added the topics, part of a new reading called Fintech in Investment Management, after industry participants showed surging interest in surveys and focus groups. The worlds of finance and crypto have become increasingly intertwined after last year’s Bitcoin boom, with regulated futures now trading in Chicago, blue-chip firms like Goldman Sachs Group Inc. dabbling in digital assets, and scores of Wall Streeters joining crypto-related startups. More:  Traders With Pockets Full of Crypto Quit Wall Street While digital coins have tumbled in 2018 and the real-world impact of blockchain ventures has thus far been limited, some observers say the technology could ultimately transform swathes of the global financial system. “We saw the field advancing more quickly ...
Read More
‘This Is Not a Passing Fad’: CFA Exam Adds Crypto, Blockchain Topics
Oracle Times | Andreas Townsend | Jul 9, 2018 The crypto world and the technology behind it are still intriguing for traders and investors as well from all over the world. A token burn is a common occurrence, and some crypto companies may decide to burn some of their tokens from the circulating supply for more reasons. This is known as coin burning, and it has been conducted by various token developers as a tool to increase demand. Binance coin burning is approaching Binance is on the verge of its quarterly coin buyback and burn of its Ethereum-based token Binance Coin (BNB). The company’s whitepaper explained how the coin burn works and states that “every quarter, we will use 20% of our profits to buy back BNB and destroy them until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.” The structure will make the coin more attractive to investors Binance has initially created 200 million BNB, and they promised that no more coins will be generated ever again. This structure is designed to make the coin more attractive to investors ...
Read More
Binance Coin Burn Is Around The Corner – How The Coin Burn Works
North American Clean Energy | Jul 15, 2018 Blockchain is coming to the energy world and its impact will be massive. It will accelerate the transition to renewables and give us real and immediate ways to combat global warming, incentivize the production of renewable energy, and replace fossil fuels. What is blockchain? If you’ve heard of Bitcoin, blockchain is the technology that powers it. Blockchain allows data to be recorded on a distributed ledger in a way that cannot be changed. Why does it matter? The key benefit of blockchain as a technology is that it enables parties that do not know each other or trust each other to do business together and still feel secure.  Applications running on the blockchain can take advantage of smart contracts that trigger certain events (for example, payment) when particular milestones are met – so long as some form of proof is presented that a particular milestone has been met. More:  Blockchain has the potential to do amazing things, but it needs a reboot Together, blockchain as a technology, and the advent of smart contracts running on it, have the potential to change everything, much the same way that internet technology changed everything in the ...
Read More
Blockchain and the Future of Energy
BNN Bloomberg | Nisha Gopalan and Andy Mukherjee | Jul 14, 2018 (Bloomberg Opinion) -- Can’t code, or speak Bahasa? Didn’t go to school with a CEO’s son or daughter? A robot will take your trading seat. Read on if you want to save your job. The threat from automation is in the flows part of banks’ global markets business, the most important chunk of the biggest division of investment banking. Investment banks garner 70 percent of their revenue from global markets, made up of trading stocks and bonds, as well as structuring derivatives products and financing; the remaining 30 percent comes from advisory services like shepherding M&As or helping companies raise equity and debt. The higher-margin areas within markets — from structuring to swaps — is relationship-oriented, and therefore (relatively) safe from robot overlords. And it happens to be a big contributor to the 70 percent pie, especially in Asia, where commissions on equities and fixed-income trades are sinking fast, and language and client connections play a big role. Good news? Read on. With the flows business comprising 51 percent of banks’ global markets revenue of $109.8 billion last year, according to Coalition data, automation of even vanilla trades is no small threat. Besides, the 30 percent ...
Read More
Lifehacks for When a Robot Wants Your Job
Crowdfund Insider | Cali Haan | Jul 9, 2018 The Ontario Securities Commission (OSC) published its 2018-2019 “Statement of Priorities” June 5th, but the document provides zero helpful guidance to Ontario companies trying to engage with cutting-edge blockchain-based financial technologies, says Toronto-based blockchain lawyer Amy ter Haar. The “OSC…Statement of Priorities for the Financial Year to End March 31, 2019” restates the commission’s ongoing commitment to investor protection, reduction of regulatory burden and the enhancement of staffing diversity. But according to ter Haar, when it comes to areas like ICOs (Initial Coin Offerings), “tokenized securities” and blockchain for fintech, the agency is painfully vague. “The entire investment community is looking to the OSC and CSA for guidance around blockchain and cryptocurrencies and it is disappointing that this hasn’t been highlighted as a priority,” wrote a frustrated Ter Haar via LinkedIN. While it is clear from the “Statement of Priorities” that the OSC has many concerns in its purview, the document’s reliance on fuzzy platitudes regarding Fintech suggests sluggishness at commission and the downright neglect of a growth industry supercharging across the globe: “There are two sides to industry health. Investor protection is just one side of it…However we categorize cryptocurrencies ...
Read More
Ontario Securities Commission “Doesn’t Really Know What’s Going On” in Blockchain Fintech, Says Lawyer
About NCFA Canada | C. Asano | July 9, 2018 TORONTO, JUL 9, 2018 – The National Crowdfunding & Fintech Association of Canada (NCFA) today announced that Charlene Cieslik, Chief Anti-Money Laundering Officer (CAMLO) of Coinsquare, has joined the Association`s growing Advisory Group to advise on the areas Compliance and Anti-Money Laundering (view). Charlene Cieslik is the Chief Anti Money Laundering Officer of Coinsquare, Canada's most secure digital asset exchange for buying bitcoin, ethereum, and other digital currencies.  During her 20-year career, Charlene has held roles as the Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Anti-Bribery Officer, and Chief Privacy Officer at several Canadian and Foreign scheduled banks, where she was responsible for the development, remediation, and execution of AML/ATF, anti-bribery, regulatory, and privacy programs. Charlene has worked with several “Big 4” accounting firms and a Canadian fintech company, where she has assisted global financial institutions with AML/ATF program development, particularly with post-regulatory exam remediation and AML/ATF investigations. Charlene holds a Master’s degree in Criminology from the University of Toronto, is a Certified Anti-Money Laundering Specialist, and was an original founder of the Toronto ACAMS Chapter.  She has lectured as a Professor at Seneca College and currently teaches in ...
Read More
Charlene Cieslik, Chief Anti-Money Laundering Officer of Coinsquare, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group
Crowdfund Insider | JD Alois | Jul 2, 2018 In a significant policy move by the UK government, the threshold for investment crowdfunding has been upped to €8 million thus matching the recent change by Germany which announced the same funding limit. This increase is due to a change in the Prospectus Directive. In the UK, there is no limit on how much a crowdfunding platform may raise online. But a rule requiring a full blown prospectus at €5 million has, in effect, created a significant speed bump for investment crowdfunding platforms – one that has rarely been breached due to the cost of creating and complying with a prospectus requirement. The change announced today, should have an important impact on UK crowdfunding platforms as it will help make the online capital formation industry far more viable as issuers seek larger funding amounts raised via the issuance of securities online. In the early days of UK crowdfunding most issuers raised smaller seed round amounts. Today, issuers span a far wider range of funding requirements from seed stage to scale up. Frequently, these offerings are done in partnership with professional investors such as VCs or experienced angels. See:  Competition Bureau weighs in on ...
Read More
UK Government Ups Crowdfunding without Prospectus to €8 Million – Matching Germany
Betakit | By Amira Zubairi | Jul 4, 2018 Several Canadian FinTechs have made announcements on the growth of their companies, launching new features and partnerships. Here’s the latest on these company updates. Skrumble Network raises $19.96 million Toronto-based Skrumble Network, which aims to create secure connections for communication, raised $19.96 million ($15 million USD) through its token crowd-sale. Skrumble Network said it raised the funding for its communication-centric blockchain network that will provide developers the infrastructure to build messaging apps. The company wants to help developers build messaging apps that feature secure connections, real-time voice and video calling, wallet integrations for in-context money transfers, and the ability to edit, save, and unsend messages. Skrumble Network said its broader goal is to address data privacy concerns and allow users to take back ownership of their personal data. The company uses a consensus-based algorithm derived from unique session IDs, which enable private peer-to-peer connections. “Social media has completely changed the face of communication, and now, data privacy and ownership is one of the biggest concerns of this time. 2.2 billion users around the world have trusted Facebook with their information; 87 million of those users received a wake-up call…when they got ...
Read More
Today in FinTech: Skrumble Network raises $19 million CAD in ICO, Goldmoney partners with Malbex Resources

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Share

Today in FinTech: Skrumble Network raises $19 million CAD in ICO, Goldmoney partners with Malbex Resources

Share

Betakit | | Jul 4, 2018

Several Canadian FinTechs have made announcements on the growth of their companies, launching new features and partnerships. Here’s the latest on these company updates.

Skrumble Network raises $19.96 million

Toronto-based Skrumble Network, which aims to create secure connections for communication, raised $19.96 million ($15 million USD) through its token crowd-sale.

Skrumble Network said it raised the funding for its communication-centric blockchain network that will provide developers the infrastructure to build messaging apps. The company wants to help developers build messaging apps that feature secure connections, real-time voice and video calling, wallet integrations for in-context money transfers, and the ability to edit, save, and unsend messages.

Skrumble Network said its broader goal is to address data privacy concerns and allow users to take back ownership of their personal data. The company uses a consensus-based algorithm derived from unique session IDs, which enable private peer-to-peer connections.

“Social media has completely changed the face of communication, and now, data privacy and ownership is one of the biggest concerns of this time. 2.2 billion users around the world have trusted Facebook with their information; 87 million of those users received a wake-up call…when they got notifications that their personal data was compromised, sold, and used to manipulate them,” said Eric Lifson, co-founder of Skrumble Network. “Skrumble Network aims to build back the trust that has been lost since these recent events. Finally, people can connect globally and speak freely on the most secure network possible.”

Goldmoney partners with Malbex Resources

Toronto-based Goldmoney, a gold-based payments and savings platform that allows users to acquire, store, and spend gold that is stored in a secure vault, has announced a partnership with Malbex Resources, which focuses on investments in cryptocurrency and blockchain sector assets.

See:  Toronto Fintech & Funding Networking Event (Jul 11, 2018): 4th Annual NCFA Summer Kickoff!

The partnership with Malbex Resources (which will soon be renamed as COIN) will allow Goldmoney to facilitate all purchases and sales of cryptocurrencies. Goldmoney’s subsidiary BlockVault will act as a third-party qualified custodian for Malbex Resources’ crypto-asset holdings.

“Having worked with the Malbex team for over six months to achieve the proper operational structure and listing approvals, we are confident in COIN’s potential and this partnership,” said Josh Crumb, Goldmoney CSO and founder of BlockVault.

“COIN is one of the world’s first crypto-asset merchant investment businesses to achieve a listing on a major exchange, and the only one that I’m aware of that will have fully-transparent, third-party insurance and auditing on their crypto-asset portfolio.

Our relationship with COIN is an exciting first example of the types of markets we can open up with BlockVault’s institutional cold-storage technology, allowing institutional investors exposure to this new asset class while ensuring the private keys for their underlying assets are securely stored in safe custody and insured.”

Finn AI launches on the Temenos Marketplace

Finn AI, which works with financial institutions to launch AI assistants, has launched on the Temenos MarketPlace.

Temenos Marketplace is a web-based application that allows users to manage business applications on a single site. Specifically, the Marketplace allows financial institutions to access FinTech solutions.

Finn AI has been working with Temenos for almost a year. In 2017, the company participated in Temenos’ Innovation Jam competition, which focuses on uncovering exciting FinTech companies.

“Finn AI, which won Innovation Jam Miami last year, is one such company, allowing bank customers to conduct banking using simple conversation over their preferred channels,” said Ben Robinson, CSO at Temenos. “The solution has continued to evolve since then and is it now available on MarketPlace.”

“We evolve the way bank customers interact with their banks, providing them with a conversational personal banking assistant that uses artificial intelligence and natural language processing to create an experience that is relevant and modern,” said Jake Tyler, CEO of Finn AI.

“Finn AI allows bank customers to manage and learn from their money via their channel of choice – such as Facebook Messenger, native iOS and Android apps, web chat and others. Since we only work with banks, we have built a clear domain expertise that allows us to integrate faster with better results. We look forward to bringing this solution to Temenos clients all over the world.”

More:  The world’s new oil and AI’s imminent impact on the future of Fintech

Earlier this month, Finn AI announced that it is collaborating with Visa Canada to leverage its Visa Developer platform to enhance its conversational banking chatbots. Finn AI closed a $3 million bridge round led by Yaletown Partners in October 2017.

 

Continue to the full article --> here

 


Click for News:

 

Crowdfund Insider | JD Alois | Jul 18, 2018 The Monetary Policy Subcommittee, part of the House Financial Services Committee, held a hearing today addressing the emerging world of cryptocurrencies. Over the past several months, several Congressional committees have held similar hearings as policy makers seek to better understand crypto and perhaps hinder, or foster, its growth with legislation. In the Republican controlled House, representatives tend to lean more towards embracing entrepreneurship and innovation but the learning curve can be hard – especially for Members that still carry a flip phone. As previously reported, the list of witnesses included the following individuals; Dr. Rodney J. Garratt, Maxwell C. and Mary Pellish Chair, Professor of Economics, University of California Santa Barbara Dr. Norbert J. Michel, Director, Center for Data Analysis, The Heritage Foundation Dr. Eswar S. Prasad, Senior Fellow, The Brookings Institution Mr. Alex J. Pollock, Distinguished Senior Fellow, R Street Institute Each of the witnesses provided a different perspective on the potential for cryptocurrencies, the value provided, and whether, or not, a central bank should issue central bank digital currency (CBDC) – a hot topic within the crypto policy world. See:  The forces of change are trumping banks and regulators ...
Read More
Congressional Hearing on The Future of Money & Crypto: “These Innovations Should be Fostered Not Smothered”
Pymnts.com | Jul 17, 2018 When one tries to Google the phrase “millennials and mortgages,” something curious happens. Two different – and in some cases, mutually exclusive sounding – accounts of millennials and their home-buying habits, or lack thereof, emerge. Millennials are either dragging down the housing market because they can’t/won’t buy houses, or millennials are both leading the modern mortgage market and simultaneously leading it into the digital age. It’s a lot of apparently contradictory data about a rising generation of consumers that is often discussed, but not nearly as often well-understood. The upshot is that millennials are buying houses – but not at the rates that consumers in the same age cohort have historically bought homes. “Historically low mortgage rates and increasingly favorable employment conditions should have generated a far greater number of home purchases by young adults, especially in the last five years,” said Sam Khater, chief economist at Freddie Mac. And the fact that they haven’t has turned up a lot of data, revealing that the market for millennial real estate consumers remains an extremely uneven and, for many, rather uncertain place. The Complex Demographic Born between 1980 and 2000 (roughly), the millennial generation is a ...
Read More
Millennials Turn To Crowdfunding For Mortgage Down Payments
Bloomberg | By Michael Patterson and Andrea Tan | Jul 16, 2018 It might be the definitive sign that cryptocurrencies have arrived on Wall Street. CFA Institute, whose grueling three-level program has helped train more than 150,000 financial professionals, is adding topics on cryptocurrencies and blockchain to its Level I and II curriculums for the first time next year. Material for the 2019 exams will be released in August, giving candidates their first opportunity to start logging a recommended 300 hours of study time. CFA added the topics, part of a new reading called Fintech in Investment Management, after industry participants showed surging interest in surveys and focus groups. The worlds of finance and crypto have become increasingly intertwined after last year’s Bitcoin boom, with regulated futures now trading in Chicago, blue-chip firms like Goldman Sachs Group Inc. dabbling in digital assets, and scores of Wall Streeters joining crypto-related startups. More:  Traders With Pockets Full of Crypto Quit Wall Street While digital coins have tumbled in 2018 and the real-world impact of blockchain ventures has thus far been limited, some observers say the technology could ultimately transform swathes of the global financial system. “We saw the field advancing more quickly ...
Read More
‘This Is Not a Passing Fad’: CFA Exam Adds Crypto, Blockchain Topics
Oracle Times | Andreas Townsend | Jul 9, 2018 The crypto world and the technology behind it are still intriguing for traders and investors as well from all over the world. A token burn is a common occurrence, and some crypto companies may decide to burn some of their tokens from the circulating supply for more reasons. This is known as coin burning, and it has been conducted by various token developers as a tool to increase demand. Binance coin burning is approaching Binance is on the verge of its quarterly coin buyback and burn of its Ethereum-based token Binance Coin (BNB). The company’s whitepaper explained how the coin burn works and states that “every quarter, we will use 20% of our profits to buy back BNB and destroy them until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.” The structure will make the coin more attractive to investors Binance has initially created 200 million BNB, and they promised that no more coins will be generated ever again. This structure is designed to make the coin more attractive to investors ...
Read More
Binance Coin Burn Is Around The Corner – How The Coin Burn Works
North American Clean Energy | Jul 15, 2018 Blockchain is coming to the energy world and its impact will be massive. It will accelerate the transition to renewables and give us real and immediate ways to combat global warming, incentivize the production of renewable energy, and replace fossil fuels. What is blockchain? If you’ve heard of Bitcoin, blockchain is the technology that powers it. Blockchain allows data to be recorded on a distributed ledger in a way that cannot be changed. Why does it matter? The key benefit of blockchain as a technology is that it enables parties that do not know each other or trust each other to do business together and still feel secure.  Applications running on the blockchain can take advantage of smart contracts that trigger certain events (for example, payment) when particular milestones are met – so long as some form of proof is presented that a particular milestone has been met. More:  Blockchain has the potential to do amazing things, but it needs a reboot Together, blockchain as a technology, and the advent of smart contracts running on it, have the potential to change everything, much the same way that internet technology changed everything in the ...
Read More
Blockchain and the Future of Energy
BNN Bloomberg | Nisha Gopalan and Andy Mukherjee | Jul 14, 2018 (Bloomberg Opinion) -- Can’t code, or speak Bahasa? Didn’t go to school with a CEO’s son or daughter? A robot will take your trading seat. Read on if you want to save your job. The threat from automation is in the flows part of banks’ global markets business, the most important chunk of the biggest division of investment banking. Investment banks garner 70 percent of their revenue from global markets, made up of trading stocks and bonds, as well as structuring derivatives products and financing; the remaining 30 percent comes from advisory services like shepherding M&As or helping companies raise equity and debt. The higher-margin areas within markets — from structuring to swaps — is relationship-oriented, and therefore (relatively) safe from robot overlords. And it happens to be a big contributor to the 70 percent pie, especially in Asia, where commissions on equities and fixed-income trades are sinking fast, and language and client connections play a big role. Good news? Read on. With the flows business comprising 51 percent of banks’ global markets revenue of $109.8 billion last year, according to Coalition data, automation of even vanilla trades is no small threat. Besides, the 30 percent ...
Read More
Lifehacks for When a Robot Wants Your Job
Crowdfund Insider | Cali Haan | Jul 9, 2018 The Ontario Securities Commission (OSC) published its 2018-2019 “Statement of Priorities” June 5th, but the document provides zero helpful guidance to Ontario companies trying to engage with cutting-edge blockchain-based financial technologies, says Toronto-based blockchain lawyer Amy ter Haar. The “OSC…Statement of Priorities for the Financial Year to End March 31, 2019” restates the commission’s ongoing commitment to investor protection, reduction of regulatory burden and the enhancement of staffing diversity. But according to ter Haar, when it comes to areas like ICOs (Initial Coin Offerings), “tokenized securities” and blockchain for fintech, the agency is painfully vague. “The entire investment community is looking to the OSC and CSA for guidance around blockchain and cryptocurrencies and it is disappointing that this hasn’t been highlighted as a priority,” wrote a frustrated Ter Haar via LinkedIN. While it is clear from the “Statement of Priorities” that the OSC has many concerns in its purview, the document’s reliance on fuzzy platitudes regarding Fintech suggests sluggishness at commission and the downright neglect of a growth industry supercharging across the globe: “There are two sides to industry health. Investor protection is just one side of it…However we categorize cryptocurrencies ...
Read More
Ontario Securities Commission “Doesn’t Really Know What’s Going On” in Blockchain Fintech, Says Lawyer
About NCFA Canada | C. Asano | July 9, 2018 TORONTO, JUL 9, 2018 – The National Crowdfunding & Fintech Association of Canada (NCFA) today announced that Charlene Cieslik, Chief Anti-Money Laundering Officer (CAMLO) of Coinsquare, has joined the Association`s growing Advisory Group to advise on the areas Compliance and Anti-Money Laundering (view). Charlene Cieslik is the Chief Anti Money Laundering Officer of Coinsquare, Canada's most secure digital asset exchange for buying bitcoin, ethereum, and other digital currencies.  During her 20-year career, Charlene has held roles as the Chief Compliance Officer, Chief Anti-Money Laundering Officer, Chief Anti-Bribery Officer, and Chief Privacy Officer at several Canadian and Foreign scheduled banks, where she was responsible for the development, remediation, and execution of AML/ATF, anti-bribery, regulatory, and privacy programs. Charlene has worked with several “Big 4” accounting firms and a Canadian fintech company, where she has assisted global financial institutions with AML/ATF program development, particularly with post-regulatory exam remediation and AML/ATF investigations. Charlene holds a Master’s degree in Criminology from the University of Toronto, is a Certified Anti-Money Laundering Specialist, and was an original founder of the Toronto ACAMS Chapter.  She has lectured as a Professor at Seneca College and currently teaches in ...
Read More
Charlene Cieslik, Chief Anti-Money Laundering Officer of Coinsquare, Joins the National Crowdfunding & Fintech Association of Canada’s Advisory Group
Crowdfund Insider | JD Alois | Jul 2, 2018 In a significant policy move by the UK government, the threshold for investment crowdfunding has been upped to €8 million thus matching the recent change by Germany which announced the same funding limit. This increase is due to a change in the Prospectus Directive. In the UK, there is no limit on how much a crowdfunding platform may raise online. But a rule requiring a full blown prospectus at €5 million has, in effect, created a significant speed bump for investment crowdfunding platforms – one that has rarely been breached due to the cost of creating and complying with a prospectus requirement. The change announced today, should have an important impact on UK crowdfunding platforms as it will help make the online capital formation industry far more viable as issuers seek larger funding amounts raised via the issuance of securities online. In the early days of UK crowdfunding most issuers raised smaller seed round amounts. Today, issuers span a far wider range of funding requirements from seed stage to scale up. Frequently, these offerings are done in partnership with professional investors such as VCs or experienced angels. See:  Competition Bureau weighs in on ...
Read More
UK Government Ups Crowdfunding without Prospectus to €8 Million – Matching Germany
Betakit | By Amira Zubairi | Jul 4, 2018 Several Canadian FinTechs have made announcements on the growth of their companies, launching new features and partnerships. Here’s the latest on these company updates. Skrumble Network raises $19.96 million Toronto-based Skrumble Network, which aims to create secure connections for communication, raised $19.96 million ($15 million USD) through its token crowd-sale. Skrumble Network said it raised the funding for its communication-centric blockchain network that will provide developers the infrastructure to build messaging apps. The company wants to help developers build messaging apps that feature secure connections, real-time voice and video calling, wallet integrations for in-context money transfers, and the ability to edit, save, and unsend messages. Skrumble Network said its broader goal is to address data privacy concerns and allow users to take back ownership of their personal data. The company uses a consensus-based algorithm derived from unique session IDs, which enable private peer-to-peer connections. “Social media has completely changed the face of communication, and now, data privacy and ownership is one of the biggest concerns of this time. 2.2 billion users around the world have trusted Facebook with their information; 87 million of those users received a wake-up call…when they got ...
Read More
Today in FinTech: Skrumble Network raises $19 million CAD in ICO, Goldmoney partners with Malbex Resources

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Share