Karsten Wenzlaff, Advisor
August 26th, 2025
OSC Innovation Office | Oct 28, 2021

Did you catch our big news? The Innovation Office is launching OSC TestLab, a new testing environment for Ontario’s capital markets.
We’re excited to open applications for our first test this fall. Here's how you can get involved.
In the next few weeks, we will roll out the TestLab framework and the problem statements that will form the basis for the test. The problem statements will provide a concise description of the issues to be addressed and opportunities to be realized through this test. We will also explain how technology providers and registered firms can participate, including who should apply, how to apply, and key deliverables required along the way.
We expect to open applications for the first test in late November. The application window will be open until January 31, and we’ll be standing by to answer questions from interested firms throughout the application period.
After reviewing eligible applications, we will select firms to move into the next stage and work with them to refine their testing plans. Testing will begin in the spring and run for up to six months.
Throughout this first test and beyond, your input is essential. After all, TestLab presents an innovation journey for technology providers and capital market participants as well as the OSC. We’ve reviewed leading practices to synthesize what we believe is the best initial design for an Ontario testing environment, yet it is only by working with capital market participants and Ontario’s innovation community that we can make OSC TestLab a success.
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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Liquid Avatar Technologies | Cara Buckspan | Nov 8, 2021
Toronto, Canada - TheNewswire - November 8, 2021 -Liquid Avatar Technologies Inc. (CSE:LQID) / (OTC:LQAVF) / (FRA:4T51) / (CNSX:LQID.CN) (“Liquid Avatar Technologies” or the “Company”), a global blockchain, digital identity and fintech solutions company, through the Liquid Avatar Verifiable Credential Ecosystem (“LAVCE”), announces the introduction of its proprietary PassmateTM services program to expand identity verification and validation opportunities for business, industry, and government through the payment terminals and Point of Sale (POS) systems found in most commercial facilities around the globe.
PassmateTM is a Software as a Service (“SaaS”), subscription based transformative technology that makes secure data sharing and proof of identity easily available to consumers and businesses by using the payments infrastructure that merchants and businesses already use. Developed in conjunction with U.S.-based payments technology company Dynamics Inc. (“Dynamics”) and with Indicio Inc. (“Indicio”), a global leader in designing decentralized trusted data ecosystems, PassmateTM enables any business or facility currently using mainstream POS systems to deploy verifiable credentials to ensure that identity data and other high-value information can be authenticated in a secure, privacy-preserving way.
“Dynamics and Indicio both share in Liquid Avatar Technologies’ vision for quick and reliable digitally verifiable identity that can easily scale across businesses, trade shows, events, convenience stores, restaurants, or other retailers or venues using existing point of sale terminals.” said David Lucatch, CEO Liquid Avatar Technologies. “Passmate™ is a modern and cost-efficient tool that leverages current technologies, like point of sale or payment terminals to confirm that an individual is who they say they are and that they have the correct immunization, age, or other credential to receive a service, make a restricted purchase or gain access. Secure, private, digital verification reduces fraud and increases certainty between parties while no personally identifiable information is revealed without permission. This type of easy to use, trustworthy digital identity is more timely, relevant and is more powerful than ever before.”
PassmateTM is expected to be piloted in early 2022 as part of the recently announced Smart Age program supported by the Ontario Convenience Stores Association (OCSA) as it looks to expand current age-restricted product sales. The Smart Age program for OCSA and potentially other hospitality businesses will consist of in-store and out-of-home awareness campaigns, digital verification review at the point of purchase and, where applicable, work with other transaction processing systems to support PassmateTM integration into existing point-of-sale and payment terminals that will be used to verify credentials in order to confirm that the customer is of legal age to purchase restricted products.
The PassmateTM SaaS subscription and micro-transaction program will first be introduced with the direct support of Dynamics and then be made available through Liquid Avatar Technologies and Dynamics to other transaction processors in Canada, the United States of America and globally. The Company is already in discussions with leading payment processing and solutions providers and is planning to launch PassmateTM with health credentials and age verification in early Q1 2022 as it looks to support industry and government issued credentials.
“Liquid Avatar Technologies’ product line to make easy-to-use, verifiable digital identity is the type of ambitious innovation goal that aligns with Dynamic’s mission to change the world without changing the way the world works.” said Jeffrey Mullen, CEO of Dynamics Inc. “With Passmate™ integrated into the point of sale, businesses of all sizes will be part of an advanced capability for reducing fraud and uncertainty in the industry.”
Liquid Avatar Technologies continues to roll out further enhancements to the LAVCE that go beyond conventional payment and communications technology solutions. As part of ongoing development and its commitment to Decentralized Finance (DeFi) and blockchain-based initiatives, the Company uses the combination of decentralized identifier technology (DIDs) and decentralized identifier communication called ‘DIDcomm’ to enable highly secure, peer-to-peer data sharing, including payment and secure communication between parties in Passmate™.
The advantage of using DIDcomm in Passmate™ is that it provides communication across multiple channels—the web, email, mobile push notifications, QR codes, Bluetooth, message queues, and more. Each peer-to-peer communication is unique, secure, and provides the parties communicating with complete control over their private data.
“It is hard to overstate the potential impact of DIDComm on the future of digital communications,” said Heather Dahl, CEO of Indicio.tech. “It’s a foundational protocol that will change how people connect to each other on the Internet. It will allow the development of much richer interaction while enabling consent, transforming security, and ensuring privacy. It enables merchants and businesses to create a new world of direct, personalized concierge-quality interaction with their customers and to offer them new services—all without having to go through a third party, and without the headache of data privacy regulation.”
The Company believes that LAVCE’s implementation of DIDcomm to verifiable credentials and payment technologies will be one of the first commercial applications of its kind in in North America, and will create a plethora of use cases and opportunities for consumers, businesses, and the Company
“DIDComm has the same excitement and possibility around it as HTTP did when it was first launched.” Lucatch said “Liquid Avatar Technologies is fully committed to the advancements that Indicio is working on and is helping to facilitate in the Decentralized Identity Foundation and other standards bodies. This technology is crucial for the future transformation of online payments, making them more secure, more trustworthy, and closing the chapter on financial fraud and identity theft.”
For more information, or to book a demonstration of the technology and how the LAVCE can assist your organization to support your reopening and health care objectives, please contact Liquid Avatar Technologies.
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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eMarketer | Matthew Gaughan | Nov 4, 2021

A June 2021 survey from Klarna and Nepa found that 52% of US adults trusted banks, while just 17% trusted neobanks. The fragmentation of open banking in the US has led to slow adoption of the technology by consumers—55% of US adults have never even heard of the service.
According to a PYMNTS.com survey conducted in collaboration with MX, more than a quarter of US consumers surveyed said trust in their financial institution to protect their financial assets is the most important factor in sharing bank credentials with third parties.
Having said this, among survey respondents that connected third-party apps to their bank accounts, 29.9% were very or extremely interested, and 25.7% were somewhat interested in using an open-banking portal offered by their personal bank. The level of interest grew within certain groups—particularly younger generations or those already comfortable with sharing credentials.
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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Crowdfund Insider | | Nov 1, 2021
Investment crowdfunding took off when the JOBS Act regulation went into effect back in 2016 and has become a booming industry in short order. We saw some significant regulatory changes in March of this year, with the Securities and Exchange Commission (SEC) confirming capital formation increases for Reg A+ and Reg CF. These increases solidified just how impactful this type of crowdfunding can be.
Equity crowdfunding has garnered trust and legitimacy from issuers, investors, broker-dealers, transfer agents, and lawyers—and raised $239 million via Reg CF and $1.6 billion via Reg A+ in the first half of 2021. Today, there’s nearly $800 million invested across 64 FINRA-licensed Reg CF funding portals.
When it comes down to it, what 2020 and 2021 have clearly shown us is that investors want to participate in and support small businesses.
At my firm, we’ve seen 4,000+ issuers to date, including startups, small businesses, and medium-sized businesses. These SMEs are choosing equity crowdfunding instead of traditional, bank-led financing because they can control their offering and financing needs. No longer beholden to the mercy of a single small business banker with specific credit appetites, or a venture capital firm with narrow funding parameters, these entrepreneurs are now in the driver’s seat and their customers and supporters are riding shotgun alongside them.
Currently, the top five industries for issuers are software, distilleries and breweries, restaurants, internet and e-commerce, and movies, according to research from Crowdfund Capital Advisors. Ironically, all industries are significantly impacted by COVID. But investors in these spaces are eager to participate in crowdfunding for their favorite businesses, and in 2020 venture capital was particularly difficult to come by. The world watched as so many of our favorite restaurants, venues, and small businesses closed because they didn’t have the financial ability to stay afloat. But equity crowdfunding presents a chance for those businesses to get back in the game.
As we forge ahead into 2022, the impact of equity crowdfunding for COVID-affected small businesses will play out with positive ramifications in local economies by creating not only capital for businesses, but creating jobs as well. 120,000 local jobs have been created so far in 2021 as a result of successful Reg CF offerings, reported Crowdfund Capital Advisors. These salaries support government taxes, consumer spending, savings, and more. They’re supporting our communities and keeping food on our neighbors’ tables.
As we move into 2022, the equity crowdfunding industry will continue to build a foundation for underserved people to gain access to the financial system in terms of meaningful investments. Anyone—regardless of social status or annual income—should be able to begin investing in companies that hold meaning for them. It’s about radical accessibility and execution. Looking to the future, we’re building a system that allows for more equal access for both the issuer and the investor.
Whereas only 1.2 percent of the venture capital invested in U.S. startups in H1 2021 went to Black founders, and just 2.3 percent to women in 2020, women and people of color make up 40 percent of issuers using Reg CF.
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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