NCFA Innovation 2019

Category Archives: Blockchain, Crypto, Digital Assets, Tokens

Middle-aged crypto-king Anthony Di Iorio wants people to create something positive

Financial Post | Joe O'Connor | Feb 24, 2021

anthony - Middle-aged crypto-king Anthony Di Iorio wants people to create something positiveAnthony Di Iorio, co-founder of Ethereum, is plotting a way out of cryptocurrency to tackle a project he hopes will help change the world for the better

Anthony Di Iorio wears the same thing every day, call it his uniform: a white t-shirt, which he orders in bulk at $10 a pop, blue jeans and white sneakers. The outfit isn’t a fashion statement, rather, it’s a time-saving measure, since he tends to have a million thoughts reeling through his mind when he wakes up in the morning and the last thing he needs to worry about is figuring out what to wear.

So, a white t-shirt and jeans it is. As for those morning thoughts, numbered among them lately are being sure to visit regularly with his 70-year-old-plus parents, Lino and Lynne, pondering how to fix corporations that only care about the bottom line, occasionally fretting about his own personal safety and working on his “white paper,” which he plans to have peer reviewed.

The paper details Di Iorio’s next big idea. It is something the 46-year-old is not ready to discuss quite yet, but he hints that the project to come is geared to altruistic ends, will be of benefit to Canada, tackle big and seemingly intractable problems and, perhaps, somewhere down the road, see him remembered for being something other than the thing he is most famous for today, especially among the cryptocurrency crowd.

See:  Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again

Di Iorio is one of the co-founders of Ethereum, a made-in-Canada, open source cryptocurrency platform whose units, known as ether, are second only to Bitcoin in terms of global popularity. He was also an early adopter of Bitcoin, buying up coins back when they were trading for $9.73.

Five years ago, ether traded for a measly loonie. Today, the digital currency is hovering around US$1,700. Bitcoin, meanwhile, rocketed past US$53,000 last week, achieving another vertiginous height in a notoriously volatile space that recently landed Di Iorio and fellow Canadians/Ethereum founders, Joseph Lubin and Vitalik Buterin, on a Crypto Rich List created by Traders of Crypto, an online information site.

The list pegged Di Iorio’s net worth at US$750 million. In 2018, a Forbes article did him even better, referring to him as a billionaire, hence all his fretting about personal safety.

“The whole cryptocurrency space, the whole concept is that you are your own bank,” Di Iorio said from his 5,000-square-foot condominium with a closet full of t-shirts in Toronto’s financial district. “When people know I’ve got crypto, it’s a little more of a risk profile than traditional things, because the money is not in a bank.”

Bad guys take note: Di Iorio is not, was not, nor has he ever been a billionaire. The bulk of his fortune, post-Ethereum, has gone into Decentral Inc., his blockchain technology startup, and developing Jaxx, a cryptocurrency “wallet.” If all goes according to plan, he hopes to sell the wallet and the blockchain business in about a year’s time for … a billion dollars.

See:  Billionaire investor Ray Dalio on capitalism’s crisis: The world is going to change ‘in shocking ways’ in the next five years

The hockey-loving kid from the suburbs, often hailed as a crypto-king, is planning to get out, not because he doesn’t believe in digital currency, but because he is 46 and wants to focus on addressing the particulars of that white paper he is not quite ready to talk about yet.

“I am a technologist,” Di Iorio said. “But what scares me the most is technology.”

The world, he said, has some pretty profound problems: Fake news; anti-vaxxers; conspiracy mongers; monster social-media companies and search engines gobbling up personal data; algorithms pushing out ads tailored to the individual and nudging them to buy crap they don’t really need; companies crowing about shareholder returns at the expense of ordinary people.

It is a big, daunting mess, and perhaps a relatively old crypto-guy can be part of the solution, at least that is what he hopes.

“We need to shift peoples’ focus towards creating positive impacts — towards helping their neighbours,” he said.

Di Iorio comes from a long line of problem solvers. His Italian grandparents didn’t see a future in Italy, so they solved it by immigrating to Canada with pennies to their name and hacking out a good life in the construction industry. The second generation started a patio door company in 1978, growing it from eight employees to 120 employees.

Di Iorio’s father, Lino, was that business’s resident troubleshooter, working in product development, ironing out kinks. In his spare time, he built classical guitars and in 1994 he took up curling.

See:  What do the next ten years hold?

Di Iorio also read a lot, and got hooked on the Austrian school of economics, a central tenet of which holds that a product’s true value is only determined by its usefulness to the consumer. He had always fooled around with computers, but he experienced an “ah-ha” moment in 2012 when he heard Bitcoin mentioned on a podcast.

“I saw it as the next coming of the internet,” Di Iorio said.

Soon after, he founded the Toronto Bitcoin Meetup Group, and began hosting gatherings at a downtown office space. His parents organized the snacks.

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NCFA Jan 2018 resize - Middle-aged crypto-king Anthony Di Iorio wants people to create something positive 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, 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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Square buys 3,319 more Bitcoin at an average price of $51,236 for another $170 million investment

The Verge | | Feb 23, 2021

Bitcoin square - Square buys 3,319 more Bitcoin at an average price of $51,236 for another $170 million investment

3,319 coins at an average price of $51,236 per coin

Square has just made another colossal investment in bitcoin, more than tripling its last investment in the cryptocurrency with a $170 million purchase of tokens. The digital payments company, which is run by vocal bitcoin advocate and Twitter CEO Jack Dorsey, disclosed the investment in its quarterly earnings report on Tuesday.

See:  TESLA Coin Now Appears on CoinMarketCap. Is Elon Revving the Engine Up?

The company purchased about 3,318 bitcoins at an average price of $51,236, which signals remarkable confidence in bitcoin as it reaches record heights and invites renewed skepticism about its stability.

“Aligned with the company’s purpose, Square believes that cryptocurrency is an instrument of economic empowerment, providing a way for individuals to participate in a global monetary system and secure their own financial future,” reads the company’s press release announcing the purchase. “The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis.”

Square first announced a major bitcoin investment in October of last year when it purchased $50 million worth of tokens when a single bitcoin cost a little over $10,000.

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NCFA Jan 2018 resize - Square buys 3,319 more Bitcoin at an average price of $51,236 for another $170 million investment 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, 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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Canadian researchers develop CBDC digital currency proposal for Bank of Canada

York University | Feb 16, 2021

Poonam puri york university CBDC proposal - Canadian researchers develop CBDC digital currency proposal for Bank of CanadaA proposal submitted to the Bank of Canada by a team of academic researchers from Osgoode Hall Law School and the University of Toronto (U of T) on what a central bank digital currency framework could look like in Canada has been selected as one of three proposals to be developed by the bank into a full report.

The bank is undertaking research to potentially launch a digital currency alongside the country’s banknotes, and invited universities to play a role in this innovation by entering the Model X Design Challenge.

The challenge was meant to encourage the development of “foundational ideas” for a central bank digital currency business model and system architecture (known as “Model X”), according to the bank. While no decision has been taken to issue a central bank digital currency, the Bank of Canada notes “it is working to design and develop one, along with a business model, as a contingency.”

A central bank digital currency is a digital unit of payment, comparable to digital coins such as Bitcoin, but that is issued and backed by a central bank as opposed to a private network. It has similar characteristics to cash, but instead of keeping it in a physical wallet you keep it in an online wallet that you can access using your cell phone or another electronic device. Its digital features make it a good alternative to traditional payment methods, such as credit or debit card payments.

In addition to the U of T/YorkU submission from Osgoode Professor Poonam Puri and University of Toronto Professors Andreas Veneris and Fan Long (Department of Electrical and Computer Engineering, and Department of Computer Science) and Andreas Park (U of T Mississauga’s Department of Management and the Rotman School of Management); the Bank also selected submissions from teams at McGill University and the University of Calgary.

See:  The Good, the Bad and the Ugly of Central Bank Digital Coins (CBDCs)

Each team was awarded a project fee to put toward the research competition, and the work of the team had to be a business school and computer science department collaboration.

The U of T/YorkU contingent worked on their overall model and recommendations as a team, but the technical components of their analysis were led by Veneris, Long and Park, with Puri focusing primarily on the legal, governance and policy implications of their design recommendation.

“We are recommending the implementation of a brand new currency/payment system, which obviously raises a number of novel legal issues and policy choices," said Puri, who is an expert in corporate governance, corporate law and securities law.

Puri said their legal analysis focused on four main issues.

  1. First, whether the Bank of Canada has the authority to issue a new digital currency, or if any amendments are required to its governing legislation (the Bank of Canada Act) to permit it to do so.

2. Second, consideration of the ideal regulatory framework to regulate participants in the new digital payments network.

See:  Better to get it right than to be first with CBDC, says US Fed chair

3. Third, how payment intermediaries would fit within anti-money laundering and counter terrorist financing (AML/CFT) laws.

“Canada has made a conscious effort in recent years to update its AML/CFT regulations and we wanted to make sure that our recommendation fits within the AML/CFT regulatory landscape to ensure that any central bank digital currency can’t be used as a vehicle for illegal activities.”

4. The fourth consideration was privacy.

“We prioritized privacy in order to ensure that any central bank digital currency closely resembles the privacy benefits that currently accompany traditional cash payments,” Puri said.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Canadian researchers develop CBDC digital currency proposal for Bank of Canada 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, 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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Versabank to Launch VCAD, World’s First Bank-issued, Deposit-based Digital Currency

Versabank  Release | Feb 24, 2021

Versbank launches stablecoin - Versabank to Launch VCAD, World's First Bank-issued, Deposit-based Digital Currency

VersaBank Partners with Stablecorp to Complete Development of Digital Currency Offering – Will Create Significant New Low Cost Deposit Source for VersaBank as it Experiences Record Loan Growth

LONDON, ON, Feb. 24, 2021 /PRNewswire/ - VersaBank (TSX: VB) ("VersaBank" or the "Bank"), a North American leader in business-to-business digital banking and technology solutions for cybersecurity, today announced it plans to launch a strong encryption based digital currency (cryptocurrency) represented one-to-one by a Canadian dollar bank deposit with the Bank, to be known as VCAD.  VCAD is expected to be the first digital currency to represent a fiat currency, as well as the first in the world digital currency issued by and backed by deposits with a North American bank.  As such, VCAD will offer the highest level of stability and security amongst all digital currencies in the market today.

See:  A Brilliant Fintech Future – Banking on Stablecoins

VersaBank has entered into a strategic partnership with Stablecorp, a joint venture between Canada's leading crypto asset manager, 3iQ, and Mavennet, a Canadian leader in blockchain development, to commercially launch VCAD. VCAD is based on VersaBank's proprietary banking software and the digital currency issuance processes for VCAD will be securely managed via VersaVault®, VersaBank subsidiary, DRT Cyber Inc.'s ("DRT Cyber"), world leading digital bank vault designed to secure digital assets.  The Bank is targeting public availability of VCAD in the coming months.

Consistent with VersaBank's highly efficient, business-to-business model, VCAD will be issued by VersaBank to financial intermediary partners in exchange for Canadian dollar deposits with the Bank utilizing "smart contracts", a more highly encrypted iteration of the Bank's existing digital deposit contracts.  VersaBank's partners will then offer VCAD directly to individuals and businesses, who can use them for commerce and redeem them for Canadian dollars at any time.  VCAD creates a significant new low-cost deposit source for VersaBank as it experiences record loan growth.

"As North America's first bank-issued "stablecoin", VCAD offers consumers and businesses the ability to adopt and leverage the benefits of digital currency and blockchain-based assets without the volatility of traditional currencies, alongside the security of a value-backed asset that the cryptocurrency world has long demanded," said David Taylor, President of both VersaBank.

Its cyber security subsidiary, DRT Cyber. "Consumers and businesses purchasing products and services with VCAD will finally know the precise value of their digital currency when executing these transactions."

See:  UK Consultation (Mar 21, 2021): Regulatory Approach to Cryptoassets and Stablecoins

Mr. Taylor added, "VersaBank was the very first digital bank nearly 30 years ago and has continuously been a pioneer in digital banking in the decades since.  Digital currencies are the natural evolution of the world's payment systems, and the launch of VCAD is a natural extension of our digital banking operations as we once again leverage our in-house technology to lead the banking industry.  We are proud to work with our partner, Stablecorp, on this industry first."

"We are thrilled to partner with VersaBank, a Schedule I Canadian bank, to offer a digital currency that addresses the two major shortcomings of the traditional cryptocurrency market – volatility and security," said Jean Desgagne, CEO, Stablecorp. "VCAD provides consumers with not only the security afforded by an underlying deposit with a Canadian chartered bank but also the comfort of knowing that each VCAD issued or redeemed will always have one-to-one value with the Canadian dollar.  With such clear benefits, we are highly confident in the demand for VCAD as digital currencies increasingly become part of mainstream financial transactions."

In addition to VCAD, under their partnership, VersaBank and Stablecorp plan to work together towards the development and launch of "VUS" and "VEuro", deposit-based, US dollar and Euro versions of the VersaBank digital currency.

View the original release --> here

 


NCFA Jan 2018 resize - Versabank to Launch VCAD, World's First Bank-issued, Deposit-based Digital Currency 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, 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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Mastercard and Island Pay launch first digital currency card

Fintech Magazine | William Girling | Feb 18, 2021

IslandPay sand dollar - Mastercard and Island Pay launch first digital currency card

Finance giant Mastercard has teamed up with Island Pay to deliver a world first: a digital currency-linked payment card backed by a central bank

Held together by Central Bank of The Bahamas, the collaboration will enable people to use an official digital currency called ‘The Bahamas Sand Dollar’ for purchases via a prepaid card.

Transactions carried out with the card are automatically converted from digital to fiat currency and will be legal tender for goods and services on the islands (of which there are 700), as well as around the world.

See:  It’s instant – I get a message, and it’s received: Central bankers comb for crypto clues as Bahamas launches ‘Sand Dollar’

It is hoped that the Sand Dollar will create a more financially inclusive economy, promote more diverse purchasing methods, and facilitate government disbursements. The same value and protections will apply as the Bahamas’ traditional currency.

Modernising payments in the Bahamas

The Sand Dollar was originally trialled in 2019 and went on to become the first digital incarnation of a national currency in circulation late last year.

Mastercard’s virtual testing environment allowed developers to chart the issuance, distribution and exchange of the Sand Dollar in a simulated environment prior to its real rollout.

Island Pay’s role was to combine Mastercard’s technology and operational breadth with its own platform, which has been revolutionising payment solutions in the Caribbean through lower costs and higher quality service since it was founded in 2018.

“By working closely with the Central Bank of The Bahamas and Mastercard, we are able to issue a prepaid card unlike any other in the world. We are now able to bring immediate, critical benefits to our customers at a time when they are looking to find new, innovative ways to pay,” said Richard Douglas, Co-Founder.

See:  Visa’s digital dollar concept opens a door to central bank currencies

“The Bahamas is leading innovation in CBDCs (central bank digital currencies), and we’re thrilled to be able to play an important role in helping to democratise access to currency, especially in areas that are currently underserved.”

Continue to the full article --> here

 


NCFA Jan 2018 resize - Mastercard and Island Pay launch first digital currency card 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, 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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The Outer Space Men are Landing at Liquid Avatar

KABN | Cara Buckspan | Feb 24, 2021

liquid avatar outerspace men - The Outer Space Men are Landing at Liquid Avatar

Company launches integrated Liquid Avatar, Augmented Reality and NFT media program of iconic 1960's toy and collector brand.

TORONTO, ON and  NEW YORK, NY / ACCESSWIRE / February 24, 2021 / KABN Systems NA Holdings Corp. / Liquid Avatar Technologies Inc. (CSE:KABN)(OTC Pink:TRWRF)(FRA:4T51) (the "Company") (www.kabnsystemsna.com), a North American fintech solutions company specializing in empowering individuals to manage, control and generate value from their biometrically-verified Self Sovereign Identity ("SSI") through its Liquid Avatar (www.liquidavatar.com) platform, is pleased to announce that the Company has partnered with the iconic toy brand, The Outer Space Men (www.theouterspacemen.com). The Outer Space Men is a toy and collector brand that spans over half a century of celebration as both a vintage and modern collectible assembly of action figures. The OSM were first created when man's greatest achievement was to land on the moon during the infamous Space Race of the 1960's. The Outer Space Men characters will be used for a series of integrated media programs for Liquid Avatar.

The integrated campaign, expected to launch in early spring 2021 will feature a series of limited edition 2D and 3D Liquid Avatar digital icons available in the Liquid Avatar Marketplace (www.liquidavatarmarketplace.com), a full immersive 3D global Augmented Reality scavenger hunt, powered by the Company's partnership with Imagine AR (CSE:IP) and based on approvals, a 3D animated and AR powered, exclusive Non-Fungible ("NFT") Token program for collectors.

See:  KABN North America Launches Liquid Avatar App in the Apple Store and Google Play

The Outer Space Men features beloved and infamous, vintage bendable toy action figure characters that were first created by the world renown toy inventor Mel Birnkrant. With tens of thousands of clamoring fans demanding the return of these archetypal heroic icons, the wildly successful line of toys was brought back to the market in 2008 with the support of childhood fan and Wall Street executive Gary Schaeffer who reintroduced the line of toys in a new affordable format. Since 2010 these new action figures have been played with by millions of children globally. The 21 OSM characters span our solar system, The Milky Way Galaxy and beyond and delight both collectors and children with their incredible back stories and legendary beginnings as extoled by their creator Mr. Birnkrant. These action figures and the rest of the collection of up to 21 different bendable toys, will be transformed into computer graphic (CG) 2D and 3D models ready for a host of digital production programs.

To power these new experiences, the Company has engaged Los Angeles based DreamView, Inc. (www.dreamview.com). DreamView's founders and staff have worked with major brands, studios, and ad agencies around the globe on some of the world's most successful and beloved products, films, and television series, including Apple, Disney, Bleacher Report, Harry Potter, Terminator, Star Wars, Jurassic Park, Transformers and Hot Wheels, as well as commercials and other industrial CG, AR, VR and animation projects.

See:  KABN North America and Liquid Avatar Unveils New Challenger Banking Program for Verified Self Sovereign Identity Users

At the direction of Liquid Avatar's Creative Director, Mariano Nicieza and the team, DreamView will be taking The Outer Space Men's 21 core roster and converting them to CG designs ready and compatible for Augmented Reality, Rigging and Animation.

The Company is also working with Apex Comics Group (www.apexcomicsgroup.com) to bring world leading comic book writers, editors and artists together to create multi-media and Augmented Reality Comics powered by a user's Liquid Avatar. A sneak preview will be made virtually on March 26th and 27th at Comic Con International's WonderCon (www.comic-con.org/wca).

"Liquid Avatar is working to make the process of creating, sharing and powering digital identity fun and engaging and the Outer Space Men are a perfect partner for our future-proofing solutions," said David Lucatch, CEO. "With Augmented Reality, CG and 3D Avatars on the roadmap for Liquid Avatar, it makes great sense to start with this iconic brand and adding NFT's which are raging digital collectibles with over $100 Million in sales in the past month, makes starting now even more important to the growth of the Company."

The Liquid Avatar beta app officially launched globally in the Google Play and Apple App Store on February 18, 2021. With the foundation 1st phase already available, the Liquid Avatar app will launch updates in phases, with new features expected monthly. The Company believes that as it plans to provide future features, regular releases will provide users with the opportunity to familiarize themselves with existing features before moving on to more comprehensive services and the opportunity to manage their digital identity and verifiable credentials.

Continue to read the full release --> here

 


NCFA Jan 2018 resize - The Outer Space Men are Landing at Liquid Avatar 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, 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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Bitfinex and Tether Fined $18.5M and Banned from Operating in New York

Bitcoin.com | Jeffrey Gogo | Feb 23, 2021

tether - Bitfinex and Tether Fined $18.5M and Banned from Operating in New YorkBitfinex and Tether have been banned from operating in New York and must pay a fine of $18.5 million as part of a settlement with the New York Attorney General’s (NYAG’s) office over a case dating back to 2019.

In a statement on Tuesday, NY Attorney General Letitia James accused the two entities of hiding severe losses from investors. “Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines,” said James.

See:  Are Stablecoins Better Than Bitcoin?

She continued: “Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system.”

Per the statement, an NY Attorney General’s investigation found that the companies made false statements about the backing of tether, with Bitfinex using Tether’s funds to clandestinely cover an $850 million financial hole at its bank Crypto Capital in Panama.

Tether published a statement on Tuesday “admitting to no wrongdoing.” It argued:

The Attorney General’s Office concluded, in essence, that we could have done better in publicly disclosing these events. Contrary to online speculation, after two and half years there was no finding that Tether ever issued tethers without backing, or to manipulate crypto prices.

According to the investigation, from 2017, Tether had no access to the banking system and did not have reserves to back the tether (USDT) in circulation at the time. Bitfinex stresses that it did not lose any money, claiming Crypto Capital’s funds were confiscated by governments in Portugal, Poland and the U.S.

Read:  Price Discovery in Digital Currencies is Maturing

Bitfinex and Tether have now been barred from having any trading activity with the citizens of New York, as a result. The NYAG requested that the two companies submit regular reports on core business functions. Tether must also offer public disclosures, by category, of the assets backing tether, including disclosure of any loans or receivables to or from affiliated entities.

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NCFA Jan 2018 resize - Bitfinex and Tether Fined $18.5M and Banned from Operating in New York 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, 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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