Category Archives: Stories

Nikola Tesla Unite to use Alianza Motorsports to Educate Race Fans on Crypto

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Race Tech Development Group | Dean Jessop | Jun 8, 2018

Nikola Tesla Unite is new to the cryptocurrency market, but cryptocurrency is not new in the minds of the founders. Working for many years to bring the concept and idea to market, NIKO Coin is set to be one of the major players in not only digital currency, but also business-to-business programs through their partnership with Alianza Motorsports.

“This is a true partnership,” explained Alianza Motorsports’ Lorne Kelly. “We are working together both on and off the track.

NIKO Coin promotion is being done on the side of our racecar, race hauler and with trackside functions and displays while we all work hand in hand to educate fellow teams, drivers and racing enthusiasts on the advantages and benefits of using digital currency.

We have had several meetings with suppliers, other team partners, series and organizations on how we can help them get in on the ground floor of the digital currency market all with the help of NIKO Coin.”

With a digital wallet offered by NIKO Coin and that can be downloaded from the Google Play Store, NIKO Coin can now connect with a wider demographic of users.

See:  Highlights from FFCON18: VELOCITY – Blockchain, Cryptocurrency, Alternative Investing Conference (March 5-6, Toronto)

Kelly continued, “With NIKO Coin, the general public can conduct peer-to-peer transactions and trade cryptocurrency at local NIKO Coin outlets. The whole idea seems futuristic but the writing is on the wall and we are definitely headed to a more digital society. Alianza Motorsports is happy to have this connection to cryptocurrency and we are excited to help bring it to the world of motorsports.”

“Our mission is to facilitate fundamental change in societal interactions while having a significant impact on many of the ways our world functions by building solutions that will have a profound impact on how global society interacts,” explained Dean Jessop of Nikola Tesla Unite. “

Our values of community, decentralization, and inclusion are all closely and deeply aligned with our belief in the forthcoming digital economy. A future where the people and technology will be a part of a fully liquid system open to everyone. Our group is advancing this state of technology and pushing it forward through innovative development. We are building solutions that will have a profound impact on how global society interacts. Leveraging a top-tier network of global providers, we are building an ecosystem more robust and far-reaching than anything to date.”

While the next on track action is still six weeks away, Alianza Motorsports continues to prepare for their home event at the Canadian Tire Motorsports Park. Taking on the Mobil 1 SportsCar Grand Prix during the July 6-8 weekend, this will be the home event for team driver Anthony Simone and provide the perfect backdrop for NIKO Coin to educate potential users of cryptocurrency.

For more information on Nikola Tesla Unite and the NIKO brand of cryptocurrency, please contact Jane Anderson at 1.833.TESLA 56 or via e-mail to Media@NIKO.eco. To visit them online, please visit www.NIKO.eco. or www.nikolateslaunite.com.

Photos: Alianza Motorsports

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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, 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

 

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Element AI: The market is still figuring out how to share data with enterprise AI startups

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VentureBeat | | Jun 7, 2018

It’s no exaggeration to call Element AI one of the top startups in the world right now. With the help of deep learning pioneer Yoshua Bengio, the company is making AI-powered products for the enterprise. And from its beginning in October 2016, Element AI has broken the rules of what to expect from a startup.

In December 2016, Element AI was the very first company to receive funding from Microsoft Ventures. Six months later, the company raised a $102 million series A round.

Element AI has yet to release a single publicly available product, but the company is already working with customers, has opened offices in Singapore, South Korea, Toronto, and London, and already plays an advisory role to startups that receive funding from the Global AI Fund in South Korea.

At the creative tech conference C2 in Montreal last month, VentureBeat sat down with CEO Jean-François Gagné to talk about challenges enterprise customers face in implementing AI, his company’s first publicly available products, and why he believes AI is allowing startups to challenge incumbent businesses in tech and finance.

This interview has been edited for brevity and clarity.

VentureBeat: Are there any specific kinds of challenges companies encounter in terms of implementation of AI? When you come in the door of a business, what’s stopping them from implementing AI?

Gagné: We’re still all trying to figure out how the IP, data access, and learning component of the technology is going to play out. The market is currently trying to figure that out. The big dynamic that we see is all the conversations about “What piece of IP will your AI keep?”

See:  The forces of change are trumping banks and regulators

Because we totally understand that large chunks of the IP we build on top of the data of our customers is their own, but there is stuff that needs to flow back to our platform so we make the product better. And defining that has been something where we need to spend a lot of time every time educating the customers, making sure they see it’s transparent and understand what are they going to own, what are we going to own, and this is one thing that is right now a big puzzle for the industry to solve as a whole. And because we’re one of the first to really do that at scale, I think we’re opening the way there, and that’s one thing that comes to my mind.

VentureBeat: Lately I’ve heard a fair deal of companies talk about how they want to build common sense and perception into AI; it just keeps coming up as part of some evolution to go beyond narrow applications of artificial intelligence. Where do you think we’re going on that?

Gagné: So here’s the thing: Google doesn’t want to interact with the customer. They want their system to run by their own, so the way they’re approaching the problem is by wanting the assistant to have some sort of common sense and figure things out by themselves, and we have a very different opinion there. We believe in human-in-the-loop systems that are highly efficient, highly flexible, highly agile, but where people are still driving and are in control of the governance, still involved in the decision process.

You look at the work they’re doing with DeepMind and everything, where things are just going to take off by themselves eventually — and first, I don’t believe that this is going to happen anytime soon. The black box effect this creates, going down that road and all the potential downside of having people think that they don’t need to look at what’s going on, is extremely bad given the state of the industry, so I don’t think it’s the right way to go at it.

VentureBeat: They say they want to be more transparent.

Gagné: They don’t want to be evil, they want to be transparent … what matters are the actions. What are people really doing? We have to actually look at that concretely, so the way we’re going at this is really to make sure that we maximize explainability [and] transparency as we’re deploying this, to enable our customers and people who are using our tools to have the right governance on top.

So [we] invest tons of money in all the monitoring systems and explainability of the models.

There’s more effort put in this than in the models themselves, generally speaking, in whatever product we do, whatever thing we roll out, and so of course they don’t want that. They’re at the top already, so they want to make sure that they maintain that edge, so that’s why you’re hearing that from them.

More:  The Age of Artificial Intelligence in Fintech

VentureBeat: So then what should people expect from Element AI in the next six months?

Gagné: At this point it’s all about scale, like we’re literally in the bottom of the hockey stick looking to be 500 people before the end of the year, 1,000 next year, so we’re really starting to hit that phase. And then for us it’s all about repeatable deployments: successful, repeatable deployments. It’s just about repeatability, getting our cybersecurity product out there, our product for insurance, banking, and we’ve got stuff coming for logistics companies.

VentureBeat: You guys are in a bit of a different position than most companies, but do you feel like the monopoly that large companies have stifles the innovation that could be happening in the AI startup ecosystem?

Gagné: No longer, actually. I think they’re [banks] getting challenged to the point that if they don’t do something about it, they know their business is going to start to — their margins and everything are going to start to diminish, and in the financial sector it’s definitely there.

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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, 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

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Plowing Ahead: Bermuda Continues Crypto-Friendly Push With Digital ID Partnership

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Forbes | | May 16, 2018

Bermuda’s transition from crypto-nobody to jurisdiction du jour in the space continued to plow ahead Tuesday with the inking of a deal with Shyft, the Toronto-based digital identity provider.

Announced at Consensus 2018, the partnership builds upon the array of new blockchain and initial coin offering-friendly legislation, which was passed recently and awaits the governor’s signature, by laying the groundwork for a progressive ecosystem rooted in sound Know Your Customer practices, which are seen as a critical ingredient to the industry's continued growth.

“The Government of Bermuda has decided to lead the way and build interoperability into the government legislation [to], in essence, approach regulatory frameworks with exportability in mind,” Premier David Burt explained at the signing of the Memorandum of Understanding.

See:  Canadian governments must double-down to foster tech boom here, end brain drain to U.S.

Burt continued:

“This is our Bermuda jurisdiction as a service, the high level of exportability ‘stack’ that includes technology, regulation, process and protocol that we have built with assistance and commitment of modern companies like Shyft with expertise in handling KYC and anti-money laundering compliance.”

Shyft is building a decentralized identity solution designed to collate all of the KYC and AML-related inputs required for a compliant blockchain transaction in a manner that maximizes privacy, enables required attestation and offers verification in a more streamlined and cost-efficient manner than current methods.

“Shyft has an ambitious objective of building a global digital identity ecosystem that gives all citizens the opportunity to participate,” Joseph Weinberg, chairman of Shyft.

“We have a goal of leveraging new technology to make positive and inclusive change. We have found a similar intent and aspiration with the Government of Bermuda.”

No Time To Waste

The announcement comes amid a flurry of activity on the crypto front out of the British territory.

Binance, the world's largest exchange by trading volume, last month announced a similar $15M investment into the island. Further, legislation laying out a framework for regulating digital assets and initial coin offerings is also on the cusp of being enacted.

Speaking on the main Consensus 2018 stage on Monday, Burt wooed the crypto community by touting the island’s desire to provide a stable and friendly regulatory environment for innovators who have been playing cat and mouse games with governments elsewhere. He also highlighted the island's proximity to New York City - just a 90 minute flight.

See:  Crypto Self-Governance Touted as Solution to Regulatory ‘Mess’

Representatives from the Bermudan government and business community were also on hand at the event, many of them conspicuously dressed in Bermuda shorts and knee socks, courting companies seeking a new place to domicile and launch. One representative explained that several ICO projects are currently lined up in the queue and will begin moving ahead formally once the ICO legislation is signed later this month.

Faster Than A Startup

Under the MOU, Shyft will invest up to $10M over three years into the local economy for job creation, workforce training and education in blockchain and related technologies, with the goal of returning repatriating many of the skilled labor that has left the island in recent years in search of work elsewhere.

Bruce Silcoff, CEO of Shyft, said that his aspiration was to promote a “brain gain” effect to Bermuda’s population of 60,000.

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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, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to over 1700+ members 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

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Kraken Donates $1 Million to Blockchain Advocacy Group Coin Center

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Coindesk | Leigh Cuen | May 15, 2018

There are few things the cryptocurrency community loves more than outspokenness - except, perhaps, putting your money where your mouth is.

Jesse Powell, CEO of the cryptocurrency exchange Kraken, donated $1 million to the nonprofit Coin Center on Monday night at the advocacy organization's annual gala in New York City. Kraken also pledged to match any donation to Coin Center until the end of the month, up to $1 million.

It was the biggest single donation made to Coin Center, said Neeraj Agrawal, a spokesman for the Washington, D.C.-based think tank.

See: 

Kraken, based in San Francisco, is no stranger to the regulatory minefield Coin Center strives to defuse and build bridges across.See:

In April, Kraken was one of 13 exchanges that received an inquiry regarding "internal controls and safeguards to protect consumer assets" from former New York Attorney General Eric Schneiderman.

Unlike many competitors, Powell refused to respond, saying his exchange can "dodge this bullet" because it left New York in 2015, spurred by what he called the state's onerous regulatory approach.

Kraken's donation won Powell a round of applause. Sporting a baseball cap, the long-haired maverick entrepreneur did not make any remarks, letting the donation speaking for itself.

Satoshi walks into a bar...

Almost as warmly received was the litany of cryptocurrency-themed jokes delivered by Coin Center's director of research, Peter Van Valkenburgh.

"Fork: really a word that usually isn't in need of translation for the average person, you may be holding one right now," Van Valkenburgh told the audience of finely-attired crypto veterans munching on their first course.

He added:

"For cryptocurrency enthusiasts, this translates pretty directly to: free coins! And I'd add that, to their tax attorney, this translates to: 'fuck.'"

Jokes aside, the theme of the night was the importance of coming together as a community to curb stifling regulation through transparency and education.

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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, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to over 7500+ 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

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Slowly but surely, women are changing fintech

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Bloomberg Professional Services | May 3, 2018

Growing gender diversity, and more open conversations surrounding it, are having an impact on financial technology that’s as fundamental as it is subtle: As more women take on fintech roles at almost every level, their influence is driving user-centric product design and rapid development timelines.

That dynamic was evident during a recent Women in FinTech panel discussion hosted by Bloomberg. While the panelists covered a variety of topics—from the speed of fintech’s advancement to managing expectations when implementing financial cybersecurity solutions—they also noted how women’s voices have begun nudging products to be more reflective of users and how they work.

See: 

“When you have systems that are very skewed and homogeneous, your ability to build holistic solutions is somewhat limited,” observed Cristina Dolan, co-founder and chief operating officer of iXledger, a London-based peer-to-peer marketplace for insurance. As an example, she pointed to the development of speech-recognition products that struggle to accurately identify nuances present in women’s voices. Despite the sophisticated artificial intelligence behind them, she noted, the products were developed by men.

Relying on homogenous teams, “is not a really good way to solve problems,” agreed Ingrid Busson-Hall, senior director of financial regulation at PayPal in San Jose, California. “If you have people who all look the same and think the same, you’re going to define the problem one way and then you’re going to solve it in a really confined way.”

Reality catching up with research

Research bears this out. A recent study by Bloomberg, which analyzed some 600 decisions made by 200 different teams in a variety of businesses, found a direct link between inclusive decision-making and improved business performance. For example:

  • The business decisions of inclusive teams showed better results up to 87 percent of the time.
  • Teams that followed an inclusive process made decisions twice as quickly, and with half as many meetings, as those following non-inclusive processes.
  • Decisions made and executed by diverse teams delivered 60-percent better results.

Those are encouraging signs, but Busson-Hall emphasized that diversity goes beyond just looking diverse.

“If you think about the culture of the organizations that you’re in, are they organizations that really value diversity of thought and expression in its truest sense?” she asked.

For example, there may be a woman or a person of color on the team, but “if they never get to say anything, or when they say something their idea is appropriated pretty much immediately and incorporated into the broader whole, it isn’t real.” In other words, it’s important for teams to value the input of all team members if the organization is going to reap the benefits of diversity.

And in order for diversity of thought to flourish, added Busson-Hall, managers will have to tolerate a certain amount of conflict. “I think you have to accept that diversity means people disagree, people will dissent and you have to actually value that.” It’s those very disagreements that lead teams to define problems differently and come up with better solutions.

The power of mutual support

The sheer amount of technical detail covered by the discussion demonstrated the contributions women are making to fintech. If anyone needs to explore the cybersecurity risks inherent in payment transfer systems or why blockchain may impact fintech as much as the Internet did, these are the people to consult. Despite that, the panelists agreed much work remains to be done before women can deliver their full potential to financial technology.

“I think we need to be realistic and recognize that we have a long row to hoe and it’s incumbent upon each of us to make sure that we’re promoting and encouraging one another,” Busson-Hall emphasized. Jo Ryan, Bloomberg’s global head of product oversight, took it a step further:

“It’s not just about women helping women.”At the end of the day, “you’re part of a team and everybody who’s around you and learns from you benefits from your experience,” Ryan contended. “Women should engage with everybody and turn diversity into a conversation about people in fintech, not only women in fintech.

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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, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to over 7500+ 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

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What we can learn from Ontario’s $3 million loan to small business

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NCFA Canada | By Gary Buisansky | May 11, 2018

Summary

It's not every day we wake up to hear that the Ontario Government has committed to a loan of 3 million Dollars for small business. A market woefully underserved by traditional lenders.

Beyond the benefit this will have for small business, it provides testimony to the National Crowdfunding & Fintech Association of Canada’s continued advocacy for financial and regulatory support to the sector. (You can read the NCFA’s March 2018 submission to Finance Canada here and Lifting the Veil on Peer to peer Lending in Q1 2016 here).

As an industry, while we navigate the regulatory hurdles, there are some lessons we can take away from this, to better help ourselves and the Canadian market. There are also several Canadian success stories which we should not lose sight of. AI, Crypto currency and blockchain, are all thriving in Canada.

Ontario Government supports small business

Lending Loop, an active member of the NCFA, has been making the news lately with an announced 2-year pilot project partnership with the Ontario Government for a $3 million loan.

If you're not familiar with Lending Loop, it fills an important void in the market, connecting small businesses and Canadian retail investors, willing to lend to them.

Through the Lending Loop platform, small companies can finance loans at reasonable rates, often within days of their loan application.

These borrowers face very real challenges securing funding in the Canadian market with debt finance to SME's considered very risky. Where loans are made, they usually come with eyewatering interest rates, reflecting their often-limited track record, lack of financial information and availability of collateral.

See:  Ontario government invests in fintech to boost small-business lending

Loans provided by Lending Loop will now have a 10% government participation, with the government portion of the loan amount treated like any other; the principle amount will be repaid together with interest.

The anchor investment by the Ontario Government will enable total funding of around $30 million to Ontario's SME's providing welcome relief to an under banked market and provide leveraged economic benefit into the broader economy.

This is a clear win for all parties. But what can the greater fintech community learn from this success?

The importance of government relationships and support for fintech companies

Cato Pastoll, CEO and Co-Founder of Lending Loop, makes the point that fintech companies underestimate the importance of government relationships, particularly those in the startup phase. He suggests:

"Its up to you to educate the regulators about your business and what societal benefits it provides. You need to make yourself heard. For the most part, fintech entrepreneurs do not make it a priority to try work with government.

It can be vital, particularly in regulated industries, to find the time and make the effort. The governments role is to hear the challenges industries and people are facing and want to understand the dynamics of the market".

In his experience, regulators and government only hear part of the story and if fintech does not speak up, then regulators are left with only the incumbents viewpoint.

Government recognizes that Canada can play a bigger game

In a study released in December last year, the Canadian Competition- Bureau, observed:

"...other jurisdictions have more welcoming and innovationconducive regulatory environments than Canada. The United Kingdom, the United States, Singapore, Germany, Australia and Hong Kong have been identified as leading fintech hubs based on talent, funding availability, government policy and demand for fintech".

This contrasts with the position in Canada, where regulatory gaps, uncertainty and lack of consistency across provinces prevail.

An 11-point plan has been proposed, that includes harmonizing regulation across geographic boundaries, and identifying a fintech policy lead for Canada. These solutions would go a long way to addressing key roadblocks in the growth and development of Canadian fintech. Additionally, Craig Asano, Executive Director of the NCFA, makes the point that:

To help verify Canadas competitive position relative to other jurisdictions, additional resources and support are needed for data collection and education. This will help quantify the number of fintech companies, capital investments, financings and loan volumes of new funding models, and the time and cost spent on compliance.

The Canadian government is extremely well placed to support the sector. The Business Development Bank of Canada (BDC) is the largest VC fund in the country with over $1 billion in capital under management. Most Canadian VC funds have government money, either directly through BDC investing in the funds or indirectly through funds of funds that in turn invest in VC's.

The significance of government involvement and ability to support and foster a sustainable fintech sector, with market confidence is critical. The C.D. Howe Institute makes the case for a suite of recommendations that, if adopted, will better position Canada to take advantage of its investments in the technological revolution that is underway throughout the economy.

Right way round regulatory sandboxes could offer short term benefits

While Canada makes use of regulatory sandboxes to help start-ups test new products or services in a controlled environment, there is room to improve the model. Unlike competitor countries including the UK and Australia, which offer flexible and proportional regulatory frameworks, Canada follows a more paternalistic model.

See:  How Blockchain and Crypto are Impacting Canadian Fintech Markets

Cato Pastoll says the Canadian model has it the wrong way around.

In Canada one must adjust your business to fit in with the existing regulatory models rather than forcing regulators to figure out how best to regulate.

Getting this right is critical in his view, particularly if we are going to compete with other countries.

What this requires is a mind shift followed by active dialogue between stakeholders and industry to work out a better framework for regulatory sandboxes.

That said, there are some areas of fintech where accelerator programs and innovation hubs are showing strong results.

Artificial Intelligence and Blockchain is accelerating in Canada

KPMG International in their Pulse of Fintech Q4'17 Report, highlights AI as a major driver of innovation in the Americas, particularly in the US and Canada.

It refers to Canada as, "a hotbed for fintech innovation", and goes on to say that Canada’s participation in the space is getting more notice with world-class fintech hubs in Canada rapidly maturing with increased attention from US investors.

Crypto currency and blockchain related ventures are also recognizing Canada as a friendly jurisdiction.  With strong investor appetite available, crypto mining companies, Hut 8 Mining, BitFury and HIVE have all come to market to capital through the TSX-V.

See:  Registration Open: Convergence of the titans: Nobel Peace Prize Recipient, Irakli Beridze, to Present in Toronto at AiDecentralized Summit (May 22)

More recently, the Ontario Securities Commission consented to the listing of the first Canadian Bitcoin ETF on the TSX under the ticker, HBLK which invests in companies involved in blockchain and distributed ledger technologies.

And over the past few days, Huobi a Singapore-based bitcoin exchange, (and the world’s number three exchange by 24-hour volume), has stated its intention to expand its operations to Toronto.

General Manager of Huobi, Ross Zhang stated;

"Canada is emerging as a leading blockchain nation, and Toronto is set to become one of the next most active blockchain hubs across North America".

Canada's fintech time is now

This serves to demonstrate that If Canada is to capitalize on the wave of fintech opportunity washing our shores, we need to act swiftly and get our regulatory house in order.

Without the need to reinvent the wheel, we can borrow from global best practices. We must continue to lobby for a unified regulatory framework and insist that the Federal Government champion fintech. Fintech after all has the wherewith-all to make a marked difference in our economy.

It would be a sad day if in years to come, we look back and wonder how we let slip what could have been ours to have.

 

Gary Buisansky is a freelance writer for NCFA and founder of Coin My Copy  which specializes in writing marketing content, including white papers, website copy, articles and case studies for fintech and traditional finance companies.

 


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, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to over 1700+ members 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

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UNICEF Australia’s ‘The Hopepage’ Uses Crypto Mining To Raise Money For Children

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Forbes | | Apr 30, 2018

Cryptocurrency continues finding new ways to enter the mainstream in 2018.

The United Nations Children's Emergency Fund Australia (UNICEF Australia) is the latest organization to hop into the blockchain/cryptocurrency world -- using a newly launched website called "The Hopepage."

This is a totally novel donation mechanism that flips the cryptojacking narrative into a positive one; by visiting The Hopepage and allowing it to run in the background, users allow it to mine cryptocurrency (Monero) using the visitor's computer processing power.

The proceeds from this mining will be converted into fiat currency and donated to UNICEF Australia to supply vulnerable children worldwide with supplies like vaccines, food, and safe drinking water. And unlike typical donation structures, users don't actually have to give any money -- they simply need to offer some of their computing power.

See:  Hut 8 Mining Corp. Announces Electricity Supply Agreement with City of Medicine Hat

The website, powered by Coinhive’s AuthedMine, is opt-in, allowing users to select how much processing power The Hopepage can consume, as well as how long to allow it to run, explaining in a statement:

Mining is perfectly safe for your computer. If you’re ever worried about power consumption, turn down the amount of processing power you’re donating.

At the time of this writing, approx. 2,800 people were donating processing power to mining.

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The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry in Canada.  For more information, please visit:  www.ncfacanada.org

 

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