Category Archives: Fintech International

Class Action Lawsuit Filed Against Centra ICO that Was Pumped by Floyd “Crypto” Mayweather

Share

Crowdfund Insider | | Dec 15, 2017

Initial Coin Offerings are fat targets for attorneys representing disgruntled investors. Tezos is the most prominent example of an ICO gone bad due to the very public internal infighting, the fact that creators attempted to describe investments as donations and the hundreds of millions of dollars in crypto ultimately raised. Today, we have a class action lawsuit filed against the Centra ICO on behalf of Plaintiff Jacob Zowie Thomas Rensel.

The Centra ICO received the tacit endorsement of Boxing Champion Floyd Mayweather, sometimes know as “Floyd Crypto Mayweather” was joined by world famous rapper DJ Khaled that “led to a patina of credibility,” according to the New York Times. Of course, this is just nice talk meaning they pumped the ICO on their social networks.

See:  SEC Chairman Jay Clayton Tells House Committee that Fewer Public Companies is a Troubling Trend, Shares Insights on ICOs

Centra Tech even announced Floyd Crypto Mayweather as an official “Brand Ambassador,” back in September.  Floyd Crypto was expected to “spread the word to mainstream media about the benefits of the Blockchain-based ecosystem.”

“We are proudly welcoming World Champion Boxer, Floyd ‘Money’ Mayweather JR to the Centra team as an official Brand Ambassador,” said Sam Sharma, president and co-founder of Centra, at that time.

Today, the ICO is a bit less rosy as Komlossy Law in Florida filed in the US District Court of Southern Florida for a trial by jury as the “Defendants raised over $30 million in digital cryptocurrencies by offering and selling unregistered securities in direct violation of the Securities Act.”

The filing continues to explain the Defendants, including  Sohrab Sharma , Raymond Trapani, Robert Farkas, and William Hagner, made a feeble attempt to portray the Centra ICO as a sale of “utility-based tokens” that were “not securities, shares or investments.” Allegedly, this took place even while the Defendants touted the growth potential of the CTR Tokens and called purchasers investors.

Additionally, the class action filing claims: “the Centra ICO unabashedly stated that participants would be able to use the CTR Tokens “or trade them on cryptocurrency exchanges for a profit.”

Continue to the full article --> here

 

The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada.  For more information, please visit: www.ncfacanada.org

Share

[San Francisco, Apr 9-11]: LendIt USA 2018

Share

LendIt USA 2018 | Dec 14, 2017

LendItFintech is the World’s Leading Event in Financial Services Innovation

 

LendItFintech hosts three conferences per year in the USA, Europe, and China. These events bring together every major fintech, blockchain, lending and digital banking companies from around the world. Professionals in the financials services industry come to learn, network and do business.

 

 

LendItFintech USA 2018

Date:  April 9-11

Venue:Moscone West

Where:  San Francisco

 

Interested in attending?

Book with our community partner discount and save:

Code: NCFA15%

Visit the LendIt USA 2018 Website --> here


 

The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada.  For more information, please visit: www.ncfacanada.org

Share

Australian Securities and Investment Commission Partners with Canadian Securities Regulators on Fintech

Share

Crowdfundinsider | By: JD Alois | Dec 12, 2017

The Australian Securities and Investment Commission (ASIC) has signed a cooperation agreement with the Canadian Securities Administrators (CSA) to foster Fintech innovation, expand the network of information sharing and support Fintech startups. ASIC previously signed a bilateral cooperation agreement with the Ontario Securities Commission which remains in effect.

See: Ontario Securities Commission and Australian financial regulator sign fintech agreement

CSA is an association that represents the provincial securities regulators including; the Autorité des marchés financiers (Québec), the British Columbia Securities Commission, the Alberta Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, the Manitoba Securities Commission, the Financial and Consumer Services Commission (New Brunswick) and the Nova Scotia Securities Commission.

In Canada, each of the 10 provinces and three territories are responsible for securities regulation. Securities regulators from each province joined forces to form the CSA. The CSA strives to harmonize regulation for the Canadian capital markets. CSA reports it is actively looking to foster innovation in Canada’s capital markets and has commenced a number of initiatives. The participating jurisdictions in the CSA engage closely with foreign regulators to both share and learn from experiences with initiatives such as the ASIC Innovation Hub and the Fintech Regulatory Sandbox.

See: Fintech Sandbox and Ontario Centres of Excellence Announce Partnership

ASIC Commissioner John Price said that ASIC’s relationship with the OSC has been mutually beneficial.

“It makes sense to expand our links to other Canadian provincial regulators where we are seeing similar fintech innovation.”

Louis Morisset, Chair of the CSA, SA and CEO of the Autorité des marchés financiers in Québec added;

“These agreements mark new positive steps for the CSA, which already works with the Sandbox to help innovative businesses seeking to operate across Canada.”

In February 2017, the CSA launched its ‘CSA Regulatory Sandbox’ to support Fintech innovation. The Canadian Sandbox is similar to ASIC’s Regulatory Sandbox relief.

Continue to the full article --> here

 

The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada.  For more information, please visit: www.ncfacanada.org

Share

Fintech Listed as Emerging Risk to Financial Stability in Report

Share

Bloomberg | By: Julie Verhage | Dec 11, 2017

For all its benefits, Fintech is cropping up as a concern because of its potential to disrupt financial stability.

That’s according to a new report from Depository Trust & Clearing Corp., which surveyed people in financial services to get their views on what the biggest risks are to economic security.

While developments in financial technology have ushered in greater access to banking, lowered investments fees and expanded access to banking and capital for larger swaths of the population, it starting to raise some concerns.

See: Banks face Kodak moment as fintech disruption builds

“Fintech risk, which was included in this survey for the first time, was acknowledged as a significant source of risk by 15 percent of respondents,” the authors wrote.

“Generally recognized as holding great promise, these results demonstrate a growing awareness of potential emerging risks, highlighting the need to evaluate both risks and rewards associated with fintech initiatives.”

 One area in particular that was mentioned was a lack of regulation, with respondents worrying that advancements have outpaced governance.

Continue to the full article --> here

 

The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada.  For more information, please visit: www.ncfacanada.org

Share

British Treasury Plans to Implement EU-Wide Cryptocurrency Regulation by Late 2018

Share

TheCointelegraphJoshua Althauser |  Dec 7, 2017

The British Treasury plans to introduce regulations that will cover Bitcoin and other digital currencies in late 2018. The agency is increasingly concerned about the possibility that the virtual currencies could be used in illegal activities like money laundering and tax evasion due to their growing popularity.

Under the planned legislation that is intended to cover the entire European Union (EU), cryptocurrency traders will be compelled to disclose their identities and report any suspicious activity that they may discover in virtual currency trading.

See: Europe's alternative finance market hits $9.1 billion in the first quarter

This move by the UK government could cause confusion among industry players as the majority of f exchanges in the country are already compliant with the existing know your customer (KML) and anti-money laundering (AML) laws.

Continue to the full article --> here

 

The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada.  For more information, please visit: www.ncfacanada.org

Share

Eric Ries set to launch new Long-Term Stock Exchange

Share

Management Today UK | by Kate Bassett | Dec 1, 2017

Our current stock markets encourage short-term thinking and stymie growth. So Eric Ries, author of The Lean Startup and The Startup Way, is building a new one.

‘It was the one idea that would keep me awake at night. It was so radioactive that no-one wanted to go near it. But it wouldn’t leave me alone.’

American author and entrepreneur Eric Ries is talking about his latest ‘startup’ - the Long-Term Stock Exchange (LTSE), a revolutionary new stock exchange that aims to remove the short-term pressures that plague today’s public markets and, instead, reward long-term thinking.

Ries’s lightbulb moment came seven years ago while he was working on the book that would become his best-selling entrepreneurship manifesto, The Lean Startup. ‘In that book, I recommended that people should try to emulate Toyota by building companies that will last generations. But how can they do that with the way our current stock markets are structured?’ Short-term pressure, he says, acts as ‘a malignant gravitational force, warping and distorting the management system of an organisation’ and thwarting innovation.

 ‘We’ve seen a roughly 50% decline in the number of public companies from 1996 to 2016, a triple digit increase in CEO compensation from 1978 to 2014, and a spike in activist investor campaigns. Businesses suffer - and so does our economy.’

Ries’s ‘wild idea’ was to create an entirely new US stock exchange designed to stop destructive short-term thinking and overhaul the way firms publicly list their shares. ‘No-one else would touch the idea so I started to do my own homework. It’s hugely complex. It’s taken me years to figure out how to build a stock exchange, assemble the right expertise and understand the legal and technical issues. I realised that the reason no-one else is doing this is because it’s incredibly hard. Frankly, that isn’t a good enough reason not to try.’

See:  Canadian Fintech Katipult Becomes Public Company, Trades on TSXV under Ticker FUND

The LTSE weights corporate governance power to long-term investors who have more of a say than short-term investors; ties executive pay to long-term business performance; and has additional disclosure requirements that allow companies to focus on ‘the fundamentals’ instead of managing to the quarter.

‘People in Silicon Valley treat the financial system like a given but we’re building a new ecosystem that encourages people to be thinking about their businesses in years and decades, not months and weeks.’

Ries has assembled a team of 15 full-time employees, including veterans of the NYSE and US Treasury Department. The LTSE is backed by the likes of LinkedIn co-founder Reid Hoffman, America Online co-founder Steve Case and PayPal founder Peter Thiel. Ries is working to get approval from the Securities and Exchange Commission and says LTSE is on track to open as a new public markets option in 2018.

Ries studied computer science at Yale and co-founded Catalyst Recruiting in his spare time. When the company folded, he moved to There.com as a senior software engineer before starting IMVU, which he describes as ‘the most intense and most rewarding experience of my professional life’. He’s worked as an advisor or board member for more than a dozen startups and penned The Lean Startup in 2011. It was Ries who made the term ‘pivot’ part of the business vernacular.

Continue to the full article --> here

 

The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada.  For more information, please visit:  www.ncfacanada.org

Share

Canadian Fintech Katipult Becomes Public Company, Trades on TSXV under Ticker FUND

Share

Crowdfund Insider | By |

Katipult, a Fintech company based in Vancouver, British Columbia, is now a public company. Katipult has listed its shares under ticker symbol FUND on the TSVX .

Katipult received approval on November 15th and netted CAD $1.6 million in the transaction to fund its growth plan. Additionally, Katipult will receive a cash inflow of $520,000 from the exercise of warrants issued in its April private placement. The holders of the warrants are contractually obligated to exercise the warrants within 6 months of the Listing.

See Katipult, CTO, Doug McLean @VanFUNDING 2017:  GOING MAINSTREAM BLOCKCHAIN FINTECH CONF & HACK

Katipult is a Fintech company offering a cloud-based crowdfunding software infrastructure that allows firms to operate their own branded investment platform offering debt, equity and other instruments to various types of investors. The white label platform automates many components of investor and investment management including components of financial transactions, investment marketing, and payments such as dividends or interest. Katipult is currently working on incorporating Blockchain technology into its platform to be able to provide services for the next generation of funding platforms.

Katipult has posted growing revenues and profitable operations in what management describes as its market validation period.

In a recent blog post, Katipult explained why it decided to list shares in a public offer. Katipult stated;

“While many startups may be viewing an IPO as an exit strategy, we believe accessing the public markets are part of a prudent growth strategy. We believe this approach will build on our competitive advantages and bring in a diverse investor base all looking to participate in our company successes going forward.”

Continue to the full article --> here


The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders across the country. NCFA Canada provides education, research, industry stewardship, and networking opportunities to over 1600+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada.  For more information, please visit:  www.ncfacanada.org

Share