Category Archives: Voices

May 2, 2022   Enterprise, Scaleup, Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Innovation and Resources, Leadership, Competition, Human Capital, Health, Stories, Venture Funding and Building, Voices   No comments

Board Diversity and Inclusion: 50-30 Challenge

Global Compact Network Canada | May 2, 2022

50-30 challenge

Beginning of February 2022, the UN Global Compact Network Canada received funding through the Department of Innovation, Science and Economic Development Canada (ISED) as an Ecosystem Partner supporting the 50-30 Challenge. The 50-30 Challenge addresses the need to implement effective diversity and inclusion strategies to help organizations expand their talent pool, retain staff, and overcome skills gaps in a changing economy. Challenge participants have committed to the following representation goals for board and executive positions: 50% women and 30% diverse representation with particular attention on racialized people, Indigenous peoples, those with disabilities, and members of the LGBTQI2S+ community.

See:  Culture and Diversity Leadership: Tale of Two Doors

As an Ecosystem Partner, the UN Global Compact Network Canada is implementing a three-year project to support organizations in meeting the 50-30 Challenge representation goals. This project is designed to provide all Canadian participants of the 50-30 Challenge with the tools, training, resources, knowledge and networking opportunities to achieve ambitious targets as well as foster greater capacity for diversity, equity, and inclusion efforts in the future. To cultivate long-term growth, the UN Global Compact Network Canada will be employing a framework in accordance with the Sustainable Development Goals (SDGs) – specifically SDG 5 and SDG 10 – which focus on achieving gender equality and reducing inequality within and between countries.

This project builds on the 2018 amendments to the Canadian Business Corporation Act that requires distributing corporations to report on their boards and senior management.

Activities and Timeline

Beginning in February 2022, the UN Global Compact Network Canada’s project, “The Future is Equal: Enabling Ecosystems of Support in Canada” will run until March 2024, when the final project deliverables and resources will be made publicly available. The project is divided into the following phases and activities:

Phase I: Series of Capacity Building Workshops: Summer 2022 – December 2023
Phase II: Development of Case Studies: April 2023- October 2023
Phase III: Multi-stakeholder Event: March 2024

See:  CVCA Report: Diversity improving but inclusion gap threatens progress

Who can participate?

The 50-30 Challenge is open to large companies, small and medium enterprises, post-secondary institutions, not-for-profit organizations (including hospitals), charities and agencies boards and commissions. Access to the UN Global Compact Network Canada’s project activities will be available to all Challenge participants and organizations interested in learning about meeting representation targets.
For more information on the 50-30 Challenge, visit the 50-30 Challenge website.

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NCFA Jan 2018 resizeThe 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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April 27, 2022   Enterprise, Scaleup, FinTech and Alternative Finance, Fintech International, Fintech Opinions, Fintech Services, Fundraising, Investing, Trading, Innovation and Resources, Leadership, Competition, Human Capital, Health, Stories, Voices   No comments

Musk’s Twitter acquisition: Reactions and what you need to know

NME | Elizabeth Aubrey | Apr 26, 2022

Elon musk buys twitterJack Dorsey posts Radiohead song in opening response to Elon Musk buying social network

Twitter co-founder Jack Dorsey has commented on Elon Musk’s purchase of the social media platform – by sharing a Radiohead song Kid A’ track, ‘Everything In Its Right Place.’  The Tesla founder and entrepreneur successfully acquired the social media platform yesterday (April 25) for approximately $44billion (£34.5b).

He then added:

I love Twitter. Twitter is the closest thing we have to a global consciousness. Twitter as a company has always been my sole issue and my biggest regret. It has been owned by Wall Street and the ad model. Taking it back from Wall Street is the correct first step,” he continued.

See: 

Elon Musk becomes Twitter’s largest shareholder at 9.2%. What tweet’s next?

Twitter’s board adopts ‘poison pill’ as Elon Musk vows $0 salary for board

In principle, I don’t believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however, Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.  Elon’s goal of creating a platform that is “maximally trusted and broadly inclusive” is the right one. This is also Paraga’s goal, and why I chose him. Thank you both for getting the company out of an impossible situation. This is the right path…I believe it with all my heart.

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Business Insider | Gabrielle Bienasz | Apr 26, 2022

Vijaya Gadde twitterTwitter's top lawyer, who angered conservatives with her past decisions about moderating content responds

Twitter's top attorney and a key voice in decisions such as barring President Donald Trump and is said to have played a large role in content moderation at Twitter. She also advised former CEO Jack Dorsey and helped negotiate the deal between Musk and Twitter.

On Monday, Gadde met virtually with employees she supervises in legal and policy to discuss the buy:

"[she] acknowledged that there are significant uncertainties about what the company will look like under Musk's leadership."

See:  Scott Galloway: Umpires, Not Kings

Musk has remained bullish on free speech, tweeting on Tuesday that the platform shouldn't moderate anything that isn't against the law.  Twitter's policies extend far beyond that, penalizing certain content that spreads coronavirus-related misinformation, as well as various types of hate speech.

Former employees have said that they don't feel Musk's ethos matches the company's values (though Dorsey has embraced the buy). "Any sense that an exodus is building is correct," a former Twitter employee told Insider on Tuesday.

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CBC News | Pete Evans | Apr 26, 2022

Tesla stock lower on twitter acquisition newsTesla shares plunge 12% as investors wary of Elon Musk's Twitter plan

The value of Tesla fell by more than $100 billion US on Tuesday as investors digested news that the company's CEO may have to sell part of his stake in the company to buy Twitter — and will likely be distracted from his day job while he does.

Shares in the electric car maker lost 12 per cent of their value to close at $876.42 on the Nasdaq on Tuesday, down by more than $120 US from Monday's level and the worst one-day showing for the company since January.

While Tesla shares have been on a tear along with Elon Musk and his rising fame in recent years, they've lost almost a quarter of their value since their CEO's dalliance with Twitter first came to light earlier this month.

See:  Tesla Sold Some Bitcoins

Musk owns more than 173 million shares in Tesla, about one-sixth of the electric car maker company which has a market value of just shy of $1 trillion US after Tuesday's fall. His Tesla stake is valued at more than $150 billion US, a big part of what makes Musk the richest person in the world, but he has used about $60 billion worth of his Tesla shares as collateral for loans.

Since Musk's minority stake in Twitter was revealed earlier this month, the dollar value of Musk's stake in Tesla has declined by more than what he has offered to pay for the social media company.

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Independent UK | Maanya Sachdeva | Apr 26, 2022

Marvel star Simu Liu divides fans after criticizing Musk’s Buyout of Twitter

Reacting to the news that the Tesla titan had bought Twitter on Monday, Liu tweeted:

“Was there nothing better to do with 44 billion dollars?”

The Shang-Chi and the Legend of the Ten Rings actor’s tweet drew mixed reactions from his followers.

In agreement with Liu, YouTuber Matt Mcmuscles commented under his post:

“Solving world hunger several times over would have been nice”, referencing Musk’s tweet on 1 November 2021 about selling Tesla stock to “solve world hunger”.

See:  With SpaceX’s first astronaut launch, a new era of human spaceflight has dawned

Others replying to Liu suggested that Musk’s money would be better spent on “building homes for the homeless” and addressing “pressing global problems like hunger and climate chaos” on Liu’s post from Monday.

At the same time, a separate group of Twitter users criticised the actor for questioning how Musk chooses to spend his fortune.

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NCFA Jan 2018 resizeThe 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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April 22, 2022   FinTech and Alternative Finance, Fundraising, Investing, Trading, Innovation and Resources, Leadership, Competition, Human Capital, Health, Stories, Voices   No comments

It’s time to invest in our planet. Happy Earth Day 2022!

Money Sense |  Jaclyn Law  | Apr 20, 2022

Earth Day 2022

Every year on April 22, the global Earth Day campaign brings attention to environmental issues and issues a call to action. This year’s theme is especially relevant to us: Invest In Our Planet.

The first Earth Day was observed in 1970 in the United States, marking the beginning of the modern environmental movement. In 1990, Earth Day went global, mobilizing millions of people to take action for the planet; that year also marked the founding of Earth Day Canada.

Today you can join other concerned citizens to support the planet, whether you pitch in at a local cleanup, take environmental actions at home or attend a virtual Earth Day event.

See:  Capitalism must be saved by capitalists, argue these pioneering ESG investors

This year’s Earth Day focuses on combatting the existential threat of climate change in a tangible way: by shifting away from a fossil fuel economy and toward a green, carbon-neutral one. EarthDay.org, the global organizer of Earth Day, calls for individuals, governments, businesses and institutions to “recognize our collective responsibility and to help accelerate the transition to an equitable, prosperous green economy for all.” So, how does that translate to your investments? Let’s break it down.

What is sustainable investing?

Sustainable investing takes into consideration a company’s practices for environmental, social and corporate governance (ESG) and how they could affect long-term performance and investment returns.

Many Canadian investors are including ESG issues in their investment analysis and decision-making. Responding to an Ipsos poll conducted for SunLife Financial in August 2021, two-thirds of Canadians said that ESG factors play a “somewhat important” or “very important” role in deciding which investments they’ll buy. A survey conducted by the Responsible Investment Association in September 2021 found that:

73% of Canadian investors were interested in responsible investing, and 77% said they wanted their financial services provider to inform them about responsible investments that are aligned with their values.

See:  Canadian securities regulators publish guidance on ESG-related investment fund disclosure

In addition to sustainable investing, investors also use these terms: responsible investing (RI), socially responsible investing (SRI), ethical investing, green investing and impact investing.  Also see the cost of socially responsible investing.

What ESG factors do investors consider?

Below are many of the non-financial issues that investors and other company stakeholders look at to assess ESG performance:

  • Environmental: Carbon emissions, air and water pollution, energy efficiency, water usage, waste management, deforestation, commitment to biodiversity, sustainability of supply chains
  • Social: Gender and diversity, labour standards, human rights, customer service, community relations, data protection and privacy, employee engagement, occupational health and safety
  • Governance: Board management practices; board diversity; regulatory compliance; executive compensation; succession planning; diversity, equity and inclusion; bribery and corruption; lobbying; political contributions

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NCFA Jan 2018 resizeThe 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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NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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April 20, 2022   Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, Digital Identity, Privacy, KYC, AML/ATF, Enterprise, Scaleup, Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Fintech International, Fundraising, Investing, Trading, Innovation and Resources, Leadership, Competition, Human Capital, Health, Voices   No comments

Hong Kong’s Web3 ‘Mr. Metaverse’ vs. Mark Zuckerberg

CNBC | Rebecca Fannin | Apr 14, 2022

animoca brands

In the evolving metaverse economy, Yat Siu, the founder of a once little-known mobile gaming startup, is becoming known by a nickname: Mr. Metaverse. He's pivoting his Hong Kong-based company Animoca Brands to help shape Web3 in a way that he says will offer an alternative to the tech giants — from Meta to Microsoft, Tencent and Snap — as consumers enter a new immersive market but are wary of a technology that could still be tightly controlled by the biggest corporations.

Since metaverse-like elements began popping up in video games in 2018, the Hong Kong-based upstart has scrambled to invest, acquire and build a next iteration of the internet.

See:  Facebook-like metaverse potential disaster says Second Life creator Philip Rosedale

"We are investing aggressively and broadly to facilitate the growth of the open metaverse," said Siu, Animoca Brands' executive chairman.

"We're in a bit of a hurry because we think the biggest threat isn't regulation, but it is groups like Facebook or Tencent. This model of an open metaverse is very much in contradiction to the way that they've currently constructed their business," he said.  "Right now all the data you give to Facebook doesn't belong to you. It belongs exclusively to Facebook. We believe in a shared network, giving digital property rights to all, and giving creators equity in the space."

Making money in Web2, moving to Web3

As the metaverse evolves, revenue models could be drawn away from advertising, subscriptions and in-app purchases of traditional models to sales of digital assets and transaction fees among participants or individual owners. But how the revenue is allocated is a big point in ongoing debate, and tension, within the metaverse community, highlighted again this week when early adopters balked at Meta Platforms' plans to take as much as 50% of the fees on virtual asset sales.

See:  Are DAO’s gaining traction in the business world? The new corporate paradigm?

Animoca Brands, now a unicorn, has been preparing for a battle over control of Web3 virtual world data by luring more than $810 million in funding over the past two years from metaverse VC specialist Liberty City Ventures in New York, as well as high-profile names including Winkelvoss Capital, Soros Fund Management and Sequoia China. Singapore-based Temasek and China-connected Boyu Capital are adding $150 million this month, according to sources familiar with the funding, on top of nearly $360 million raised in January at a valuation over $5 billion.

James Lang, managing director at Liberty City Ventures:

"Web3 represents an incredible opportunity and a threat," said early Uber investor and serial tech entrepreneur Shervin Pishevar. "The talent, energy and money that is going into it will create a perfect storm, a classic cycle of value creation and destruction," he said. "There's potential for companies to trip in this major transition as a new lattice of the Net develops with decentralized distribution and finance that allows users to be liberated from digital fiefdoms."

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NCFA Jan 2018 resizeThe 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

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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April 20, 2022   FinTech and Alternative Finance, Fintech International, Innovation and Resources, Leadership, Competition, Human Capital, Health, Stories, Voices   No comments

Scott Galloway: Umpires, Not Kings

Scott Galloway | Apr 15, 2022

referreeThe most prosperous societies are built around free-market competition. It’s uncomfortable — harsh even — so we’ve tried to design societies based on planning and enforced economic equality. But communism leads to stagnation, repression, and economic collapse. China’s economy went from starving its people to minting self-made female billionaires after Deng Xiaoping embraced private enterprise and competitive markets. "To get rich is glorious," he proclaimed.

Winner’s Circle

However … winners’ lust for competition wanes after they’ve won. Why let anybody on the medals podium if you can occupy higher ground and repel anybody who gets near the stage?  Imagine if the team that won the Super Bowl automatically qualified for the playoffs the next season, or started every game with a 10-point lead? In fact, the opposite happens: the best teams get the worst draft picks. The NFL may be the most successful league in the world because it doesn’t let the largest market teams leverage their scale to collect more of the lucrative TV contract: The Green Bay Packers get the same share as the New York Giants. Do well in professional soccer, and you get moved up a division to face tougher opponents — and play for greater rewards.

No field sees winners try to retract the ladder behind them more aggressively than business

See:  Ipsos Survey: Most Canadians Say (88%) We Need More Competition

Today’s largest companies offer a masterclass in anticompetitive behavior. Amazon bars sellers on its platform from offering lower prices elsewhere, then uses the information it gleans from them to design and market its own, lower-priced products. It gives favorable search results placement to vendors that use Amazon fulfillment services (for which it’s been fined $1.3 billion by the Italian government). Defenders of the company say this is all business as usual … yet Amazon lied to Congress, repeatedly, about all of it.

Apple takes a 30% cut of app revenue, which it says it needs to run the app store, but it books billions in profit instead of cleaning up obvious frauds or copycats, while giving preference to its own products over competitors. Microsoft charges more for its applications when users run them on a competing cloud provider. Google doesn’t merely sit on both sides of the digital advertising negotiation, it owns the negotiating table. And Facebook has stated that it acquired Instagram to eliminate a competitor.

In Praise of Umpires

Competition depends on rules, and rules depend on umpires. We should fight to protect competition — not winners. Because winners subvert the process. In the name of competition, they demand that their anticompetitive acts go unpunished. In the name of freedom, they insist on their right to shout down the dissenter’s voice. In the U.S., winners have funded "think tanks" and politicians, bought newspapers and cable news stations, and convinced us the umpire is our enemy.

We should fight to protect competition — not winners. Because winners subvert the process.

See:  Canada’s payment system needs more competition

Our failure to police Big Tech’s anticompetitive conduct is suppressing innovation. Despite an explosion in VC funding, the growth rate of innovative young companies has actually slowed. For startups in developing sectors, a Big Tech acquisition is a kiss of death. Yes, the folks who get acquired can take the money and run, but the sector itself dries up. Research shows that when Google and Facebook purchase a company, VC investment in that sector drops 40% within three years. When Google enters an app market category, innovation among competing apps drops 5.1% and developers flock to other categories. Apple the underdog produced the Mac, the iPod, and the iPhone. Apple the colossus charges 30% for the privilege of being on the App Store. When you’re only No. 2, you try harder.

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NCFA Jan 2018 resizeThe 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

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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April 19, 2022   Enterprise, Scaleup, FinTech and Alternative Finance, Fintech International, Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health, Stories, Voices   No comments

Twitter’s board adopts ‘poison pill’ as Elon Musk vows $0 salary for board

Reuters via Global News | Staff | Apr 18, 2022

Elon Muskmusk wants to buy twitter took a swipe at the board of Twitter on Monday after the social media company adopted a “poison pill” to protect itself from the second-biggest shareholder’s US$43 billion cash buyout offer.

“Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there,” Musk tweeted in response to a user’s post criticizing the board.

See:  Jack Dorsey resigns as CEO of Twitter

Musk, a self-described “free speech absolutist” who has been critical of Twitter’s policies, did not elaborate on the tweet. Twitter did not immediately respond to a request for comment.

Continuing his tirade against the company, Musk had launched a poll on Thursday asking his 80 million followers if “taking Twitter private at US$54.20 should be up to shareholders, not the board,” to which a large majority responded “Yes.”

Meanwhile, in a series of tweet replies, co-founder and former CEO Jack Dorsey called out Twitter’s board on Saturday, saying:

“it’s consistently been the dysfunction of the company.”

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The Verge | Andrew Hawkins | Apr 16, 2022

Elon Musk wants to buy Twitter.  What you need to know

On Thursday, April 14th, Elon Musk announced an offer to buy Twitter for $54.20 a share.

The day after Musk announced his proposal to buy Twitter, the company’s board responded with a poison pill. This is basically the board’s way of saying, “Thanks, but no thanks.”

The poison pill consists of a new “shareholder’s rights plan” to give certain shareholders the right to purchase more stock if Musk or another buyer attempts to seize control. And it signals that Twitter’s board intends to fight Musk’s bid to take sole ownership of the company.

See:  Twitter to allow Bitcoin tipping to their favourite creators

He hasn’t lined up the financing to buy Twitter and take it private. He is working with Morgan Stanley, but it’s anyone’s guess whether he’s actually listening to them. Musk himself said he may not win in the end. If he succeeds in pressuring Twitter to make the changes he wants, he may just retract his bid. All things are possible.

Twitter’s first all-hands meeting after Musk’s bid went public was a weird one. After serenading employees with Backstreet Boys and Aretha Franklin, the company said it would continue to evaluate the offer.

Employees told Alex Heath they were frustrated by the lack of a more detailed response.  They’re concerned about the future of the social media platform, as well as the possibility of layoffs.

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NCFA Jan 2018 resizeThe 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

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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April 19, 2022   Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Stablecoins, Metaverse, NFTs, Entrepreneurs, Start-ups, Small Businesses, FinTech and Alternative Finance, Fundraising, Investing, Trading, Innovation and Resources, Leadership, Competition, Human Capital, Health, Stories, Voices   No comments

Kevin O’Leary-backed WonderFi acquires Coinberry for $38.5 million

Betakit | Josh Scott  | Apr 18, 2022

Wonderfi and bitbuy

Less than a month after closing its acquisition of Bitbuy, WonderFi has entered into a definitive agreement to acquire Toronto’s Coinberry, which offers a crypto trading platform, for approximately $38.5 million CAD in WonderFi stock, based on the company’s current share price.

Once the deal has closed (expected in 2nd quarter), WonderFi will own two of Canada’s six registered crypto trading platforms in Bitbuy and Coinberry. The remaining four include CoinSmart, Wealthsimple, Netcoins, and Fidelity.

See:  Crypto Pragmatist: Checkout these free crypto (trading) tools

As part of the deal, WonderFi will acquire Coinberry’s 220,000-plus Canadian customers, giving the combined firm a community of more than 750,000 users. WonderFi claims this will make it “one of the largest ecosystems of crypto participants” in North America, and establish WonderFi as Canada’s largest publicly-traded end-to-end consumer platform for crypto and DeFi.

“We’re in the process of creating the largest crypto user base in Canada,” said Samaroo. “What that does is it creates a really big stronghold in this developed, well-respected, regulated market, and creates a springboard for us into global markets.”

WonderFi aims to build a broader Web3 ecosystem by combining three separate segments of the crypto ecosystem: centralized finance—or the kind of crypto trading offered by Coinberry and Bitbuy—decentralized finance (DeFi), through its own DeFi product, and NFTs and gaming.

“It’s expensive to acquire customers,” University of Toronto Professor of Finance and blockchain expert Andreas Park told BetaKit. “Regulatory compliance is very expensive, too.”

Read:  Opinion: Rising cost of compliance may lead to consolidation

“As the industry continues to mature, there is going to be consolidation,” Coinberry founder and CEO Andrei Poliakov told BetaKit. “We knew this was going to happen and it’s happening.”

WonderFi has already inked an agreement to acquire Sun Machine, a play-to-earn gaming and NFT company, in a deal it expects to close sometime during the second quarter.

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NCFA Jan 2018 resizeThe 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

NCFA Financial Innovation MapNCFA Innovation Opportunity BriefsNCFA Fintech Insights
NCFA Fintech WhispererNCFA Fintech Fridays PodcastNCFA Weekly Newsletter

 

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