Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Voices
Surveillance Capitalism: Policymakers must put an end to abusive practices
Financial Post | Jim Balsillie | Dec 15, 2021
I believe that capitalism in a liberal democratic society is by far the best system to promote human flourishing. It’s the best economic system for the generation of new wealth, which is why even authoritarian states like China have embraced it. The generation of new wealth is a critical first step for any debate on redistribution or expanding publicly funded social services.When entrepreneurs have access to capital, they can channel their ideas into products and services that can improve the lives of fellow citizens, industry and even governments. No other economic system allows a single individual to profoundly shape society for the better and to simultaneously create public and private good — this is why capitalism is worth protecting.
Today, there is a renewed belief that government invariably shapes the economy, and that it must continue to do that effectively. This is especially critical now in the age of surveillance capitalism, which is not only reshaping markets but threatening to unmake liberal democracy.
See: Biden’s ‘Antitrust Revolution’ Overlooks AI—at Americans’ Peril
As Professor Shoshana Zuboff has shown in painstaking detail, surveillance capitalism leaves a trail of social wreckage in its wake: the wholesale destruction of privacy, the intensification of social inequality, the creation of a mental health crisis amongst our youth, the poisoning of social discourse with misinformation, the demolition of social norms and the weakening of democratic institutions.
If we are to preserve the very best of capitalism and especially its ability to generate new wealth, we must bring this mutant form of capitalism under democratic control. Throughout the last century, industrial production-based capitalism was tamed through employment rights, new social supports, mandatory environmental practices and many other industry-specific regulations.
Today, because we lack meaningful regulation of the data-driven economy, we have competition to control markets rather than competition within markets. Unlike physical assets, data has unique features such as its “economies of scope and scale,” “network effects” and “information asymmetries.”
If capitalism is going to survive this century, our policymakers must put an end to abusive practices and develop marketplace frameworks that force companies to contribute to the productive capacity of the market.
See:
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China’s Communist authorities are reinventing state capitalism
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Lawmakers Take Aim at Big Tech with Push for Sweeping Overhaul of Antitrust
Only then can entrepreneurial individuals make the best use of what capitalism has to offer and continue to sustain and advance shared economic prosperity and democratic values, as they have done for centuries.
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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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Gensler’s Updated Regulatory Agenda Critized by SEC Commissioners Peirce and Roisman (Exempt Securities)
Crowdfund Insider | | Dec 13, 2021
SEC Commissioners Hester Peirce and Elad Roisman have once again voiced their concern regarding SEC Chairman Gary Gensler’s regulator agenda – a list that was recently updated.
Last summer, Gensler published his regulatory agenda and now an update is available. When Gensler posted his initial goals, Commissioners Peirce and Roisman issued a statement criticizing the list of rules and regulations the Gensler Commission was seeking to address. Today, the two Commissioners are once again expressing their disappointment in Gensler’s agenda.
The two Commissioners have posted a statement labeled “Falling Further Back” calling Gensler’s agenda “ambitious in scope” but failing “to include any items intended to facilitate capital formation.”
“Instead, the agenda is brimming with plans to redo recently completed rules, add new regulatory obligations, and constrain investor choice,” chastised the two Commissioners.
At the very top of Gensler’s list (once again) are exempt securities offerings as well as a change to the definition of an accredited investor – a move that would most certainly aspire to limit access further to private securities.
See:
More regulation coming: SEC Chairman signals stablecoins and other tokens could fall under its rules on security-based swaps
Hester Peirce on personal liberty, crypto regs and retail investor particiation
Hester Peirce: Lawless in Austin
To quote the statement but the Commissioners:
“One example is the proposal to alter the thresholds at which an issuer is required to register a class of securities with the Commission. In 2012, Congress enacted the bipartisan Jumpstart Our Business Startups (a.k.a., the JOBS Act), which, among other provisions aimed at improving capital access for newer companies, specifically raised these thresholds in order to allow companies greater flexibility in deciding whether and when to go public. This provision has been especially important for pre-IPO companies that use equity as part of their employee compensation arrangements and for startups in industries with high initial capital requirements. Lowering these thresholds may both contradict the express will of Congress and potentially undermine our mission to facilitate capital formation. A likely unintended consequence of lowering thresholds will be to limit the opportunity of employees, smaller investors, and other non-institutional investors to invest in promising businesses.”
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View the statement by the commissioners --> here
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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Canada’s Low-Carbon Tech opportunity is now or risk another familiar story
BCG | Jason Green, Vinay Shandal, Wendi Backler, Keith Halliday, and | Dec 7, 2021
First the good news. A global study of private investment by Boston Consulting Group’s Center for Growth and Innovation Analytics found that Canadian ventures are well represented across 13 key low-carbon tech sectors. HTEC, Svante, Amp and Li-Cycle, for example, all attracted major funding over the past 12 months, making 2021 a banner year for private investment in the country’s low-carbon tech industry.
As much as US$21 trillion in new investment in both mature and newer low-carbon technologies will be needed globally over the next ten years.
In addition, Canadian low-carbon tech ventures are attracting a greater mix of investment in carbon capture, hydrogen, biofuels and climate analytics than their peers in Europe, the US or Asia-Pacific. BCG data shows they have claimed 8% or more of private investment worldwide since 2016. This is a hefty multiple of Canada’s roughly 2% share of the global economy. (See Exhibit 1 above.)
See: Decarbonizing Crypto: Getting to the facts of the decarbonisation discussion
However, Canada’s history with past tech shifts suggests that while our venture record is strong, our scale-up record is poor. After a generation of internet innovation, for example, Shopify is the only Canadian company on the list of scale-ups with market capitalizations of more than US$50 billion.
Historically, a major reason has been a lack of sustained attention and investment from Canada’s public and private sectors.
BCG research shows that 80% of Canadian private investment—across the corporate sector, venture capital, private equity and financial institutions—currently goes to ventures located outside Canada.
It will be a regrettable irony if Canada ends up importing key low carbon tech from other places instead of fanning a booming economy in an area where we have already cultivated significant home-grown advantage.
See: Are the new carbon offset ETFs too simplistic of a solution?
To help young businesses achieve scale, Canada’s public and private sector should take three steps.
- The first is for corporate Canada to ramp up venture investments and partnerships.
- The second step is for Canadian companies and government agencies to host more demonstration projects and at-scale deployments domestically.
- The final opportunity is to improve the innovation environment in Canada. To win the low-carbon future, we must get serious about addressing tax issues, low levels of corporate R&D, access to risk capital, and the brain drain of talent to the US.
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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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Ledn secures $70 million in Series B funding; Announces world’s first Bitcoin-backed mortgage product
Ledn Inc. | Adam Reeds | Dec 15, 2021
The company is targeting over $100 million in bitcoin-backed mortgage originations in Q1 2022.
TORONTO, Dec. 15, 2021 Ledn Inc. ("Ledn"), a global digital asset savings and credit platform, today announced that it successfully raised $70 million in a Series B funding round which brings its valuation to $540 million. 10T Holdings led the Series B. Golden Tree Asset Management, Raptor Group and FJ Labs were among the list of new Ledn investors. In addition, 10T Holdings' Managing Partner and CEO Dan Tapiero will be joining Ledn's board of directors.
Ledn will use this new capital to strengthen its balance sheet to support the rapid growth of its digital asset lending business, including its new Bitcoin-backed mortgage product. All existing venture investors followed-on in the round, including White Star Capital, Kingsway Capital, Coinbase Ventures, Alan Howard, Parafi Capital, Susquehanna Private Equity Investments, Global Founders Capital, Hashed, CMT Digital, Ascendant Capital and John Pfeffer.
Additionally, the company announced the impending launch of a Bitcoin-backed mortgage product, the first product of its kind to hit the market. This mortgage will enable Ledn clients to use their Bitcoin holdings to purchase a property while continuing to benefit from potential price appreciation of both assets. Clients will be able to blend an equal amount of Bitcoin and property collateral as part of the mortgage loan. This unique collateral structure, which relies on the stability of real estate to buffer against the volatility of Bitcoin, was designed to provide clients with a generous window to service their Bitcoin collateral during times of high market volatility.
See: Toronto-based DeFi fintech, Ledn, closes 3rd seed round $3.4 million CAD to scale its Bitcoin-backed lending platform
Currently in pilot mode, the Ledn Bitcoin-backed mortgage is slated to be made broadly available to clients in the US and Canada in early 2022. The company already has a growing waitlist for the product, and is targeting over $100 million in Bitcoin-backed mortgage originations by the end of Q1 2022.
"Most people that hold extensive wealth in Bitcoin still can't utilize their assets to qualify for a mortgage at a bank," said Adam Reeds, co-founder & CEO at Ledn."Our clients want to diversify their portfolio in order to protect their wealth and then utilize that wealth for instances such as purchasing a home, but one should not come at the expense of the other. That is why we are launching this product, in order to provide access to key financial products for those who choose to invest outside the mainstream of legacy banks."
Ledn's notable growth, including establishing a robust client base in 127 countries with 44% of loan clients in Latin America, was a key driver for this fundraise. Since the third quarter of 2020, Ledn's USD loan originations have increased by more than 25x and assets on platform have exceeded $1.7 billion - representing a 4,000% increase from Q3 2020. In the same period, its registered user base has grown nearly 10X.
In addition, Ledn has achieved an industry-leading 95% client satisfaction rating due to their obsessive focus on providing a best-in-class client experience. The company will use the Series B funds to accelerate the pace of new team hires, continue to develop innovative digital asset financial products, and expand upon an already robust segment of localized products that are tailored to meet the needs of English, Spanish and Portuguese-language users across the globe.
"Ledn's business model is a true win-win for investors and borrowers alike as it gives investors the ability to earn strong returns on their digital asset investments, while providing great interest rates to borrowers,"saidDan Tapiero, Managing Partner and CEO at 10T Holdings. "We are proud to lead this investment in Ledn, and it is clear that Ledn is primed for rapid growth and worldwide expansion."
See:
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Interested in a High Interest Bitcoin Saving’s Account? Interview with Ledn CEO, Adam Reeds
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Ep20-Jan 11: Bitcoin Backed Loans and 2x Credit – Putting Your Crypto to Work
"At Ledn, we believe in allowing people from around the world to access cryptocurrencies as a way to secure a better financial future. This investment will enable Ledn to help more people save in Bitcoin and other strong digital assets to preserve their wealth and escape poverty traps," said Mauricio Di Bartolomeo, co-founder and CSO at Ledn. "As our company grows, Ledn clients should expect us to continue investing in financial education, broader access to our products, and for us to continue providing them with the best client experience."
About Ledn
Ledn provides financial products with a mission to help clients across the globe unlock the power of digital assets to build wealth for the long term. With registered clients from over 127 countries, Ledn offers interest-bearing savings accounts and Bitcoin-backed loans, enabling clients to access dollars or additional Bitcoin without needing to sell any of their existing holdings.
Since Q3 2020, Ledn has grown its assets on platform by over 4,000%, exceeding $1.7 billion. Ledn remains an industry leader when it comes to transparency and accountability standards, being the first-ever lending platform to undergo a formal proof-of-reserves attestation by a top public accounting firm. For more information visit ledn.io.
About 10T Holdings
10T Holdings is a growth equity firm focused exclusively on investments in mid-to-late-stage private companies operating in the digital asset ecosystem. Founded in 2020 by Dan Tapiero, 10T applies its expertise from macro investing and a rigorous research-driven approach to back the blue-chip companies that will shape the future.
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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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Podcast: Meet the Crypto Kings – Founders of the Leading Exchanges
The Economist | Dec 15, 2021
The Economist podcast on markets, the economy and business. This week we speak to Brian Armstrong, Changpeng Zhao and Sam Bankman-Fried, the founders of leading crypto exchanges Coinbase, Binance and FTX
See: Creating Sustainable Wealth Through Digital Finance
FOUR MEN hold the keys to a $2trn market. Our finance correspondent Matthieu Favas speaks to some of the most powerful people in the world of cryptocurrencies—the founders of the most important crypto exchanges—to find out what it takes to stay on top in the most volatile market of all. We examine their strategies against a looming reckoning with regulators and ask whether their visions for how crypto will change the world could become reality. Rachana Shanbhogue hosts.
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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Biden Admin Unveils Anti-Corruption Strategy
Radical Compliance | | Dec 6, 2021
The Biden Administration has released its strategy on countering corruption around the world, with lots of talk about cross-border collaboration, data collection, and tougher U.S. enforcement; but relatively little about new legislation that might add fresh burdens to anti-corruption compliance programs.
The White House released the strategy document, 38 pages long, on Monday morning. It outlines five “pillars” of the Administration’s anti-corruption strategy, with a bunch of strategic objectives under each pillar and numerous specific examples of what the Administration might do sprinkled throughout. The strategy itself is follow-up from a memo President Biden issued in June promising to make anti-corruption a central piece of the country’s national security strategy.
See: A Tsunami of Regulatory Change Overwhelms Organizations
The five pillars are the usual flabby phrases you see from high levels of government; action items that sound bold yet really don’t tell you much. For the record, the pillars are:
- Modernizing, coordinating, and resourcing U.S. government efforts to fight corruption;
- Curbing illicit finance;
- Holding corrupt actors accountable;
- Preserving and strengthening the multilateral anti-corruption architecture; and,
- Improving diplomatic engagement and leveraging foreign assistance resources to advance policy goals.
That’s all fine, but the more substantive stuff is tucked away in those strategic objectives and examples of what the Administration might do to implement them. For example, under the bullet point of modernizing and coordinating U.S. government resources to fight corruption, the strategy document outlines five strategic objectives:
See: New SEC task force will scrutinize ESG and climate disclosures and marketing
- Enhance corruption related research, data collection, and analysis;
- Improve information sharing domestically and internationally;
- Increase focus on the transnational dimensions of corruption;
- Organize and resource the fight against corruption more effectively to institutionalize this work as a long-term priority;
- Integrate anti-corruption considerations into regional, thematic, and sectoral priorities, including through new guidance.
Higher Penalties on Gatekeepers
The strategy document also talked about the need to take a tougher stance against lawyers, accountants, business advisers, and other executives who serve as gatekeepers in the world of corporate transactions. Too often, the document said, those people can turn a blind eye to the corruption of their clients and partners.
Continue to the full article --> here
Download the 38 page PDF report --> here
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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Single largest Ethereum contract worth $33.5 billion ‘trapped’
Cointelegraph | Prashant Jha | Dec 15, 2021
The largest Beacon Chain staking contract worth $33.5 billion is awaiting the Ethereum mainnet merger to unlock.
The single largest Ethereum contract containing 8,641,954 Ether (ETH) worth $33.5 billion is sitting idle because it cannot be spent or sent.
A Twitter user highlighted the Beacon chain contract, claiming it to be the largest Ethereum contract with billions of dollars worth of ETH “trapped” inside it.
See:
More Ethereum Has Been Burned Than Minted in the Past 24 Hours
The London Hard Fork is a big step towards Ethereum 2.0’s major upgrade
The contract in question is an Ethereum 2.0 Beacon Chain staking contract launched in November 2020, and it cannot be spent without a hard fork.
What makes this even more astonishing is the fact that the terms of the hard fork are yet to be decided, and people sending their ETH into the contract were well aware of the fact. The terms of the hard fork could be decided once the Beacon Chain merges with the Ethereum mainnet.
The Beacon Chain is the first key step in Ethereum’s move from a proof-of-work mining consensus to a proof-of-stake (PoS) one.
In order to become a validator in Eth2, a trader must stake a minimum of 32 ETH. Thus, the $33.5 billion worth of ETH in the largest Beacon Chain contract shows the high demand and trust in the upcoming Eth2.
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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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