Karsten Wenzlaff, Advisor
August 26th, 2025
Capital Markets | May 30, 2025
Image: Freepik/rawpixel.com
The Ontario Securities Commission (OSC) LaunchPad announced on May 29, 2025, that they are establishing the groundwork for a new generation of investment products for retail investor access. The focus is on long term asset exposure for everyday investors, which could very well include an innovative structure like tokenized funds.
The OSC’s “Long-Term Asset Fund Project” is supporting the development of investment fund products that offer retail exposure to traditionally inaccessible assets classes, such as venture capital, private equity, private credit, infrastructure, and natural resources (mining, forestry, energy etc). The regulator is calling on industry stakeholders to propose fund models that may require exemptive relief, while maintaining investor protection measures.
Grant Vingoe, CEO OSC:
“The investment landscape is shifting, and retail investors are increasingly looking to diversify their portfolios. The LaunchPad project is supporting new and innovative financial products that can enhance market efficiency and provide new opportunities for investors.”
The OSC’s focus on alternative assets and flexible fund design makes this particularly relevant for blockchain-based tokenized funds. Tokenization is the issuance of fund units as digital securities on a blockchain, with programmable compliance, transparent ownership records, and fractional investment opportunities for retail investors.
A tokenized OLTF (Ontario Long-Term Asset Fund) model could take the form of a closed-end or interval fund:
From an investor standpoint, tokenization makes it easier to own smaller, fractional interests in long-term projects such as clean energy infrastructure, real estate developments, or later stage venture funds. Guardrails can be built-in to manage liquidity, restrict transfers, and redemption windows that match the underlying assets.
This is a signal and actionable opportunity for regulated digital asset investment in Canada. Unlike typical sandbox programs, this LaunchPad effort is tied directly to new product implementation and could be a key opportunity to bring real retail access for tokenized long-term assets to Canada. The OSC will evaluate proposed exemptive relief frameworks.
Done right, a tokenized fund for long term assets could capitalize intensive projects that fuel economic growth while providing retail investors a chance to participate. NCFA members can get in touch with the LaunchPad initiative to discuss: mtang@osc.gov.on.ca.
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
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Bitcoin | May 27, 2025

Image: Freepik
On May 26, 2025 via press release, billionaire Michael Saylor's company, now rebranded as Strategy, announced the acquisition of an additional 4,020 Bitcoins between May 19 and May 25 for the total price of approx $427.1 million, showing growing corporate and institutional demand and confidence in digital assets.
This latest purchase brings Strategy's total bitcoin holdings to 580,250 BTC, bought at an average price of $69,979 per coin, and aligns with recent federal policy shifts, including the U.S. governments 2025 creation of a Strategic Bitcoin Reserve.
According to Portfolioslab where you can compare returns, Strategy's stock (formerly MSTR) has outperformed Bitcoin over the past year, with a 1 year return of +119.31% versus Bitcoin's +59.13%. However, Bitcoin maintains a higher 10-year annualized return at 84.59% compared to Strategy’s 35.83%. Strategy’s higher volatility and risk metrics reflect its leveraged exposure to Bitcoin.
As of May 27, 2025, the Crypto Fear and Greed Index stands at 74 (Greed), indicating positive investor sentiment and the potential for price corrections if optimism overheats.
On May 7, 2025, at Strategy World 2025, the company introduced several new AI and data tools aimed at helping businesses manage and use their data more effectively. These included Strategy Mosaic™, which helps companies organize and control data across different platforms like Tableau and Google Sheets, and Auto 2.0, a faster, more intelligent AI engine built to handle both structured and unstructured data through chat-like conversations.
Strategy also launched Strategy One Standard Edition, a version of its platform for smaller organizations that want advanced analytics without a large IT setup. Chief Technology Officer Ponna Arumugam said their new AI system is built to learn, adapt, and scale as businesses grow. Full press release here, with livestream access on YouTube.
At the same time, Canadian crypto ETFs are gaining momentum with investors who are seeking regulated exposure to crypto, given global volatility and policy shifts. Canadian-listed ETFs continue to expand, led by the Purpose Bitcoin ETF (BTCC) with C$993.5 million in AUM and the Fidelity Advantage Bitcoin ETF (FBTC) with C$1.257 billion. Investors benefit from secure, regulated access to cryptocurrencies without needing to manage private wallets.
| ETF Name | Ticker | AUM (CAD) | Management Fee | Notes |
| Purpose Bitcoin ETF | BTCC | C$993.5M | 1.5% | First physically settled BTC ETF |
| CI Galaxy Bitcoin ETF | BTCX.B | C$781.9M | 0.4% | Low-fee Bitcoin exposure |
| Fidelity Advantage Bitcoin ETF | FBTC | C$1.257B | 0.4% | Cost-effective BTC ETF |
| 3iQ CoinShares Bitcoin ETF | BTCQ | C$361.6M | 1.0% | BTC price tracking exposure |
| CI Galaxy Ethereum ETF | ETHX.B | C$461.9M | 0.4% | Ethereum exposure |
| Evolve Bitcoin ETF | EBIT | C$254.5M | 0.75% | Uses CME Bitcoin Reference Rate |
| Purpose Ether ETF | ETHH | C$130.7M | 1.0% | Physically settled ETH ETF |
| Purpose Bitcoin Yield ETF | BTCY | C$126.5M | 1.1% | Covered call strategy for BTC |
| Evolve Cryptocurrencies ETF | ETC | C$61.35M | 0.75% | Mixed BTC and ETH exposure |
| 3iQ Ether Staking ETF | ETHQ | C$49.6M | 1.0% | ETH price and staking exposure |
Strategy's latest addition to it's deepening BTC position, and the growth of Canadian crypto ETFs highlight the fact that crypto is constantly becoming more institutionalized. Canada’s proactive regulatory stance continues to make it a hub for compliant crypto investment products.
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
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Bitcoin Pizza Day | May 23, 2025

Image created with the help of AI (excuse typos)
From a $41 Pizza Order to a $1.1 Billion Milestone. On May 22, 2010, a Florida-based programmer named Laszlo Hanyecz paid 10,000 BTC for two Papa John's pizzas. At the time, the two pizzas were worth about $41. Fast forward 15 years later, and that transaction stands as one of the most iconic moments in crypto history.
It was the first time a digital currency went from concept to a real business commerce transaction. That moment laid the groundwork and fuelled 15 years of decentralized innovation. It showed the world what happens when a community network agrees on value (or something that's valuable), not just in code, but in practice.
Since that time, the price of Bitcoin has continued to increase in value significantly.
WordPress began accepting BTC in 2012. Expedia and Overstock followed in 2014.
In 2014, the same 10,000 BTC would have been worth about $2.3 million.
In 2020, MicroStrategy (now Strategy), led the corporate charge by pioneering the acquisition of BTC as a reserve asset, buying 21,454 bitcoins in August 2020.
By 2021, El Salvador had gone a step further, declaring Bitcoin legal tender. Tesla made headlines in 2021 with a $1.5 billion investment. By then, that value climbed to $91 million.
Between 2023 and 2024, major players like Stripe, PayPal , and Visa built crypto integration directly into their payment platforms.
In 2024, Fidelity , BlackRock and a total of 11 issuers entered the space with Bitcoin ETFs and custodial offerings.
And in 2025, the market value of those two pizzas is at over $1.1 billion.
Every year, crypto communities celebrate May 22 as a symbol of decentralized resilience. Pizza giveaways, digital art drops, and grassroots meetups from Barcelona to Bangkok to Toronto. But remember, the largest lesson isn't about the increase in price or value.
It's about believing in possibilities and building outside the institution, the margins. Bitcoin Pizza Day is digital moment that that reminds us that a financial revolution can begin with a single offer or transaction. Sometimes, that's all it takes. Two pizzas are enough to change the world. Do you believe?
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
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Digital Assets | May 22, 2025

Image: Freepik
Various sources have reported that the U.S. Senate has now approved the GENIUS Act to move forward, which is the proposed law that sets out national rules for the issuance of stablecoins and how they would be backed and managed in the U.S. Stablecoin adoption has been on fire recently, as they are increasingly used for crypto trading, cross-border payments, and digital services.
Only a couple of weeks ago on May 8, 2025, the GENIUS Act failed to clear a procedural vote in the Senate, receiving only 49 votes of the 60 needed to move forward, largely over Democrat conflict of interest concerns involving President Trump's family and their growing crypto ventures, including USD1 stablecoin backed by World Liberty Financial.
At the same time, Bitcoin just surged past $111,000 on May 21, reaching a new all-time-high (ATH), a clear signal of how fast the digital asset world is growing and that clear rules are needed.
Fifteen Democrats joined Republicans, showing rare bipartisan alignment with the U.S. Senate approving the GENIUS Act in a 66–32 vote, allowing it to move to a full vote soon where lawmakers may combine it with other similar proposals before sending it to the President for review and sign-off. Support from both major parties indicates a strong chance that the GENIUS Act will eventually become law.
A recent Congressional Research Service report also outlines how the bill could reshape the stablecoin landscape, clarifying rules around issuance, reserve backing, and oversight.
Under the GENIUS Act, only licensed banks, approved non-banks, and qualified state level issuers can offer stablecoins to people in the U.S., which is designed to help keep out unregulated or risky issuers.
The bill also requires stablecoins to be backed 1-1 by U.S. dollars or very liquid assets. Issuers would have to publish monthly updates showing what backs their coins and clearly explain how people can redeem them. Companies outside the U.S. would need approval from the Treasury and proof that they meet requirments and can follow similar rules.
Crypto and AI advisor to the President, David Sacks, said the GENIUS Act could “create trillions of dollars of demand for U.S. Treasuries practically overnight.” He is positioning stablecoins as a national economic strategy, not just about digital innovation. The White House has strongly backed the bill, although some Democrats remain concerned about conflicts of interest tied to President Trump’s family’s involvement in crypto.
Bitcoin’s latest surge puts digital assets back in the spotlight, and with more people using stablecoins and Bitcoin ATMs, regulators want to make sure these services are safe and clearly regulated. The GENIUS Act is one way to respond to this fast growth.
Other countries are moving quickly, too. Jurisdictions like the EU, UAE, and Singapore are building their own stablecoin frameworks. If the U.S. experiences further delays, it could risk losing ground in establishing the global standard and leadership role in digital assets.
The GENIUS Act would reduce uncertainty and make it easier for fintechs and investors to innovate in digital asset markets while establishing a foundation for a safer and more trusted digital asset financial ecosystem.
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
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Crypto | May 20, 2025

Image from Coinbase announcement
Just days before Coinbase is set to become the first crypto-native company added to the S&P 500, the largest crypto exchange in the United States disclosed a serious security breach on May 15, 2025 that could cost up to $400 million in damages and reimbursements. This is a growing vulernability in fintech and it's not related to flawed code or a broken firewall, but people on the inside working for the company.
On May 11, attackers sent Coinbase a ransom demand for $20 million in Bitcoin, but Coinbase refused to pay. Instead, they issued a public statement offering a $20 million bounty for information leading to the attackers’ arrests. In an SEC filing, Coinbase estimated that the financial cost of the data breach hack would be between $180-400 million for 'remediation costs and voluntary customer reimbursements'.
According to Coinbase, the attack began when 'rogue overseas support agents' (aka contracted customer support workers) were bribed by criminals. The corrupt insiders granted access to Coinbase’s internal systems, allowing attackers to gather customer names, emails, addresses, phone numbers, and even photos of passports and driver’s licenses.
The Verge also confirmed that some impacted customers lost funds after being tricked into sending crypto to the attacker’s fraudulent wallet addresses. Attackers used their personal data to impersonate Coinbase staff to target the victims. Coinbase has committed to paying them back.
Coinbase has since fired all of the compromised support workers and launched a new U.S.-based customer service hub. Law enforcement investigations are ongoing.
Outsourcing is an added risk given that lower paid overseas support agents with access to internal back-end systems can be bribed. Attackers are looking for customer data to support their social engineering scams to defraud victims. Cybersecurity must be approached beyond just technical risks, especially given that insider risks are often overlooked when developing compliance and risk mitigation programs.
Coinbase’s inclusion in the S&P 500 took place on Monday May 19, 2025, marking a significant milestone for the crypto sector. It is replacing Discover Financial Services, which is being acquired by Capital One. According to Ainvest, moving Coinbase to the S&P will trigger up to $16 billion in inflows from index-tracking funds and institutional investors.
However, the breach overshadows the achievement, now facing lawsuits from affected customers and working to repair trust in its rand. Just at the moment of unprecedented visibility.
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
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Crypto Security | May 16, 2025

Image from Ethereum 1TS announcement
On May 14, 2025, the Ethereum Foundation anounced a $1 Trillion Dollar Security (1TS) Initiative, a long term project to strengthen the security of the entire Ethereum ecosystem to support a future where trillions of dollars in value could move on-chain. The reality is that security isn't just a technical issue. It is the single biggest barrier to mainstream adoption of Web3, and Ethereum knows it.
Today, Ethereum is responsible for more than 50 percent of all total value locked (TVL) in decentralized finance platforms, already securing over $400 billion in on-chain assets. However a rise of exploits and protocol breaches unveil how fragile Ethereum's infrastructure actually is so the 1TS project aims to reinforce it.
In 2024, hackers stole over $1.8 billion across crypto platforms with Ethereum-based DeFi applications accounting for more than half of the total losses. Despite improvements in protocol security, new vulnerabilities continue to be exploited at scale, such as:
Notably the above figures don't include the growing number of targeted phishing campaigns, wallet drainers, and socially engineered scams that increasingly use AI to impersonate trusted actors and to slay 'pig butchering'. Collectively, these exploits show that Ethereum's security environment still has a way to go. For many prospective users and certainly institutions, the constant threat of permanent asset loss is a significant barrier to adoption and long term trust.
1. Map the risk. The Ethereum Foundation is conducting a full-stack vulnerability analysis, including risks in wallets, smart contract tooling, L2 infrastructure, consensus layer code, and even DNS and internet infrastructure.
2. Fund what matters. 1TS will identify the highest priority attack surfaces and fund long term solutions. These could include upgrades to client software, fuzz testing, formal verification, or developer tooling that requires and enforces safer default settings.
3. Communicate clearly. The final goal is to make Ethereum’s security infrastructure easier to understand, and to establish transparent benchmarks and metrics that will allow users, enterprises, and governments to compare the safety of Ethereum’s ecosystem to other financial systems.
The 1TS initiative is being led by Fredrik Svantes, Ethereum Protocol Security Lead, and Josh Stark, part of the Ethereum Foundation’s core leadership. They are joined by several other well known people from the security ecosystem, all bringing deep experience in incident response, smart contract audits, and secure protocol design.
The Ethereum Foundation is opening the initiative to input from the community. Anyone can share suggestions, flag concerns, or apply to collaborate by completing this form or to discuss, reach out to the team directly by email at trilliondollarsecurity@ethereum.org.
If Ethereum wants to be the financial base layer for billions of people, it needs a security model at least as robust as global banking systems. The Trillion Dollar Security Initiative is welcomed and necessary to get to the next step. It is about showing regulators, institutions, and the public that Ethereum and all the companies and transactions that feed off of the ecosystem can scale safely.
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
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Crypto | May 16, 2025

Image: Freepik/Wirestock
A series of violent kidnappings has rocked France’s crypto sector, prompting emergency government action and raising global concern about the country’s safety for fintech entrepreneurs. On May 13, 2025, masked men tried to abduct the pregnant daughter of Pierre Noizat, co-founder of French Bitcoin exchange Paymium, along with her toddler. The attack took place on a busy street in Paris and was captured on video. The victims screams drew help from passer-byes including a shopkeeper who threw a fire extinguisher at the attackers white van, ultimately stopping the abduction. The woman’s husband was also beaten during the struggle. Although the kidnapping was botched, it was the third high profile incident involving French crypto figures in less than 6 months.
Earlier in May, the father of a Paris-based crypto entrepreneur was abducted while walking his dog. His kidnappers severed a finger and sent the video to his son while demanding a ransom between €5 million and €7 million. The man was rescued three days later, and according to reports, at least five suspects were arrested.
On January 21, 2025, David Balland, co-founder of Ledger, and his partner were kidnapped at their home in central France. Balland was also violently attacked during his captivity and was later found with one finger missing.
French Interior Minister Bruno Retailleau called an emergency meeting with fintech and crypto leaders on May 16, 2025. He promised stronger cross-border enforcement, police support for targeted families, and security checks at the homes of crypto executives.
Eric Larchevêque, Co-founder Ledger’s co-founder:
"In last 12 months saw 50 attacks around the world targeting people involved in cryptocurrency. Of those, 14 were in France. There’s a real problem.”
Security experts blame a mix of high crypto visibility, blockchain transparency, and weak personal data privacy. Many French founders still live locally and have families in public roles. Some have posted wallet addresses or wealth milestones online and inadvertently turning themselves into targets.
France has worked hard to attract and support crypto innovation, welcoming startups under its MiCA licensing regime and positioning Paris as a global hub for Web3 development. But these crimes are now threatening to reverse that progress, and according to Sifted, multiple companies have already started relocating key staff and executives abroad due to physical security risks.
The crypto community is now pushing for digital identity protection tools, anonymized ownership registries, and encrypted communication channels for founders and executives. Some are turning to private security firms and changing daily routines to avoid patterns.
The violet kidnappings is a reputational crisis for France's innovation economy and a wake-up call to high profile fintech and crypto founders globally. The French government, must now prove that it can protect its most promising entrepreneurs before the damage is long reaching.
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
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August 26th, 2025
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NCFA Canada
Craig Asano
CEO and Executive Director
casano@ncfacanada.org
ncfacanada.org


