Category Archives: Voices

In the Future, Home Will be Wherever Consumers Choose to be

Flinks | Yves-Gabriel Leboeuf | Aug 7 2019

home is where consumers choose - In the Future, Home Will be Wherever Consumers Choose to beConsumers will soon be able to benefit from the same level of trust they get from the local bank in their hometown, wherever they are in the world.

Imagine for a moment that as you settle in a foreign country, you go straight to a financial institution and ask for a mortgage to buy your new home. They don’t know who you are or what you do. They have no context on which to base a decision. And so it’d make sense to reject your request.

Context has always been a key part of the trust bond between consumers and financial institutions.

Global connectivity in finance — and especially accessing and understanding transaction-level data — has the power to fill that gap by enabling data portability. Having your financial history following you allows for unprecedented autonomy and freedom, wherever you decide to stay.

It happened before

Early nineteenth-century American merchants faced a similar problem.

Up until then, they relied on personal ties for much of their credit information — from wholesale merchants down to local butchers keeping tabs on their clients. If they didn’t know their customer first hand, they could ask other merchants about a potential customer’s trustworthiness. They had available sources of information, based on experiences and opinions.

See:  Open banking in Canada – time to prepare for change

As markets expanded, especially in the cities, merchants began to trade with customers they did not and could not know personally.

The lack of knowledge about distant and unknown customers was what we're now used to call a pain point. Merchants did not have the appropriate context to judge if they should conduct business, lend money, accept to open a credit tab, etc.

Limited connectivity at work

A proper solution for this lack of knowledge and context about consumers was to gather and distribute information on a large scale.

The answer came in the form of reports that were managed by networks of correspondents across the nation’s cities and villages. They would collect information from merchants about their customers’ character and reputability of paying things back in a timely manner. All of those data points would then be consolidated in a ledger, accessible for a fee.

If you’re thinking “credit bureau”, you’re right — the agencies built around this concept in the nineteenth century are basically the ancestors of today’s credit bureaus. Of course, the information being reported and the techniques have evolved. But collectively we rely on the same premise to bridges the data gap: businesses still need to figure out whether they can trust potential customers, and to do so they rely on profiles drawn by agencies that collect and consolidate information. Consumer’s context can be shared, but only as long as it’s in the space covered by these agencies.

Trust can cross borders

This model of limited connectivity has now reached its limits.

With people being so mobile worldwide, customers don’t get the same ability to prove they are worthy of trust with credit or access to certain services, simply because the lenders, financial institutions and other companies don’t know them. The same can be true for people with thin credit files or in the process of rebuilding their credit profile.

See:  Why Open Banking Represents a Seismic Shift for Fintech

We’re once again facing a gap: information that is relevant about a consumer cannot be accessed. And so we’re left with a financial services system that:

  • puts up barriers to access for some segments of the population;
  • has people rebuild their financial profile from the ground up after they relocalize to a new country;
  • makes it longer and harder to reach important milestones.

Or, simply put, a system that can't understand some consumers' financial life profile because it doesn’t have the proper context.

This is bound to change with global connectivity in finance. Let’s imagine once again settling into a new country, but this time with the ability to give access to your financial data — wherever the source is. Your identity and financial assets can be verified in a timely manner, opening up access to your new country’s financial services system.

Or imagine you’ve been earning a decent salary for years and never needed to have a credit card or a loan. Your traditional credit score might not say much about you, but other types of financial data can be used to understand you as a consumer. Transactional data, specifically, allows businesses can get a deeper and real-time understanding your financial profile and behavior.

When your context can cross borders, trust does too.

 

Flinks CEO Yves Gabriel Leboeuf - In the Future, Home Will be Wherever Consumers Choose to beYves-Gabriel Leboeuf, Co-founder and CEO, Flinks

Flinks is a data company that empowers businesses to provide better financial services to consumers. Trusted by over 200 world-class companies, Flinks enables businesses to connect users’ bank accounts, gain financial insights into their customers and provide better risk products.

 

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NCFA Jan 2018 resize - In the Future, Home Will be Wherever Consumers Choose to be 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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Bold Vision, Bright Future

Canadian Securities Exchange | Richard Carleton | Aug 6, 2019

bold vision bright future - In the Future, Home Will be Wherever Consumers Choose to beIn the financial space, “uncertainty” is traditionally associated with a four letter word: risk. When given the option, most investors and financiers prefer to avoid uncertainty, not wade directly into it. However, when it comes to innovation and pursuing new industries, the Canadian Securities Exchange is proving that boldness in the face of “uncertainty” can result in transformative growth and add new dimensions to the Canadian financial landscape.

Take the commercial cannabis industry, for example. When the Canadian Securities Exchange (CSE) began listing cannabis companies in 2014, there had not yet been an actual target date set for recreational cannabis legalization, and the potential legislative framework was nebulous at best. The potential for success was high, but the risk factor was also elevated.

See:  Architecting a New World: Investment Crowdfunding and Digital Assets

Today, over 150 Canadian and US cannabis companies are listed on the CSE, making them the undisputed leader of listings in this space. By providing opportunities for cannabis companies in the public markets, the CSE has made progress in normalizing what is still considered to be a somewhat taboo business prospect. “There’s still a little bit of stigma attached to the industry,” stated Richard Carleton, CEO of the CSE, during a recent trip to Davos, Switzerland. “I think, I hope, that we can help change some minds.”

Making marijuana mainstream also has significant implications in Canadian public markets. During the Davos trip, Richard Carleton elaborated:

“We want to showcase Canada’s public market’s ability to fund startup industries. So, if you look at the cannabis space, in less than five years we’ve gone from $0 to more than $60 billion in market capitalization. And that funding was raised from cannabis public markets.”

Blockchain is another entrepreneurial space for the CSE. Last year, they announced the introduction of an innovative securities clearing and settlement platform that harnesses the unique features of blockchain technology, reducing the cost for smaller companies to trade publicly. At Extraordinary Future in 2018, Carleton discussed the benefits.

“It’s a revolution in terms of cutting out all the intermediaries that are in the way at this point, and are adding costs at each level,” Carleton remarked. “By going to real-time clearing and settlement… you free up all of that capital that’s being tied up in the legacy clearing and settlement process.”

The CSE is also interested in eSports, an industry that’s currently poised for exponential growth. A recent Toronto eSports-themed event co-hosted by the CSE explored the potential role of capital markets in the future of eSports. A similar event will take place in Vancouver later this year. By providing a forum for these conversations, the CSE is helping build foundational relationships in an industry that has the potential to add yet more opportunities in the capital markets space.

Fintech Fridays Podcast:  EP29: The Future of Securities with Richard Carleton, CEO Canadian Securities Exchange

By taking an entrepreneurial approach to growth-stage companies and industries, the Canadian Securities Exchange has helped foster a more diverse economic landscape in Canada. While there may be uncertainty ahead, something the CSE can count on is having the courage and wisdom to think and act boldly.

 

Richard Carleton - In the Future, Home Will be Wherever Consumers Choose to beRichard Carleton, CEO, Canadian Securities Exchange

Richard has been CEO of the Canadian Securities Exchange for seven years. Prior to this appointment, Richard served as Vice-President Corporate Development with responsibility for the CSE’s technology, operations, market data and trading sales teams. Before joining the exchange, Richard worked as a business development consultant in Toronto and New York in the risk management and index product fields after spending twelve years with the Toronto Stock Exchange, serving most recently as a member of the exchange’s senior management team.

 


NCFA Jan 2018 resize - In the Future, Home Will be Wherever Consumers Choose to be 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 Case for Open Banking: Benefiting The Underserved

Progressa | Philipp Postrehovsky | July 31, 2019

Canadian open banking opportunity index - In the Future, Home Will be Wherever Consumers Choose to be

The Open Banking Opportunity

The consumer owns their financial data, not the bank.

B2B:  Fintech companies are able to securely access a consumer’s financial information without having to use third party services like Decision Logic.

B2C:  More options to shop and compare products, achieving the best products and rates. More educated and active financial service consumers.

 

Benefits

  • In the open banking era, you’re linked into alternative sources of value and not being driven by a closed ecosystem/closed banking monopoly which restricts the consumer to access resources they need.
  • Consumers can get the help they need in a streamlined manner when going through challenging financial times.
  • Banks can migrate risk to fintech companies and fintechs can provide more diverse financial services and advice to better serve the consumers.

See:  Open banking data tapped to speed up laundering checks

Risks & Mitigation

  • To ensure the protection of customer data, stringent compliance standards need be implemented along with regular compliance verification.
  • Any security breach or misuse of data could significantly harm the banks’ brand reputation and confidence they currently hold, which would instantly jeopardize the program.
  • The Government needs to play a leadership role to mandate and enforce standards in order to create a unified vision.

 

Some Inspiration: The Airline Industry

Travellers historically were required to contact incumbent airline companies directly in order to book or manage reservations, check availability, check in, and check arrival times. Modern standards in our airline industry placed the customers in control and enabled customers to decide what, when, where, and how they wished to consume airline services. This amounted to expanded and improved services for the would-be travellers. The modernization of the travel industry allowed for open functionality through secure APIs. This re-visioning of the industry enabled customers and third-party apps to perform most, if not all of the travel functions, without the need to ever contact the airline through slow, analogue channels.

 

Open Banking has Already Arrived Overseas

Open banking would position us as a global leader alongside the European Union and UK.  PSD2 (Payment Services Directive 2) arrived in Europe last January, forcing European banks’ to open up their API’s to fintech and other financial companies.

Our Stance

The democratization of personal banking data while maintaining the highest level of security means happier consumers.  Progressa fully supports open banking, but companies need to be prepared to take on the responsibility of it. Canada’s current ecosystem is not prepared for open banking and it will take several years to become a reality.

 

Philipp Postrehovsky - In the Future, Home Will be Wherever Consumers Choose to bePhilipp Postrehovsky – SVP Marketing, Progressa

Philipp is a product visionary, brand builder and an award-winning marketer who has been involved in the Vancouver tech scene for over 15 years. In 2013 he co-founded RentMoola, which continues to be one of North America's leading fintech companies with the mission to eliminate the rent cheque and modernize rent collection for the enterprise. Before that, he was a brand leader for Mogo Technologies and Wonga Canada and began his career at Electronic Arts. He is the founder of Grind For Kids, a program that raised over $1 million for BC Children’s Hospital Foundation and sits on the Board of one of BC’s top independent schools.

 

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NCFA Jan 2018 resize - In the Future, Home Will be Wherever Consumers Choose to be 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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Fintech Investor Interview: Christian Lassonde, Founder & Managing Partner, Impression Ventures

Impression Ventures | Christian Lassonde | July 16, 2019

Impression Ventures - In the Future, Home Will be Wherever Consumers Choose to beIntro:  NCFA Fintech Confidential spoke with some of Canada’s experienced fintech investors, on their background, how Canada has evolved, what we should be doing, advice to fintech founders and what keeps them awake at night.  This is part 3 of a 4 part series.

 

What is your background, and how did you come to found Impression Ventures?

I'm graduated from Western in the mid-90s with two degrees. Comp-Eng and Comp-Sci. I immediately started my own business, excited by the endless possibilities the internet could bring to gaming. I had no idea what I was doing - needless to say, that company didn't work out. But the lessons I learned being a first-time entrepreneur have stayed with me to this day. From there I moved to the Valley, worked for some all-star companies; Electronic Arts, LucasArts, Linden Lab, got an MBA and founded two more businesses, Millions of Us & Virtual Greats. After a decade in the San Francisco area, I moved back to Toronto. After a fourth startup (didn't work out) - I got very interested in the intersection of finance and technology, two businesses sectors Canadian's excel at, but there was essentially no capital going into early stage fintech. Thus, Impression Ventures was born, my fifth startup.

See:  Fintech Investor Interview: Karim Gillani, General Partner, Luge Capital

How have you seen the Canadian fintech ecosystem change in the past 5 years? How has the Canadian fintech ecosystem evolved?

The fintech sector largely started with a bang in 2014 and has been on a tear ever since. While the numbers of startups we are seeing on a yearly basis has been mostly steady, we are seeing both the quality go up dramatically as well as the breadth of locations. A few years ago, it was the GTA only - now we are seeing fintech companies all over Canada disrupting all sectors of fintech.

 

How can we strengthen and grow the Canadian fintech ecosystem?

Number 1, without a doubt, prioritize and fast track open banking through government and the regulatory machine. The UK is enjoying a multi-year head start on a live open banking implementation but it's not too late to catch up. We absolutely need to get this launched before the US does. Second, we need to think of fintech beyond just commercial banking. There are so many other opportunities in interbank technology, capital markets and insurance to name a few. Again - if we lead by example in these areas, we could easily become a massive technology exporter globally.

What advise would you give to Canadian fintechs competing globally?

Go for it! Actually, I really don't see this as a problem. In 2014 the majority of fintech we saw were Canada only focused. That narrative has completely flipped - very few startups today are focused on the Canadian market solely.

 

What keeps you awake at night?

Exits. The one downside of fintech investing is that the natural acquirers for fintechs are banks and insurance companies - but they are for the most part risk-averse corporations. I suspect the acquisitions will be when the companies are late stage. They will pay a premium vs buying the startups early, but it may mean long holdings period. What allows me to get to sleep is we don't worry too much about this; we focus on building great businesses that can weather the test of time.

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Is there anything else you’d like to add?

Impression is focused on early-stage fintechs investing solely.  We lead deals writing cheques of 1 to 2 million into 2-6 million dollar rounds. We get involved given our entrepreneurial backgrounds, so expect us to be very hands on.  If that sounds like something that excites you reach out to us!

 

Christian Lassonde shot - In the Future, Home Will be Wherever Consumers Choose to beChristian Lassonde, Founder & Managing Partner, Impression Ventures

Lassonde is a tech founder and CEO, having built and sold Virtual Greats, a luxury online IP rights broker, and Millions of Us, a digital agency. He has also taught high-growth technology entrepreneurship at The Next 36 to over 30 companies. Those companies have gone on to build successful products and raise millions of dollars in follow-on financing.

 

More Canadian Fintech Investor Interviews in this 4 part series:


NCFA Jan 2018 resize - In the Future, Home Will be Wherever Consumers Choose to be 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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Know the Difference between A Day Trade & Swing Trade Here

NCFA Guest Post | July 16, 2019

Difference between a day trade and swing trade - In the Future, Home Will be Wherever Consumers Choose to beOkay, so many of you are probably hella confused right now. After all, trading “in general” is already such a pain to understand. Divide it to even more branches and it all turns to gibberish, right? And just when you were finally ready to take the plunge too.

I don’t know where you saw it – in a broker site, YouTube, or maybe some stranger you connected with on LinkedIn mentioned it one or two times. Now, because you happened to read it somewhere, you’re back to square one, wondering whether you should push through your trading dreams or not. Well, I’m going to ease your confusion in just a bit so be sure to stick around.

First, you have to understand the very reason why you’re trading. This is not something you can easily turn your back to once you start digging deeper, after all.

Some people would say that they want to start trading because they see a lot of millionaires share their success stories of how trading made it possible for them. In other words, they want to sack the BIG money. For others, they simply get into trading to “get by” and earn a little extra on top of their day job. Then, there’re also a few odd balls who think trading is a pretty good way to make rack their brains. “It seems like a puzzle” they say. Check this out:  Making a million investing in stock

At the end of the day, I think that everyone who gets into this strategic and possibly life-changing activity would want to GAIN something – be it experience, knowledge of the market, or profit. But yeah, it’s mostly going to be about profit, and don’t you dare deny it!

"So, at the very least, consider yourself lucky that you have come across the term “swing trade.” For all you know, it is what’s going to change your life.

The Difference between A Day & Swing Trade

What you normally see advertised on YouTube ads is what we call “Day Trading.” This is often dubbed as fast trading because, well, it’s over in a matter of hours. One stock market expert (and trader), even likened the activity to a “one night stand” – just that, it doesn’t really last overnight, if you really think about it. It’s called a day trade because everything is done over the course of a single day, or less (check video).

For example, if the market opens at 10 AM, you start trading just shortly after – say, 10:45 AM. You do exchanges for the next couple of hours: Sell a few, buy a few, sell in bulk, and buy in bulk. You keep up with this routine until you’re all out of stocks. You end by 4 PM or something and you take your gains (or losses) back with you. Everything is settled within a day’s time and you simply repeat the whole thing the next day or whenever you feel like trading again.

Now, a swing trade is a little different. It is when you decide to let stocks sleep or stay put for several days (or months) at a time. You do exchanges, decide on ins and outs, and basically hold off on withdrawing stocks for a longer term. Say, you’ve studied a company well enough. You’ve been checking out the market and conclude that the company has a potential for big growth in the following weeks. You invest money and start trading for a span of 114 days (or nearly four months). During that time, you buy and sell stocks – just bits and pieces every now and then (or whenever conditions are favourable). But the bottom line is that you don’t totally withdraw all your stocks. In fact, you try to leave a bigger portion in the play field in hopes of maximizing the returns of your investments. When the trade is successful, you get way more than you would’ve trading day after day. If you lose, it’s not going to be too big of a loss either – unless something drastic happens, of course. Check out Trading Review to learn more.

General knowledge of the market would tell you that if you give a company time to grow, it will grow. This is why swing trading is more efficient in the long run. However, there’re also risks to such a method. Because you let your stocks sleep overnight, external factors may affect their growth. Natural disasters like earthquakes and super typhoons as well as product anomaly and company controversies can really reduce the value of a stock. These are risks that you won’t experience with day trading since everything happens fast and you don’t have to miss anything while you trade.

At the end of the day, it all comes down to how much you’re willing to risk.

 

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NCFA Jan 2018 resize - In the Future, Home Will be Wherever Consumers Choose to be 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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July 2019 Magazine: NCFA Fintech Confidential (Vol 1. Issue 2)

 

Visit 2019 Fintech & Funding Conference and Expo for Presentations, Interviews, Photo Gallery and more


NCFA Jan 2018 resize - In the Future, Home Will be Wherever Consumers Choose to be 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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Stablecoins: Experience the Stability

3iQ and Mavennet | Fred Pye and Kesem Frank | June 18, 2019

stablecoins  - In the Future, Home Will be Wherever Consumers Choose to beStablecoins are now a necessary step to mass adoption of cryptocurrencies, as proven by the way they’ve been used to hedge the massive volatility of the market over the past couple of years. Their simple premise enables the seamless pairing of crypto-to-fiat pegged cryptocurrency. It might sound overly simplistic, but this straightforward innovation has spurred the growth of a new crypto asset class that measures in billions of dollars in aggregate market cap (e.g. Tether, USD Coin, TrueUSD, Paxos and Gemini Dollar).

As much as this asset class is still gaining momentum driven by the current and common use case, the potential of stablecoins goes well beyond the tactical value of a trading tool.

Stablecoins are strategically important because they represent a bridge between legacy fiat-based systems and the new digital and decentralized currency underpinnings we collectively call “blockchain.”

 

The dream isn’t necessarily a prediction or extension of the purist’s vision  

Bitcoin - blockchain’s earliest network - was born from tumultuous years in the traditional financial system. These were years defined by mistrust; not just towards the people at the helm of the financial system, but of the system itself. It’s no surprise that Bitcoin’s innovators and early adopters were driven by a vision of an extraneous system that completely rejected the legacy framework, giving birth to decentralization, immutability and deflationary currency to name a few.

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Early blockchain advocates argue this is the only acceptable implementation for this technology, with any deviation being a compromise. However, it is the same purist vision of “utility backed value” that makes bitcoin (and other cryptocurrencies that follow similar design) incredibly susceptible to speculation and volatility.

Regardless of where you stand, it is important to clarify that this article is by no means meant to criticize the original blockchain. The questions we pose are not around bitcoin’s value, rather on its stability and ability effectively deliver the utility necessary for any currency.

 

Do stablecoins and “just” tokenizing fiat currencies deliver enough benefit?

The short answer is yes. Blockchain is an incredibly powerful architecture that provides significant benefits to the assets represented on it. There are many key benefits to blockchain based tokenized fiats, however speed, span and cost are worth a closer look.

A tokenized asset can be moved around the globe at an efficiency that user of current day systems could never dream of, let along compete with. A transaction between wallet holders on opposite sides of the globe would be settled in seconds (or minutes, depending on the network) not days or hours for an average fee totaling fractions of a dollar regardless if they are worth a few dollars or a few million dollars.

Blockchain architecture is vastly beneficial even when the assets it underpins aren’t “crypto-native.” Specifically, the transparency and immutability inherent to the architecture enable incredibly powerful new methods of bookkeeping and reporting such as Triple Entry Accounting (TEA) as well as Automated Audits. These pose a substantial improvement to current accounting tools, that eventually will change the risk profile inherent to every financial transaction.

See: Is This Behind The Latest $25 Billion Bitcoin And Crypto Price Rally?

Even the trivial action of checking on your assets involves logging-in or calling our bank and asking it to report back what and how much is owned – lacks a true, direct line of sight.

 

Let’s get really, boring.

Even the most adherent purist will admit that the power blockchain vastly increases with the growth of its userbase. So basically, it is in everyone’s

best interest, early adopter and newcomer alike, for the network to grow by appealing to the mainstream.

Thankfully, there is an army of people working to facilitate better, more palatable access to crypto for a wide array of audiences. Many of them have been educated by some of the most profound processes of digital transformation of recent decades, and are leaning on these insights to lean on applicable lessons for this particular opportunity.

For instance, let’s look at smartphone adoption. In just a decade the majority of the world’s population has been converted into devoted user of the technology. While there are multiple applicable takeaways and lessons to analyze, consider the name itself “Smart-Phone.” If you own one, it probably isn’t necessary to point out that most of the time the “phone” aspect of the device isn’t used at all. In fact, data shows that “calling people” isn’t even a top ten use for most users. Still, there is a very important reason that these pocket computers were named “phones”; to spur their adoption. Anchoring the terminology to something people widely understood, the phone, enabled it to be familiar and easily adoptable. It is much easier to have a meaningful conversation, when we have a common mental framework to base it on.

 

What’s next?

While they’re based on new and different technology, for stablecoins to go mainstream they must rely on an ideal, common framework that most people readily accept (or a simple formula such as one coin equals one dollar). If we can agree here, we can progress to having the more important conversation as to why the coin is actually a better dollar than a dollar, but we’ll be doing so standing on a solid and shared foundation.

See:  Architecting a New World: Investment Crowdfunding and Digital Assets

Currently, we are in the process of an implementation that will inherit all the benefits covered above but will also comply with the applicable regulation/ legislation in place. In current markets dominated by USD based stablecoins, it is important to remember that we need to deliver efficiencies around foreign exchange for stablecoins to truly become strategic in importance.  This will be possible through a Canadian Dollar backed crypto asset such as Qcad, that will unlock the next adoption stage of blockchain and will generate direct benefits for Canada.

Stablecoins will continue to play a major role in broader crypto adoption, and for our part; a CAD-backed crypto asset will be an important step in the evolution to mainstream adoption of blockchain. We are very excited to be engaged in architecting the future of financial systems; good things are coming.

 

Fred Pye 200 - In the Future, Home Will be Wherever Consumers Choose to beFred Pye, President and CEO, 3iQ

Fred kick-started his career as a precious metal and foreign exchange trader at Guardian Trust. He later joined Fidelity Investments, where he was part of a team that saw its assets rise from 85 million to over 7.5 billion. Next, Fred started his own firm, which worked diligently with Canadian regulatory bodies to establish the first mutual fund in Canada that was allowed to take short positions. Finally, as founder and CEO of 3iQ, he and his team have worked cooperatively with the OSC for the last 2 and a half years to launch the first regulated Bitcoin fund in Canada. This fund will be the first major exchange-traded cryptocurrency fund in North America.

 

Kesem Frank 200 - In the Future, Home Will be Wherever Consumers Choose to beKesem Frank, Chief Maven, Mavennet

Kesem is a technology strategy expert specializing in blockchain powered enterprise architecture. Following a leadership position in Deloitte’s Blockchain practice, Kesem co-founded Nuco, one of the earliest enterprise blockchain platforms and a founding member of the Enterprise Ethereum Alliance. In his capacity as COO, Kesem led multiple projects, positioning blockchain at the core of future business platforms for fortune-1000 companies.


NCFA Jan 2018 resize - In the Future, Home Will be Wherever Consumers Choose to be 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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