July 30, 2026 | NCFA Market Activity | Wealth Investing And Trading, Artificial Intelligence And Data, Identity Privacy And Data Governance
AI Portfolio Access With Controlled Trade Drafting Ahead
Founded1999
OriginToronto, Canada
FounderEdward Kholodenko
Company StagePlatform Expansion
On July 23, 2026, Questrade published beta documentation for a direct connection between selected Canadian investment accounts and AI agents. The Questrade MCP beta currently supports Claude and Claude Code. With the customer's permission, an agent can read approved account and market data, discuss the portfolio and draft an order for review.
Here is the important boundary. Trading permission is switched on separately, and Questrade requires the customer to approve the order before it is submitted. The agent can help get a trade ready. It cannot trade independently in the account.
What Questrade MCP Can Do
A general chatbot can discuss markets. Questrade MCP can work with the investor's authorized account data. Once connected, the agent can retrieve approved balances, positions, orders and market information, then combine that context with outside research.
Questrade's live documentation describes both read and write access, although "write" doesn't mean autonomous trading. The agent prepares the instruction. The customer sees the symbol, buy or sell direction, order type, quantity, price, estimated cost and commission, then approves it through Questrade. The agent can't skip that review or place, change or cancel the order on its own.
Customers choose the accounts and permissions. They can share data without allowing trade drafting, and they can revoke the connection through Questrade's API settings. There is an important catch.
Questrade says revocation stops future access but does not remove information already shared with the AI provider. Closing the connection and retrieving previously shared data are two different things.
The connection becomes more interesting beside Custom Indexing. Launched in June, the product uses templates, fractional shares and one click rebalancing across as many as 600 securities. Questrade now says an agent can help build a custom index too. A conversation can therefore produce a structured group of proposed orders, with the customer still deciding whether to proceed.
Questrade MCP Beta Arrives As CIRO Sets AI Expectations
The timing is hard to ignore. In March, CIRO guidance gave execution only dealers more room to provide tailored education, alerts and other decision support. The core restriction remains. These dealers cannot recommend a security.
Questrade MCP puts that boundary in front of a real customer. The agent can discuss actual holdings and turn a plain language request into a draft order. Questrade says the analysis, orders and custom indices come from the agent and are not its advice or recommendations. The customer is expected to check the work and approve the result.
The disclaimer doesn't settle every responsibility. Questrade still controls authentication, account permissions, the order screen and execution. CIRO's 2026 compliance report says examiners will ask how dealers use AI and test the controls around it. The IOSCO AI toolkit raises similar questions about accountability, data, monitoring and third party providers. Neither regulator has publicly approved Questrade MCP as a product.
Operators will want to see the working details. When does a prompt become an instruction? When might an answer sound like a recommendation? What happens if the agent uses stale information, mistakes a ticker or drafts the wrong order type? A clean record of the request, response, draft and final approval will be just as important as the chat experience.
How Questrade Compares With AI Trading Platforms
Questrade enters an active race. Interactive Brokers connected accounts to Claude, ChatGPT and Grok in June. Its customers can research markets and prepare instructions for equities, ETFs, options and futures, but they approve every trade. That is the closest public comparison to Questrade's current model.
Robinhood has gone further in the United States. Its Agentic Account gives a third party agent a dedicated budget and allows trades without direct approval each time. Robinhood warns that the agent can make mistakes, customers can lose their entire investment and the customer remains responsible for monitoring the account.
Questrade's version is closer to assisted execution. The agent can see the authorized account and prepare the action, while Questrade keeps the approval gate. It gives up some autonomy in exchange for a visible decision before each order.
The contest isn't limited to AI connectors. Wealthsimple and bank owned brokerages are already competing to become the main Canadian investment account. Questrade is assembling zero commission trading, real time fractional shares, Custom Indexing and agent access while its parent prepares Questbank. We don't yet know whether customers will use these products together or treat them as separate features.
What Makes Questrade Different In Summer 2026
Where it could work A customer can ask about a portfolio, research an idea and prepare an order without copying balances and tickers between several screens. Custom Indexing could make that especially useful for people managing many positions.
Where it could get messy The account data may be current while the outside information is incomplete. An agent can misunderstand an instruction or produce analysis that a customer hears as advice. The approval screen helps before execution, but it can't resolve every question involving data retention, explanation or customer understanding.
Questrade already has regulated execution, a large Canadian customer base and more than C$80 billion in assets under administration. The open question is usage. If customers repeatedly research and prepare orders through an agent, MCP becomes another front door to the brokerage. If they mostly ask for balances, it remains a convenient connector.
Talking Point
When an AI agent can read a portfolio and prepare a trade, which controls keep useful assistance from becoming an unintended order or advice the dealer isn't allowed to give?
NCFA Company Intelligence Snapshot
Questrade
How a Canadian online brokerage expanded from lower cost trading into banking, personalized portfolios and agent accessible investing
Last updated Jul 30, 2026
Company At A Glance
Founded1999 in Toronto by Edward Kholodenko
OwnershipPrivately held Questrade Financial Group
Core BusinessSelf directed brokerage, managed portfolios and related financial services
Regulated EntitiesQuestrade, Inc. is a CIRO investment dealer and CIPF member; Questrade Wealth Management is a registered portfolio manager, investment fund manager and exempt market dealer
AssetsQuestrade reports more than C$80B in assets under administration
Current ProductsSelf directed investing, Questwealth Portfolios, Questrade Pro, Custom Indexing and agent access through MCP
Bank ExpansionQuestbank received federal approval in 2025 and is preparing Canadian deposit and mortgage products
Current MCP AccessSelected beta customers using Claude or Claude Code
Business ModelTrading and options fees, spreads, interest, subscriptions, managed portfolio fees and other financial services
Key CompetitionWealthsimple, Interactive Brokers, bank owned brokerages and other Canadian investing platforms
Milestones
Select a milestone to follow how Questrade built the operating base behind its agent accessible brokerage
1Formation1999
2Zero CommissionsFeb 2025
3Questbank ApprovalNov 2025
4Custom IndexingJun 2026
5Agent AccessJul 2026
Milestone 1
Questrade Opens As A Canadian Online Brokerage (1999)
Edward Kholodenko founded Questrade in Toronto in 1999. The company built its early position by offering self directed investors a lower cost alternative to bank owned brokerages.
Bank BrokeragesPrice and digital access define the early contest
Additional Company Data
Questrade began as an independent non bank online brokerage
The company remains privately held and Canadian owned
Early products included securities and foreign currency investing
Questrade later reduced stock trading prices from $9.95 to $4.95 before reaching zero commissions
NCFA Perspective
The brokerage account created the regulated customer and execution base behind Questrade's later products. Agent access now enters through that same account relationship.
Milestone 2
Questrade Removes Stock And ETF Commissions (Feb 2025)
Questrade removed online trading commissions for Canadian and US listed stocks and ETFs in February 2025, then added real time fractional trading that April.
Company
Questrade, Inc.CIRO investment dealer
Stage
ScaleLower friction for account activity
Capital
PrivatePricing supported by platform economics
Markets
Canadian And US EquitiesStocks, ETFs and options
Customers
Retail And Active TradersLower entry and transaction costs
Competition
Low Cost PlatformsPricing becomes less distinctive across the market
Additional Company Data
Zero commission pricing went live in February 2025
The change covered Canadian and US listed equities and ETFs
Options were priced from $0.75 per contract when the new schedule launched
Questrade reported more than $50 billion in assets under administration at the time
NCFA Perspective
Once base commissions disappear, platforms need other reasons for customers to consolidate assets and remain active. Better tools, portfolio products and connected services become more important.
Milestone 3
Questbank Receives Federal Approval (Nov 2025)
After a six year application process, Questrade Financial Group received approval to begin operating Questbank. The group is preparing deposit and mortgage products on a new core banking platform.
Company
QuestbankFederally regulated bank within Questrade Financial Group
Stage
Market EntryBanking products in preparation
Capital
Group BackedBuilt from an established financial services base
Markets
Canadian BankingDeposits and mortgages are planned
Customers
Existing And New ClientsMillions of group customers were cited by its technology partner
Competition
Banks And FintechsA larger share of the financial relationship becomes available
Additional Company Data
Questbank received federal approval to begin operating in November 2025
Temenos Core SaaS was live for the bank by May 2026
The platform was configured for deposit and mortgage products aligned with OSFI requirements
The banking stack includes Temenos Core, Data Hub and its Extensibility Framework
NCFA Perspective
Banking can connect deposits, lending and investing inside the same group. It also raises the operating and regulatory requirements attached to data, resilience and customer trust.
Milestone 4
Questrade Launches Custom Indexing (Jun 2026)
Custom Indexing lets customers edit a template, own the underlying fractional shares and rebalance as many as 600 securities. Questrade says the product has no management fees or trading commissions, although foreign exchange and product costs can still apply.
Company
QuestradeBrokerage and portfolio tooling in one account
Stage
Product ExpansionPersonalized portfolio construction
Capital
Customer Funded AccountsMinimum investment begins at C$10
Markets
US Listed SecuritiesCanadian securities are planned
Customers
Self Directed Portfolio BuildersTFSA, RRSP, FHSA and cash accounts
Competition
ETFs And Direct IndexingCustomization and account control are the main distinctions
Additional Company Data
The minimum investment is C$10
Each index uses a dedicated TFSA, RRSP, FHSA or cash account
A drift above 10% triggers a notification and prepares the required rebalance orders
There are no portfolio management fees or trading commissions, although foreign exchange costs and ETF fees may apply
NCFA Perspective
Custom Indexing turns a portfolio idea into a coordinated set of orders. MCP gives customers a conversational way to research and prepare that structure.
Milestone 5
Questrade Connects Brokerage Accounts To AI Agents (Jul 2026)
Selected customers can connect Claude or Claude Code to approved Questrade account and market data. Trading permission can be enabled separately so the agent can draft an order for customer approval.
Company
QuestradeBroker controlled MCP connection
Stage
BetaSelected customer access
Capital
UndisclosedNo product revenue or adoption figures published
Markets
Canadian InvestingPortfolio data, market data and trade drafting
Customers
Selected Questrade ClientsClaude and Claude Code supported first
Competition
Agentic BrokeragesInteractive Brokers and Robinhood show two different control models
Additional Company Data
Read access retrieves approved data while write access prepares orders for customer approval
Questrade lists ChatGPT and Cursor support as coming soon
Connection requires Questrade app version 2.0.0 or later and Push Approval
Revoking access stops future sharing but does not remove data already sent to the AI provider
NCFA Perspective
The customer can now begin with a conversation and end with a reviewed order. Adoption and trust will show whether agent access becomes a regular brokerage interface.
Related NCFA Intelligence
Continue into the regulated AI, brokerage competition and banking developments most closely connected to Questrade.
Why controlled delegation, clear permissions and revocation matter when an agent can initiate a financial action.
Frequently Asked Questions About Questrade MCP
What is Questrade MCP?
Questrade MCP is a beta connection between a Questrade account and a supported AI agent. With permission, the agent can use approved account and market data and prepare an order for the customer to review.
Can Questrade MCP place a trade?
It can prepare an order, but Questrade requires the customer to confirm the trade before it goes through. The customer can also connect account data without enabling trading permission.
Which AI tools work with Questrade MCP?
Claude and Claude Code are supported in the current beta. Questrade lists ChatGPT and Cursor as coming soon. Setup requires version 2.0.0 or later of the Questrade app and Push Approval.
Is Questrade MCP the same as Questrade Flows?
No. MCP connects an outside AI agent to approved brokerage data and uses a Questrade confirmation before a trade goes through. Flows are separate conditional trading instructions offered through Questrade Pro.
What happens to shared data after access is revoked?
Revoking access stops the AI agent from receiving more information through Questrade. It does not remove data already shared with the AI provider.
Questrade MCP remains in beta, and supported agents, permissions and features may change. Product claims are attributed to Questrade and regulatory context is identified separately. This content is provided for informational purposes only and does not constitute investment, financial or legal advice.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
For many fintech startups, growth is measured by funding rounds, product launches, and landing enterprise customers. But as companies begin pursuing larger clients, they often discover that winning an RFP requires far more than innovative technology. Over time, procurement teams may begin to wonder whether vendors have the workplace practices needed to support long-term partnerships.
At the same time, regulatory expectations are rising. FINTRAC’s annual report 2023–24 issued 12 notices of violation totalling more than $25 million. These actions focus on financial compliance, yet they also reinforce the expectation that organizations demonstrate strong compliance practices well before problems arise. For startups looking to scale, compliance should be viewed as a business enabler rather than a box to check.
Enterprise Customers Are Buying More Than Your Technology
Enterprise procurement has changed from simply assessing financial stability. Organizations increasingly evaluate whether prospective vendors have the operational maturity to manage risk across the business.
The Government of Canada's Code of Conduct for Procurement reflects this shift by requiring suppliers to comply with human rights and labour standards, reinforcing that responsible business practices form part of supplier evaluation, not just product performance. Although many fintech startups may not pursue government contracts, the same principles often have a greater influence on enterprise procurement.
Buyers may request documentation of HR policies, employee onboarding practices, workplace training, and governance processes as part of extensive procurement questionnaires. These demonstrate that a growing company has established consistent standards, reduced operational risk, and can scale responsibly alongside its customers.
HR Compliance Supports Sustainable Growth
Rapid hiring is common during periods of growth, but expanding headcount without consistent processes can create risk. As organizations scale, clear documentation becomes crucial for maintaining efficiency across teams.
HR documentation supports the foundation for any business, including employee handbooks, onboarding processes, workplace policies, and role expectations, which help establish shared standards for employees and managers. For growing organizations, that means responsibilities regarding workplace conduct, leave policies, health and safety, confidentiality, and other expectations remain clear.
Beyond reducing administrative confusion, well-documented HR practices demonstrate that a business has built a strong infrastructure that’s prepared to scale. This level of organizational maturity becomes valuable when engaging enterprise customers, investors, and strategic partners who expect scalable internal operations alongside innovative products.
Fostering Workplace Health and Safety
For technology companies, workplace health and safety is not always viewed as important as in more traditional industries. However, modern workplace safety extends well beyond physical hazards.
The National Standard of Canada for Psychological Health and Safety in the Workplace provides voluntary guidance for organizations seeking to promote psychological well-being and prevent workplace harm. Although voluntary, the Standard has become an important benchmark for organizations looking to build resilient, healthy workplace cultures.
Canada's Workplace Harassment and Violence Prevention Regulations are legal expectations for federally regulated employees. These state that government workplaces must maintain certain measures. Even where these specific federal requirements do not apply, they illustrate the broader direction of workplace governance across Canada.
Embedding psychological health, respectful workplace practices, and consistent safety training into day-to-day operations helps create stronger organizations while demonstrating that employee well-being is treated as a core business responsibility.
Build Compliance Early On
Winning enterprise business depends on more than innovation alone. Procurement teams, investors, and regulators all look for signs that an organization has the workplace practices needed to support long-term growth.
For fintech startups, prioritizing compliance early helps strengthen credibility and avoid scrambling to build policies under the pressure of a major RFP. The companies that scale most effectively are often those that treat compliance as part of building a resilient business, not simply as a matter of meeting minimum requirements when opportunity knocks.
About The Author
Kim Morris is the Lead HR Consultant at Citation Canada. She supports employers and people leaders through complex workplace situations, including employee relations and conflict, performance concerns, terminations, and policy questions, with clear, practical next steps. Kim also helps organizations manage change, including restructures, acquisitions, and workforce transitions, balancing compliance with thoughtful communication. She is known for making HR feel workable, consistent, well-documented, and grounded in respect for people.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Paying at an online casino used to mean carrying cards, entering PINs, and waiting for transaction confirmations. Mobile technology changed that entirely. Contactless payments have become the standard for fast, secure deposits and withdrawals across gambling platforms. The shift is not cosmetic; it reflects a genuine change in how players manage money on the go. Sites like https://spinboss.com/ca/ have moved with this trend, integrating mobile-first payment options that match how modern players actually behave.
Understanding what contactless technology means in practice, how it works, what it protects, and where it falls short puts you in a better position to manage your funds confidently.
How Contactless Payment Technology Works at Mobile Casinos
Contactless payments rely on Near Field Communication (NFC) and tokenization. When you tap your phone to pay, NFC transmits an encrypted, single-use token, not your actual card number. The merchant or platform receives a temporary identifier that is useless if intercepted. Mobile casinos benefit from this directly because deposits initiated through Apple Pay, Google Pay, or similar wallets follow the same process.
Tokenization is what separates contactless from traditional card payments. Your banking details never travel across the casino platform's network. The payment processor handles authentication independently, meaning a data breach on the casino's end does not expose your actual financial information. For players who deposit frequently, this reduces cumulative risk considerably.
Speed is another factor. Contactless deposits at online casino sites typically process instantly. There is no waiting period between tapping your wallet and having funds available in your account, which matters when you want to act quickly on a game or promotion.
What Security Measures Back These Payments
Beyond NFC and tokenization, biometric authentication adds a second layer. Face ID or fingerprint verification is required before any contactless transaction goes through on most mobile devices. This means even if your phone is unlocked, a payment cannot complete without your biometric confirmation. Online casino platforms that accept mobile wallets inherit this protection automatically.
SSL encryption on the casino's side works alongside the tokenization from your wallet. Data in transit between your device and the platform remains encrypted end-to-end.
Two-factor authentication on your mobile wallet account adds further control. If someone attempts to add a new payment method or change settings on your device, a separate verification step blocks unauthorized access. Players who combine strong device security with licensed casino platforms are operating with multiple independent safeguards in place.
Limits, Fees, and Practical Considerations
Contactless payments are not entirely without friction. Most mobile wallets impose daily transaction limits, which can affect high-volume depositing. Some casino platforms also set minimum and maximum deposit thresholds that differ from standard card transactions. Checking both sides, your wallet's limits and the platform's deposit rules, before you fund an account prevents unexpected blocks.
Withdrawal timelines vary. While deposits through contactless methods are immediate, withdrawals often route back through a linked bank account rather than directly to a mobile wallet. Processing times can range from a few hours to several business days depending on the platform's internal review process and your bank's handling time.
Fees are generally low but worth confirming. Most mobile wallet providers do not charge for transactions, but currency conversion fees may apply for international casino platforms. Reading the payment terms before selecting a method takes seconds and prevents small costs from accumulating over time.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
July 29, 2026 | NCFA Insight | Artificial Intelligence And Data, Public Sector Policy And Industrial Strategy, Banking And Credit
AI Jobs, Inflation And Interest Rates
On July 29, 2026, the Bank of Canada released a working staff paper called Monetary Policy in an AI Driven Two Speed Economy raising a difficult possibility. AI could reduce jobs in some industries while the national inflation rate still looks calm.
The authors test this idea using a model with two industries. One adopts AI and needs fewer workers. The other continues operating near its limit. Lower interest rates can encourage spending and support jobs, but the same rate applies across the economy. A cut that helps the first industry can push up prices in the second.
The paper compares two hypothetical cases that produce the same increase in output:
When AI helps people do more work, the model needs a 1.48 percentage point rate cut to restore full employment
When AI takes over tasks previously done by people, the required cut rises to 3.34 points
These figures aren't forecasts or advice for the Bank of Canada. They show that replacing work creates a much larger employment challenge for monetary policy than helping workers become more productive.
The authors put the problem plainly:
"The apparent stability is cancellation, not balance."
Why Automation Requires A Larger Rate Cut
The paper separates two ways AI can affect work. The first is augmentation, where AI helps someone complete an existing job faster. The second is automation, where software or machines take over tasks that people were paid to perform. Companies will often use both in the same business, but the difference is important.
Even the first case reduces the need for labour in the model's short run. That may sound backwards. If employees become more productive, a company can produce the same amount with fewer hours. Prices and customer demand do not adjust immediately, so new orders do not replace those hours quickly enough. Automation has a larger effect because some tasks leave the workforce altogether.
To restore employment, the model lowers rates enough to increase spending. The larger cut needed after automation also sends more demand into the industry already running near capacity, where businesses respond by raising prices rather than producing much more. That is why the 3.34 point result is more than a larger version of the 1.48 point result. It carries a greater inflation cost.
For founders and investors, two AI projects can produce the same increase in output and still create very different businesses. A company that helps employees handle more customers may increase sales, hiring and margins together. A company that removes whole tasks may improve margins while cutting payroll and reducing demand for certain skills. The headline productivity number doesn't tell you which one is happening.
Stable Inflation Can Hide Industry Job Losses
When AI helps workers produce more, costs and prices can fall in the industries using it. A rate cut may then raise spending and prices elsewhere. The national average can look calm because the price changes cancel each other, even while AI exposed industries are losing jobs.
Automation produces a different result. The larger rate cut raises prices in both industries, so headline inflation reveals more of the strain. The comparison is that the same increase in output can create a different employment and inflation problem depending on whether AI supports paid work or replaces it.
Canada won't experience this evenly. Canada's AI productivity test found that adoption is already much higher in finance and insurance than across the business economy as a whole. Employment, wages, prices and AI use by industry may therefore tell policy makers more than one national average.
Retraining Reduces The Pressure On Interest Rates
The model improves when workers can reach industries that still need them. With easier job transfers, the required rate cut falls from 1.48 to 0.44 percentage points when AI helps workers. It falls from 3.34 to 1.05 points when AI replaces tasks. Retraining, recognized credentials, relocation support and faster hiring between industries can reduce the pressure placed on interest rates.
Investment can produce the opposite result. When money flows quickly into companies automating work, financing and equipment can become more expensive for other businesses. In that model scenario, the required rate cut rises from 3.34 to 4.09 percentage points. An AI investment boom can strengthen the companies buying the technology while adding costs for businesses competing for capital, infrastructure and skilled operators.
Interest rate cuts can also preserve jobs that automation has removed from a company's long term staffing needs. That may delay workers from reaching employers that still need them. Lower rates can buy time, but they can't retrain a worker, recognize a credential or help someone qualify for a growing occupation.
That changes what leaders should measure. Operators need to separate productivity gained through higher sales from savings gained through fewer paid hours. Investors should distinguish growth led margins from payroll led margins. Policy makers need industry level data on AI use, job openings, wages and prices early enough to see whether workers are reaching expanding sectors.
Talking Point
When AI raises output, how much comes from serving more customers and how much comes from removing paid work?
Related NCFA Intelligence
Continue through the Canadian policy, business and financial developments most closely connected to AI productivity and employment.
How permissions, reliable data and human review affect the use of AI inside financial firms.
Frequently Asked Questions About AI And Monetary Policy
Is this an official Bank of Canada forecast?
No. The figures come from hypothetical cases in an independent staff paper. They are not forecasts, rate recommendations or statements from the Bank's Governing Council.
Why does automation require a larger rate cut in the model?
Automation removes more paid work than AI that helps employees become productive. Restoring employment therefore requires a stronger increase in spending, which the model produces through a larger interest rate cut.
How can inflation remain stable while industries lose jobs?
AI can lower prices in industries where productivity rises while lower interest rates raise prices elsewhere. Those changes can cancel each other in the national average even as employment falls in certain industries.
What should Canada track as businesses adopt AI?
Industry level AI use, employment, job openings, wages and prices can show whether higher output is coming from growth, fewer paid hours or both. National inflation alone cannot provide that detail.
This article interprets independent Bank of Canada staff research. The paper uses hypothetical model scenarios. It is not an economic forecast, interest rate recommendation or Governing Council position. Information is current to July 29, 2026 and is provided for informational purposes only.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
July 29, 2026 | NCFA Market Activity | Artificial Intelligence And Data, Risk Compliance And Regtech, Competition And Market Structure
KPMG Canada Takes OpenAI Into Client Work
On July 29, 2026, KPMG Canada and OpenAIformed a Canadian alliance covering AI implementation, governance and cybersecurity. KPMG Canada also became an OpenAI Elite Partner, the highest level in OpenAI's partner network.
There's already a working base. More than 3,000 KPMG Canada employees have access to ChatGPT Enterprise. KPMG Canada says its Deal Advisory teams use Codex, OpenAI's coding agent, to help review thousands of pages of transaction documents and financial data, pull out relevant information and prepare analysis for professional review. KPMG Canada is also joining OpenAI's Daybreak Cyber Partner Program.
The alliance gives OpenAI a large Canadian delivery partner and gives KPMG closer access to the models, tools and technical support its clients are buying. The business opportunity lies in turning those tools into secure workflows that employees can use every day.
Ksenia Chumachenko, Head of Global Alliances at OpenAI:
"Canadian organizations are ready to move beyond pilots and put AI into production at enterprise scale."
KPMG Is Selling The Integration Work
Buying access to an AI model is straightforward. Connecting it to company data, permissions and existing software takes far more work. A bank reviewing customer files, a deal team reading contracts or a government department processing records also needs security controls, human approvals and a reliable account of what the system did. That's the work KPMG Canada wants to sell.
Its internal Codex workflow gives the firm a concrete implementation example, with experienced professionals still responsible for reviewing the output. KPMG Canada hasn't reported the time saved, accuracy rate, transaction volume or financial return. Those numbers will determine whether the partnership's service becomes repeatable and scales or remains an internal productivity case.
KPMG has used this delivery model before. Its work with CapIntel combines wealth technology with integration and change management for financial institutions. The OpenAI alliance applies the same commercial logic across a much larger range of business processes.
Cybersecurity adds another line of work. Through Daybreak, KPMG Canada plans to combine OpenAI models with its security and risk services. The announcement doesn't name a Canadian customer, deployed cyber product or launch date. Buyers should expect those details before treating the program as a proven commercial offer.
OpenAI Gains A Canadian Enterprise Channel
The Canadian agreement follows a U.S. alliance announced on July 21. The U.S. program includes OpenAI engineer certification, public sector software and work inside OpenAI's own supply chain systems. The Canadian announcement doesn't confirm that every U.S. program will be available here. The commercial aim is to get from a product demonstration to a paid deployment faster.
KPMG is keeping its model options open. A May 2026 Anthropic agreement is bringing Claude into KPMG's global workforce and client platforms. Canadian buyers will need to know why KPMG recommends one model over another and whether its commercial relationships influence that advice.
Canadian business use of AI rose from about 3% in 2022 to roughly 12% in 2025, while finance and insurance exceeded 30%. The Canadian adoption data points to a larger implementation market, with firms competing to connect AI to important work without losing control of customer data, security or accountability.
Client Results Are Still Missing
KPMG Canada has scale, technical access and more than 10,000 employees across over 40 locations. However, the alliance still has to prove that the finished systems are worth buying. Clients will want shorter processing times, lower operating costs, fewer errors or better service. They will also need clear rules for data access, human approval and responsibility when an agent produces a weak answer or takes the wrong action.
Specialist AI integrators and other large consulting firms are competing for the same work. Investors should watch for named production clients, repeat deployments, contract expansion and measured operating results. Partner status may open the door.
Talking Point
Which Canadian workflow will give KPMG and OpenAI their first measurable client result?
Related NCFA Intelligence
Follow the Canadian delivery, governance and security work most closely connected to this alliance.
Why organizations need to identify agents, limit access and monitor the actions they take.
Frequently Asked Questions About The KPMG OpenAI Alliance
What did KPMG Canada and OpenAI announce?
They formed an alliance focused on putting OpenAI models and agents into Canadian business and public sector workflows. KPMG Canada will provide implementation, governance, risk and cybersecurity services around the technology.
How is KPMG Canada already using OpenAI?
More than 3,000 employees have access to ChatGPT Enterprise. KPMG Canada says its Deal Advisory teams use Codex to review transaction documents and financial data, identify relevant information and prepare analysis for professional review.
What does OpenAI Elite Partner mean?
KPMG says it is the highest level in the OpenAI Partner Network. The designation shows a close delivery relationship. It doesn't establish client adoption or the performance of a particular deployment.
Is the Canadian agreement the same as the U.S. alliance?
No. The Canadian announcement focuses on Canadian clients, internal use, Deal Advisory and the Daybreak cyber program. The earlier U.S. announcement includes additional programs that KPMG Canada has not confirmed for this market.
Is KPMG working only with OpenAI?
No exclusivity was announced. KPMG also has a global agreement with Anthropic and is bringing Claude into its workforce and client platforms.
Has KPMG reported Canadian client results?
Not yet. The July 29 announcement did not identify a Canadian client deployment, contract value, pricing model, productivity result or revenue target.
Partner status and internal use examples do not establish client performance or future revenue. Undisclosed commercial terms and unreported operating results are identified as such. Information may change after the publication date. This content is provided for informational purposes only and does not constitute investment, financial or legal advice.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
July 29, 2026 | NCFA Market Activity | Digital Assets Blockchain And Tokenization, Capital Markets And Market Infrastructure, Artificial Intelligence And Data
Nearly 1,000 Patents Across Stablecoins, Payments And AI
On July 27, 2026, Circle acquired part of IBM's blockchain patent portfolio. The deal covers more than 680 patent families and nearly 1,000 issued patents worldwide across blockchain technology, banking, financial services, insurance, enterprise infrastructure, supply chain verification and secure cloud operations. Circle says the purchase makes it the largest U.S. holder of blockchain patents. The price wasn't disclosed.
That's a substantial collection. A patent family usually groups related applications filed in different countries around the same or similar invention. Nearly 1,000 issued patents therefore doesn't mean Circle bought nearly 1,000 separate technologies.
Circle says the portfolio supports USDC, Circle Payments Network, its Arc blockchain and financial tools built for AI agents and agentic finance. Circle and IBM also plan to explore other commercial work together. What hasn't been disclosed is just as important. Circle hasn't said how many patents were issued in the United States, how long they have before they expire, whether IBM kept any licensing or usage rights, or how Circle plans to use the portfolio.
What Circle Actually Bought
A patent gives its owner the right to stop others from making, using or selling the claimed invention in the jurisdiction where it was granted. The commercial value depends on the claims, their remaining life, where they apply and whether they cover technology that companies actually need.
There are several ways Circle can use the patents. They can use them defensively if another company challenges its products, license selected rights to partners, include them in a commercial agreement or enforce them where it believes a competitor is infringing. Circle joined the LOT Network in 2023 to reduce its exposure to patents acquired by patent assertion firms, which suggests its earlier IP strategy was primarily defensive. The IBM purchase gives Circle more choices, but the company hasn't said which one it intends to use.
The portfolio also arrives as Circle is taking on more of the financial stack. USDC remains the core business. At March 31, 2026, Circle reported US$77 billion of USDC in circulation, 28% of the fiat-backed stablecoin market and US$694 million in quarterly revenue and reserve income. Reserve income still supplied 94% of that total. The company is growing other revenue, but it remains highly exposed to USDC circulation, interest rates and the distribution payments required to support its network.
Where The Patents Fit In Circle's Business
Circle has been adding products around the stablecoin rather than relying on issuance alone. Circle Payments Network connects financial institutions for cross-border settlement. Arc gives the company its own blockchain environment for payments, foreign exchange and capital markets applications. Its developer tools cover wallets, contracts and transfers between blockchains.
Circle has been adding products around the stablecoin rather than relying on issuance alone. Circle Payments Network connects financial institutions for cross-border settlement. Arc gives the company its own blockchain environment for payments, foreign exchange and capital markets applications. Its developer tools cover wallets, contracts and transfers between blockchains. In July, Circle received final OCC approval to establish a U.S. national trust bank, adding federally supervised custody and the possibility of managing the USDC reserve later.
NCFA has followed that expansion through Circle's public listing, its push to make stablecoins usable through banks and its infrastructure for AI agent payments. The IBM portfolio can support those products where the patent claims match what Circle is building. It may also give enterprise partners more confidence that Circle has rights around important parts of its technology.
For Canada, the immediate connection is USDC. Circle committed to meet Canadian value-referenced crypto asset requirements in 2024, allowing registered crypto platforms that comply with the rules to continue offering it. Circle's Canadian undertaking explains that operating position. Canadian banks, payment firms and fintechs considering stablecoin infrastructure will care less about the size of the patent portfolio than whether it produces reliable products, clearer commercial rights and integrations they can use.
What Could Create Value And What Could Get In The Way
Circle could use the relevant patents to build products faster, lower legal risk in partner deals and protect technology that customers are already adopting. Licensing could add another source of fee income, while joint work with IBM could help Circle reach enterprise buyers that are difficult to win through crypto channels alone.
There are limits however. A large portfolio costs money to review, maintain and defend. Some patents may cover older systems, narrow claims or countries that don't matter to Circle's current sales. Enforcement can be expensive and may create friction with developers or partners. Most importantly, Circle hasn't connected the portfolio to a new product, customer contract, licensing programme or revenue target.
Founders should read this as an IP and distribution decision, not a product launch. Investors have clearer numbers to watch. Those include growth in Circle's non-reserve revenue, adoption of Circle Payments Network and Arc, new IBM commercial agreements, licensing income and any legal action tied to the acquired patents. Until those appear, the portfolio expands Circle's options. It doesn't tell us which options will pay.
Talking Point Will Circle use the IBM patents to build faster, win enterprise partners or keep competitors away?
NCFA Company Intelligence Snapshot
Circle
Stablecoins, payments and programmable financial infrastructure for institutions and developers
Last updated Jul 29, 2026
Company At A Glance
Founded2013 by Jeremy Allaire and Sean Neville
HeadquartersNew York, United States
StatusPublic company, NYSE CRCL
Company StagePublic Scale
ProductsUSDC, EURC, USYC, Circle Mint, Circle Payments Network, Arc and developer infrastructure
USDC CirculationUS$77.0B at Mar 31, 2026
Q1 2026 RevenueUS$694M total revenue and reserve income
Market Share28% of fiat-backed stablecoins at Mar 31, 2026
Regulatory PositionU.S. national trust bank approval plus regulated entities in the EU, Singapore, Bermuda and other markets
Milestones
Select a milestone to follow Circle's development
1Consumer Launch2013-2016
2USDC Focus2018-2019
3Institutional Scale2021-2024
4Public Platform2025
5Financial StackJan-Jul 2026
6IBM PatentsJul 2026
Milestone 1
Consumer Payments Launch (2013-2016)
Jeremy Allaire and Sean Neville founded Circle in 2013. Its first product made it easier for consumers to buy, hold and send bitcoin, then added dollar, pound and euro balances for social payments.
Company
Circle Internet FinancialFounded by Jeremy Allaire and Sean Neville
Stage
LaunchConsumer bitcoin and money transfer service
Capital
US$136MFunding announced through the 2016 strategic round
Markets
US, UK And EuropeDollar, pound and euro payment accounts
Customers
ConsumersPeople buying bitcoin and sending money
Competition
Simple AccessReduced the friction of buying and using bitcoin
Additional Company Data
US$17 million Series B in 2014 brought total funding to US$26 million
US$50 million round in 2015 was co-led by Goldman Sachs and IDG Capital
Circle became the first company to receive a New York BitLicense in 2015
US$60 million financing in 2016 supported international expansion
NCFA Perspective
Circle began by hiding much of bitcoin's complexity from consumers. The company later applied the same idea to businesses that wanted blockchain settlement without building every part themselves.
Milestone 2
USDC Becomes The Core Business (2018-2019)
Circle launched USDC in September 2018 with the CENTRE consortium and support from more than 30 exchanges, wallets, protocols and applications. After acquiring and later spinning out Poloniex, Circle concentrated the company around USDC and related services.
Company
Stablecoin IssuerCircle became the first commercial issuer of USDC
Stage
Product FocusUSDC replaced exchange ownership as the main direction
Capital
US$110M Series EBitmain led the 2018 financing tied to USDC
Markets
Crypto MarketsA digital dollar for trading, payments and settlement
Customers
Platforms And DevelopersExchanges, wallets, protocols and applications
Competition
Redeemable DollarOpen ERC-20 access with reserve attestations
Additional Company Data
USDC launched on Sep 26, 2018
Circle and Coinbase co-founded the CENTRE Consortium
USDC initially used Ethereum's ERC-20 standard
Circle spun Poloniex into a separate company in Oct 2019
NCFA Perspective
USDC gave Circle a product that other companies could distribute. The dollar token could travel through exchanges, wallets and applications while Circle handled issuance and redemption.
Milestone 3
Institutional And Regulatory Scale (2021-2024)
USDC circulation reached US$22 billion in 2021 and passed US$50 billion in early 2022. Circle raised new capital, brought BlackRock and BNY into reserve management and custody, then added regulatory positions in Singapore, the European Union and Canada.
Company
Regulated InfrastructureStablecoin issuance supported by institutional reserve partners
Stage
Institutional ScaleUSDC became a large settlement asset
Capital
US$840MUS$440 million raised in 2021 and US$400 million announced in 2022
Markets
Global RegulationLicensing and compliance expanded across major financial centres
Customers
InstitutionsExchanges, fintechs, banks and asset managers
Competition
Reserve TrustLiquidity, redemption and regulated access became selling points
Additional Company Data
BNY became a primary custodian for USDC reserves in 2022
BlackRock began managing the Circle Reserve Fund
Circle received a Singapore Major Payment Institution licence in 2023
Circle's French entity became a MiCA-compliant issuer in Jul 2024
USDC met Canadian VRCA listing requirements in Dec 2024
NCFA Perspective
Circle paired stablecoin growth with banking relationships and regulated entities. That work helped USDC remain available in markets where issuer standards became stricter.
Milestone 4
Public Company And Platform Expansion (2025)
Circle listed on the New York Stock Exchange in June 2025. It also launched Circle Payments Network and the Arc public testnet, adding payment coordination and a company-led blockchain to the stablecoins and developer services already in market.
Company
NYSE CRCLPublic internet financial platform company
Stage
Public ScaleStablecoin issuer expanded into network products
Capital
US$583MNet primary IPO proceeds after underwriting, before offering costs
Markets
Payments And Capital MarketsCross-border settlement, tokenized assets and blockchain applications
Customers
Financial InstitutionsBanks, payment firms, asset managers and developers
Competition
Full PlatformCircle began competing beyond stablecoin issuance
Additional Company Data
IPO priced at US$31 per share and the total offering reached about US$1.2 billion
USDC ended 2025 with US$75.3 billion in circulation, up 72%
Circle reported US$2.7 billion in 2025 total revenue and reserve income
CPN had 55 enrolled financial institutions by Feb 2026
Arc public testnet launched with more than 100 participants
NCFA Perspective
The listing funded a wider platform. Circle now had to show that payments, Arc and software services could become businesses of their own instead of remaining support for USDC circulation.
Milestone 5
Financial Stack Expansion (Jan-Jul 2026)
Circle expanded managed payments, bank distribution and AI tools while USDC reached US$77 billion in circulation. Final U.S. approval for Circle National Trust added a federally supervised custody business and a possible future role in reserve management.
Company
Full-Stack PlatformStablecoins, payments, blockchain, custody and software tools
Stage
Product ExpansionMore services built around USDC distribution
Capital
US$55M Net IncomeQ1 2026 income from continuing operations on US$694 million in revenue and reserve income
Markets
Bank And Enterprise AccessInstitutional settlement, custody and programmable payments
Customers
Banks And Payment FirmsStandard Chartered, Nium and CPN participants
Competition
Distribution RaceStablecoin issuers, banks and payment networks compete for settlement flows
Additional Company Data
USDC held 28% of the fiat-backed stablecoin market at Mar 31, 2026
Reserve income supplied 94% of Q1 2026 revenue and reserve income
Other revenue doubled year over year to US$42 million in Q1
CPN annualized transaction volume reached US$8.3 billion at Mar 31
Circle National Trust is a trust bank, not a retail deposit-taking bank
NCFA Perspective
Circle is using USDC distribution to sell more payment, custody and software services. The main commercial test is whether those products can reduce the company's dependence on reserve income.
Milestone 6
IBM Blockchain Patent Portfolio (Jul 2026)
Circle acquired more than 680 IBM patent families covering nearly 1,000 issued patents worldwide. The portfolio spans blockchain, banking, insurance, enterprise infrastructure, supply chain verification and secure cloud operations.
Company
Circle IP PortfolioAcquired patents added to Circle's internal technology
Stage
IP ExpansionProduct rights and legal options expanded
Capital
UndisclosedPurchase price and financial terms weren't published
Markets
Global PatentsIssued rights across multiple jurisdictions and industries
Customers
Enterprise UsersFinancial institutions, payment firms and developers
Competition
IP PositionCircle says it is now the leading U.S. blockchain patent holder
Additional Company Data
The portfolio contains related patents within more than 680 patent families
Circle says the rights support USDC, CPN, Arc and agentic financial tools
Circle and IBM plan to explore further commercial opportunities
Circle hasn't disclosed the U.S. patent count, remaining terms or licensing plan
No product revenue or customer contract was announced with the acquisition
NCFA Perspective
The portfolio can help Circle protect products, negotiate enterprise deals or license technology. Its value will become clearer when patents appear in products, partnerships, revenue or legal action.
Related NCFA Intelligence
Four useful ways to place Circle's patent portfolio inside the stablecoin market it is building around.
The federal reserve, redemption and issuer requirements behind Circle's current U.S. expansion.
Frequently Asked Questions About Circle
What did Circle acquire from IBM?
Circle acquired part of IBM's blockchain patent portfolio. The transaction covers more than 680 patent families and nearly 1,000 issued patents worldwide across blockchain, banking, financial services, insurance, enterprise infrastructure, supply chain verification and secure cloud operations.
Does Circle now own nearly 1,000 separate inventions?
Not necessarily. A patent family groups related patent applications covering the same or similar invention in one or more jurisdictions. The portfolio contains nearly 1,000 issued patents within more than 680 families, so the patent count should not be read as the number of separate technologies acquired.
Why did Circle buy IBM's blockchain patents?
Circle says the portfolio supports USDC, Circle Payments Network, Arc, onchain products and financial tools for AI agents. It may also use relevant patents in product development, commercial agreements, licensing or legal defence. Circle has not published a detailed patent use or licensing plan.
How much did Circle pay IBM?
The purchase price and other financial terms were not disclosed. Circle also has not said how many acquired patents were issued in the United States, how long individual rights have left to run or whether IBM retained licences.
Will the patent portfolio generate revenue for Circle?
Circle has not announced patent licensing revenue, a product launch, a customer contract or a financial target tied to the acquisition. Licensing and commercial partnerships are possible uses, but their value cannot be confirmed until Circle reports an agreement or financial result.
How does Circle currently make money?
Circle earns most of its revenue from the reserve assets backing USDC. Reserve income supplied 94% of its US$694 million in total revenue and reserve income during the first quarter of 2026. Other revenue includes integration services, blockchain rewards, redemption fees and fund management fees.
How large is USDC?
Circle reported US$77.0 billion of USDC in circulation and a 28% share of the fiat-backed stablecoin market at March 31, 2026. Those figures can change with issuance, redemptions and market demand.
Is Circle a bank?
Circle Internet Group is a public financial technology company. In July 2026 it received approval to establish Circle National Trust, a U.S. national trust bank intended for digital asset custody and possible future USDC reserve management. A national trust bank is not the same as a retail bank that accepts insured customer deposits.
Is USDC available in Canada?
USDC can be offered by Canadian registered crypto asset trading platforms that comply with the Canadian Securities Administrators' value-referenced crypto asset requirements. Availability depends on the platform, and USDC is not covered by Canadian deposit insurance.
Is Circle publicly traded?
Yes. Circle Internet Group listed on the New York Stock Exchange in June 2025 under the ticker CRCL. Public company financial results cover the Circle group and should not be treated as separate results for every product or regulated subsidiary.
Patent counts do not establish product quality, commercial value or future revenue. Undisclosed transaction terms and possible patent uses are identified as such. Information may change after the stated update date. This content is provided for informational purposes only and does not constitute investment, financial or legal advice.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
July 29, 2026 | NCFA Insight | Digital Assets Blockchain And Tokenization, Wealth Investing And Trading, Risk Compliance And Regtech
Canadian Crypto Ownership, Advice And Product Demand
On July 28, 2026, the Ontario Securities Commission released its Crypto Assets 2025 survey, providing an updated national baseline for crypto ownership, investor behaviour, platform use, financial advice, stablecoins and tokenized assets.
Ipsos surveyed 2,360 Canadian adults online between December 18, 2025, and January 22, 2026. Crypto owners were oversampled to provide a large enough subgroup for analysis, then weighted to reflect the Canadian population. Results for the total sample have a credibility interval of approximately 2.5 percentage points, with wider intervals for smaller groups.
The survey results show a market that has recovered from its 2023 decline and is becoming more connected to financial advisors, registered platforms and established institutions. The data also underscores why ownership alone can't measure market maturity. Customer knowledge, custody decisions, promotional pressure and financial losses remain part of the same picture.
Ownership and Outlook
59% correctly identified crypto assets, up from 54% in 2023 and 51% in 2022
25% currently owned crypto assets or crypto funds, up from 10% in 2023 and 13% in 2022
39% of investors owned some form of crypto product. Ownership reached 44% among self directed investors and 30% among investors working with an advisor
35% of Canadians aware of crypto reported high familiarity, compared with 27% in 2023
38% said they were likely to buy crypto within 12 months, up from 20% in 2023
43% believed crypto already plays a key financial role, while 52% expected it to play a key role in the future
38% of direct crypto owners reported holdings above $20,000. Among crypto fund owners, 45% reported more than $20,000
Buying, Advice and Platform Use
59% acquired crypto through a centralized trading platform, compared with 18% through a decentralized exchange
48% of centralized platform users had used Coinbase, followed by Wealthsimple Crypto at 37%, Crypto.com at 29% and Binance at 20%. Respondents could identify more than one platform
22% consulted a financial advisor before buying, up from 13% in 2023
39% of advised investors said an advisor recommended crypto, nearly double the 19% reported in 2023. Most recommendations involved 10% or less of the portfolio
50% checked whether their platform was registered, up from 38% in 2023
67% recalled receiving a crypto risk disclosure before purchasing through a centralized platform
74% of centralized platform users paid transaction fees, compared with 57% in 2023
Promotion, Custody and Customer Experience
53% recalled seeing crypto advertising, up from 45% in 2023. Social media was the leading source
31% recalled receiving a platform purchase bonus, 28% had seen a referral offer and 29% had seen a personality promoting a particular platform
49% stored crypto on the platform where it was purchased, while 35% used an online wallet and 8% used a hardware wallet
15% of centralized platform users reported a financial loss involving fraud, scams or hacking
10% had been unable to withdraw money, 9% had been unable to withdraw crypto and 10% said they didn't understand the fees they paid
33% of people who had owned crypto reported significant regret, while 51% reported little or no regret
Stablecoins and Tokenized Assets
34% had heard of stablecoins, while 11% said they had held or used one during the previous 12 months
89% of stablecoin owners had used them. Uses included exchanging them for other crypto at 38%, converting them to cash at 36%, earning yield at 30%, paying for goods or services at 24% and making international transfers at 20%
24% had heard of tokenized real world assets
74% of those familiar with tokenized assets would consider investing if their bank or investment firm offered tokenized government bonds, money market funds or similar products
Ownership Rebounded Across The Market
The increase from 10% to 25% is the survey's largest headline, but it needs to be read carefully. The OSC definition includes direct crypto assets and crypto investment funds. It also captures a later market period than the Bank of Canada's most recent detailed ownership study.
The Bank of Canada estimated that approximately 10% of Canadians owned Bitcoin in late 2023. That research covered Bitcoin specifically, used a different survey and was conducted more than two years before the OSC's latest survey work.
Within the OSC's own series, however, the direction is clear. Ownership, familiarity, purchase intentions and confidence all recovered from their 2023 lows. The latest ownership rate is also well above the 13% recorded in 2022.
The reasons people bought crypto provides more context. Portfolio diversification was cited by 28%, long term confidence in crypto or its technology by 27% and speculation by 26%. Investors aren't necessarily entering the market for one common reason. Some see an alternative asset class, some want exposure to the technology and others are trading for shorter term returns.
The barriers are just as varied. Among people who hadn't purchased crypto, 43% said they didn't understand it well enough, 43% worried about fraud or scams, 41% considered it too much like gambling and 41% cited price volatility. Those concerns have softened in some areas since 2023, but they haven't disappeared.
Ownership also says little about customer value on its own. A person holding $200 on one platform and an investor holding $100,000 through several products both count as owners. The OSC found that 60% of direct owners held no more than $20,000, while 38% reported more. Platforms and investors still need transaction volume, account retention, asset concentration and revenue data to understand the commercial depth behind the national ownership rate.
Advisors And Platforms Take A Larger Role
The change in financial advice may prove more consequential than the ownership headline. Among investors working with an advisor, 39% said their advisor had recommended crypto assets. That compares with 19% in 2023 and 21% in 2022.
Most recommendations remained limited but still --> twenty-five percent said their advisor recommended an allocation of 10% or less, while 14% reported a recommendation above 10%. Sixty percent said crypto wasn't recommended. Even so, they show crypto entering more client conversations. The percentage consulting an advisor before buying rose to 22%, while financial press reached 19% and provincial securities regulator websites reached 11%.
Informal information still carries considerable influence. Friends, family and colleagues were consulted by 34% of buyers. Social media influencers reached 21%, while another 19% used advice from people on social media or online forums.
Advertising grew at the same time. More than half recalled seeing crypto promotion, and roughly three in ten remembered platform bonuses, referral rewards or personalities promoting a particular trading venue. Registered firms, advisors and regulators are therefore competing for investor attention inside a market where promotional messages can arrive faster than formal guidance.
Centralized platforms are still the main commercial on-ramp. Their advantage comes from familiar onboarding, Canadian payment connections, custody and a simpler buying experience. Registration can add confidence, especially as more customers learn to check whether a platform is authorized.
The Canadian registrations obtained by global platforms operating in Canada such as Coinbase and Kraken are driving competition and vying for trust and distribution. Registration subjects a platform to Canadian requirements, but it doesn't remove investment, custody, fraud or company risk.
49% of owners keep assets on the platform where they bought them. For many customers, the trading venue is also their custodian, account interface, source of product information and first point of contact when a withdrawal fails.
Fifteen percent of centralized platform users reported losing money through a scam, fraud or hacking incident. Among the smaller group reporting hacking losses, 31% said at least $60,000 was lost. That subgroup is limited, but the reported amounts show how quickly a retail platform problem can become a serious household loss.
New Products Raise The Operating Stakes
Stablecoin payment infrastructure and tokenized RWA infrastructure show where Canadian demand may coalesce next. The OSC results confirm national investor numbers behind two channels that are already advancing through regulated products, settlement systems and new forms of asset ownership.
The operating layer is also becoming easier to see. VersaBank and QCAD connect a Canadian dollar stablecoin to regulated banking infrastructure, while tokenized fund operations are expanding into subscriptions, redemptions, investor records, pricing and settlement. The survey helps show whether Canadian investors are becoming ready for the products that this infrastructure could support.
Stablecoin awareness reached 34%, and 11% of Canadians said they had held or used one during the previous year. Owners weren't simply leaving them untouched. Eighty-nine percent had used them for at least one activity.
Trading and cash conversion remained the leading uses, but stablecoins were also used for yield, purchases and international transfers. The 20% international transfer rate gives payment providers and fintechs a practical customer problem to pursue, particularly where traditional cross border transfers remain expensive or slow.
All good and well, but there's an understanding gap that hasn't kept pace with product use. Earlier FCAC research found low knowledge of stablecoin backing, regulation and consumer protection. The OSC survey adds a more current picture of how owners are actually using them.
Tokenized real world assets start from a smaller awareness base. Only 24% had heard of the category. Yet 74% of that group said they would consider investing if the product were available through their bank or investment firm. So, investors may be more receptive to tokenized government bonds, money market funds and similar products when the account, institution and reporting relationship are already familiar.
For fintech builders, issuing the token is only one part of the market. Banks, dealers and asset managers also need custody, identity checks, ownership records, compliance tools and settlement. Those systems must work across conventional accounts and blockchain networks.
For financial institutions, existing distribution could be more valuable than the underlying token technology. A bank or investment firm already has customers, funded accounts, advisory relationships and compliance systems. If tokenized products gain traction, those assets may enter through familiar financial channels rather than separate crypto accounts.
Talking Point
As crypto ownership rises, will Canadians turn first to an advisor, a registered crypto platform or their bank?
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. 
