NCFAs innovation and funding ecosystem

Category Archives: Fintech Opinions

The dream of a low-friction financial system is just the beginning

The Economist | Sep 18, 2021

DeFi and Alice in wonderland - The dream of a low-friction financial system is just the beginning

Although the terminology is intimidating (fees are “gas”; the main currency is ether, and title deeds over digital assets are known as NFTs), the basic activities taking place on DeFi are familiar. These include trading on exchanges and issuing loans and taking deposits through self-executing agreements called smart contracts. One yardstick of activity is the value of digital instruments being used as collateral: from almost nothing in early 2018 it has reached $90bn. Another is the value of transactions that Ethereum is verifying. In the second quarter this reached $2.5trn, around the same sum as Visa processes and equivalent to a sixth of the activity on Nasdaq, a stock exchange.

The dream of a low-friction financial system is just the beginning.

DeFi is spreading to more ambitious terrain. MetaMask, a DeFi wallet with more than 10m users, acts as a digital identity. To enter a decentralised “metaverse”, a looking-glass world with shops run by its users, you link your wallet to a cartoonish avatar who roams around. These digital worlds will become the subject of intensifying competition as more spending shifts online. Big tech firms could impose huge taxes on these mini-economies: imagine Apple’s App Store charging fees, or Facebook selling your avatar’s intimate secrets. A better alternative might be decentralised networks that host applications and are run mutually by users. DeFi could provide payments and property rights.

See:  The Intersection of Ecommerce and NFTs: How NFT Technology is Changing DeFi

Crypto-enthusiasts see a Utopia. But there is a long way to go before DeFi is as reliable as, say, JPMorgan Chase or PayPal. Some problems are prosaic. A common criticism is that blockchain platforms do not scale easily and that the computers they harness consume wasteful amounts of electricity. But Ethereum is a self-improvement machine. When it is in high demand the fees it charges for verification can climb, encouraging developers to work on minimising the intensity with which they use it. There will be new versions of Ethereum; other, better blockchains could one day replace it.

Yet DeFi also raises questions about how a virtual economy with its own norms interacts with the real world.

One worry is the lack of an external anchor of value. Cryptocurrencies are no different from the dollar, in that they rely on people having a shared expectation of their utility. However, conventional money is also backed by states with a monopoly on force and central banks that are lenders of last resort. Without these, DeFi will be vulnerable to panics. Contract enforcement outside the virtual world is also a concern. A blockchain contract may say you own a house but only the police can enforce an eviction.

Governance and accountability in DeFi-land are rudimentary.

A sequence of large irrevocable transactions that humans cannot override could be dangerous, especially as coding errors are inevitable.

See:  WEF: Decentralized Finance: (DeFi) Policy-Maker Toolkit

Money-laundering has thrived in the ungoverned grey zone of services lying between Ethereum and the banking system. Despite the claims of decentralisation, some programmers and app owners hold disproportionate sway over the DeFi system. And a malign actor could even gain control over a majority of the computers that run a blockchain.

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NCFA Jan 2018 resize - The dream of a low-friction financial system is just the beginning 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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Retail Investors are just collateral damage (again)

Fair Canada | Sep 15, 2021

Banks and their interests - Retail Investors are just collateral damage (again)

The three banks (RBC, TD Bank and CIBC), according to recent media reports, have decided to stop selling “third-party” mutual funds to segments of their clients in their bank branches.

This was in response to the “know-your-product” (KYP) rules, a component of the client focused reforms.

How can the three banks justify this move?

They say it’s because under the new rules starting in 2022, employees in local bank branches who hold themselves out as financial advisors will have to know and understand the mutual funds they sell to clients.

Apparently, it is too much work to train their advisors to understand mutual funds offered by other banks or manufacturers before selling them. So, to make it easier to comply with the know-your-product rules, they will simply limit choices available to their clients.

See:  Retail investors are becoming more than shareholders

Their decision is deeply disappointing. These banks are flying in the face of the spirit of the client focused reforms. By limiting customer choices in an apparent attempt to reduce their know-your-product compliance obligations, they are putting their own interests ahead of their clients’ interests.

This is ironic, given the countless public commitments by these banks to put the client first in everything they do. Their statements below now ring hollow:

  • “Our purpose of helping make our clients’ ambitions a reality is our north star” (CIBC).
  • “Client First: We will always earn the right to be our clients’ first choice” (RBC).
  • TD Bank’s “shared commitment” to “think like a customer”.

Some commenters have suggested that banks are pulling back third-party mutual funds to further entrench their already dominant market share for mutual funds and increase their fee revenues. Others say it’s no big deal since only a small number of clients will be affected. But it does matter because it hurts investors, who will have fewer choices available to them. It may also lead to higher or additional costs for clients who may choose to switch banks down the road.

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NCFA Jan 2018 resize - Retail Investors are just collateral damage (again) The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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The risk of not participating in crypto is now outweighing the risk of non-participation

Blockdata | SJonathan Knegtel | Sep 17, 2021

if banks put 1 into DeFi Blockdata - The risk of not participating in crypto is now outweighing the risk of non-participation

Say it 5 times fast:

The risk of not participating in crypto is now outweighing the risk of non-participation

This can be seen in the enterprise blockchain boom, as well as the pick-up in the banking arena. Out of the top 100 banks by assets under management,55 have invested in cryptocurrency and/or blockchain-related companies, either directly, or through subsidiaries.

Not only that, according to a PWC crypto hedge fund report, over 42 percent stake crypto, 32.6 percent lend and 23.6 percent are borrowing these digital assets.

The desire for more access to DeFi for banks and other institutions has set forth a new wave of institutional DeFi service providers that are much more in tune with regulators and their needs. Speaking of the regulators, the SEC's head, Gary Gensler, has called on Congress to give the agency more authority to police cryptocurrency trading, lending and platforms. This is actually a good thing as ambiguity and lack of clarity holds institutions back far more than set rules and regulations.

Crypto is a Proven Gateway to DeFi

We watched how, in 2018 especially as Bitcoin's price was flailing, enterprises on the level of Nestle, HSBC, Google and Amazon were all dabbling in what pure blockchain technology could do. Fairly centralized, permissioned blockchain solutions from IBM, with Hyperledger Fabric; Quorum, and Corda, were the open doors for these billion-dollar companies to get a feel of the blockchain space.

See:  SEC Inks Deal With Blockchain Analytics Firm AnChain.AI to Monitor DeFi Transactions

The high profile purchasing of Bitcoin by Tesla and Microstrategy is only the tip of the iceberg with many other major companies also seeing the potential for this asset to accrue value as an investment, on top of its technical properties with blockchain.

It would be safe to say that the institutions and enterprises coming into blockchain and crypto at this stage are part of the early majority

Further, the more progressive hedge funds and even banks — are much more in line with an early adopter mindset; DeFi is thus the next logical step.

Looking at how crypto hedge funds are using Bitcoin and other cryptocurrencies other than for investment purposes, PWC probed about staking, lending or borrowing of digital assets. Interestingly, over 42% were staking, 32.6% lending and 23.6% were borrowing in 2020.

See:  Goldman Sachs Files Defi ETF Application

"DeFi is the logical next step for investors into crypto, '' explains Philip Gradwell, Chief Economist of Chainanalysis.

"Bitcoin taught them that they could hold a crypto asset, DeFi is teaching them that they can use crypto assets in a wider range of financial activities.

But it really is still early days.  The most common institutional exposure to DeFi that I've heard of is gaining yield on stablecoins. This appears low risk and analogous to a money market fund but with better returns."

See: 

On the Brink Podcast: George Selgin of the Cato Institute on Stablecoins, Bitcoin and Free Banking

Is Staking Crypto The Same As Interest?

"DeFi has arguably engaged banks more quickly than bitcoin did. Banks are really providers of financial services, and there are not that many financial services you can offer with bitcoin (custody, brokerage, derivatives). It seems that banks expect to be able to offer more financial services in DeFi. However, that could just be posturing, as the role of banks in decentralized finance is less clear.

The growth of DeFi participation is undeniable, such as Deloitte finding 80% of organisations ready to seek new revenue streams from crypto and related products; and Financial Times quoting research forecasting hedge funds to hold 7% of assets in crypto in the next five years.

Continue to the full article --> here


NCFA Jan 2018 resize - The risk of not participating in crypto is now outweighing the risk of non-participation 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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Creating Sustainable Wealth Through Digital Finance

E2 Management Corporation | Lynn Johannson | Sep 20, 2021

Creating sustainable wealth - Creating Sustainable Wealth Through Digital Finance

We live in interesting times. We have extreme weather events, social disruption in part driven by a global pandemic and by the dissolution of trust in institutions, and financial disruption. ‘Perfect storm’ may be an overused term, but combining ecological, social, and financial stress does provide the makings of a perfect storm.

While all three need to be addressed with better performance, patience and prudence, there are some critical differences. For example, while you may have the potential to refinance a loan or a mortgage, there is no option to refinance ecological debt, nor social debt.

See:  CFA Institute launches a first of its kind globally, a new ESG investing qualification

However, there is also an incredible opportunity that may be likened to a Phoenix rising. It is the convergence of sustainable finance, the democratization and naturalization of capital markets enabled by digital finance, and your opportunity to apply your wealth to a better, greener economy.

Sustainable finance generally refers to the process of taking environmental, social and governance (ESG) considerations into account when making investment decisions in the financial sector. This is leading to increased longer-term investments into what is supposed to be sustainable economic activities and projects. Some refer to this opportunity as green finance, which I will address below.

There are three layers of wealth. Think of a pyramid shape.

Creating sutainable wealth figure 1 - Creating Sustainable Wealth Through Digital Finance

The foundation of all wealth, without exception, comes from the planet. Everything we use, grow, build, or buy - energy, food, homes or cars - comes from the planet as provided by Mother Nature. Think of her as the president of the planet. Her terms and conditions, her rules, override all regulations.

Secondary wealth is derived from the things we make from primary wealth. Ore becomes steel, plants become your dinner, trees are used to make lumber, paper, etc. Because we do not follow the rules set by Mother Nature, the conversion is 96% inefficient. Some experts say that is low, and it’s really 98%. Simply stated, that means for every $100, you are getting $4 or $2 of value.

The final layer, tertiary wealth are all the paper abstractions that we layer on top. Tertiary wealth is entirely dependent on the primary level being healthy, and rests precariously on top of the pyramid, only kept in place by trust. When we put the primary layer of wealth at risk by our decisions or actions, you can see where this is going.

Planetary Boundaries from 1950 to Present

The Stockholm Resilience Centre has estimated how the different control variables for seven planetary boundaries have changed from 1950 to present.

Creating sutainable wealth figure 2 - Creating Sustainable Wealth Through Digital Finance

We are in the red on three critical variables, and this is causing instability in ecosystems, social systems and risk, including stranded assets. What may be surprising to many is that with all the concerns posted in the media, the push for disclosure on climate-related financial risk, climate change is still not the biggest crisis according to experts. It’s the loss of biodiversity. It’s the impact our way of doing things had burdened our ecosystems with nitrogen and phosphorus. So not as much a tragedy of the horizons as stated by the former Chair of the Financial Stability Board, Mark Carney, but a tragedy that’s in our face, but that we are not managing.

See:  The evolution of ESG: Corporate sustainability leaders in the financial services sector are taking on new responsibilities

I find it extraordinarily perverse that the decisions and actions we continue to make, which diminish the quality of our lives today, and certainly undermines the quality of life for our children and our children’s children, we seem to be okay with. Perverse, yes, but predictable. As early as 1738, Dutch polymath Daniel Bernoulli figured it out, and this was echoed in a Ted Talk by behavioural expert Dan Gilbert who said “the expected value of any of our actions -- that is, the goodness that we can count on getting -- is the product of two simple things: the odds that this action will allow us to gain something, and the value of that gain to us.” So, basically we overvalue what we have in our hands today, and undervalue what the future holds. Part of this challenge may be that we mistakenly trust other people to manage our money, and at a cost to us that is no longer necessary.

Digital Finance Opportunity

Digital finance offers a range of values that is only starting to be understood by the market. And in the time and space remaining I can only hint at some of the opportunity. Digital finance and the value it offers to greening finance deserves a much, much deeper discussion (and one that I hope NCFA will enable). The democratization of capital markets offers individuals the opportunity to direct their tertiary wealth to the things that matter to them. It means that every dollar, peso, euro, can be a vote and support an action to bring human endeavours back within the boundary conditions necessary for a quality of life that is sustainable.

A group of entities, including the World Gold Council, The Silver Institute, the European Central Bank and others, stated that the value of the global money supply was 600 hundred times higher than the value of new gold coins minted in 2019. In the first six months of 2020, digital currencies increased 1,600 times over minted coins. While any currency carries a carbon and a broader environmental footprint, digital currencies, assets and the communities that power them offer access to new pools of capital at a lower costs while reducing intermediaries and excessive fees found in traditional banking.  New consumer-centric financing models offer consumers choice and enable them to vote directly with their dollars that can lead to lower environmental impacts.

It is important to note that digital currencies are not risk-free; a power failure, cell tower outages, bad reception in rural areas not well served by the internet, extreme weather; these are some of the unintended consequences that come with a transition to digital.

On-demand Video:  Mayday: Fintech’s Opportunity to Breaking to Breaking Barriers to Net Zero

But if money talks, with digital finance you could make it walk in the direction you want it to go to match your values aligned with a better, greener economy. If money makes the world go round, digital currency could enable you to drive initiatives that are part of a circular economy, or products and services that fit into the ecosystem where you live and work.

So, whether you are buying a product, engaging services, investing in a project, asset or an activity, look at the investor or purchaser in the mirror.

The first question that you should ask is “have I taken into account the environmental impact or environmental performance of the product, the asset or activity?”  If not, think again?  The choice is yours and the power of change is within.

 


Fintech Confidential issue 3 cover 1 - Creating Sustainable Wealth Through Digital Finance

This article appears as a featured article in NCFA's digital magazine, Fintech Confidential. Click to read the latest thought leadership, insights and trends about Fintech in Canada:

Checkout NCFA's digital magazine, Fintech Confidential (Issue 3) --> here

 

 


NCFA Jan 2018 resize - Creating Sustainable Wealth Through Digital Finance 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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Bitcoin Tumbles on Evergrande Bond Obligation Struggles

TheStreet | Rob Lenihan | Sep 20, 2021

Evergrande - Bitcoin Tumbles on Evergrande Bond Obligation StrugglesBitcoin and other cryptocurrencies are battered as China Evergrande Group struggles with bond obligations.

Evergrande, China's second-largest property developer, has more than $310 billion in debt.

The company has held urgent talks with of its many creditors in hopes of delaying payment on two separate bond obligations due later this week.

Evergrande has been caught in a liquidity squeeze that could see it both fail to meet bond obligations and fall into bankruptcy proceedings. That in turn could trigger the forced sale of hundreds of commercial properties.

"Record amounts of bitcoin have been taken off exchanges, with levels being at their lowest point in the past 12 months," he said.  Low liquidity typically leads to choppy price volatility, which can easily swing in either direction."

On the regulatory front, Winston Ma, a former managing director and head of North America at China Investment Corp., said China seemed to be sticking to its original schedule to officially launch its digital currency (e-CNY) at the Beijing 2022 Winter Olympics."

"Since [the] People’s Bank of China issued its digital currency white paper in July, China has accelerated the testing of e-CNY," said Ma., author of "The Digital War - How China’s Tech Power Shapes the Future of AI, Blockchain and Cyberspace."

See:  Three Big Things: The Most Important Forces Shaping the World

Chinese media reported last week that a PBoC team visited Beijing 2022 Winter Olympics sites to further test e-CNY ATM and mobile payments, in what’s described by PBoC Vice Gov. Fan Yifei as the "final push,” Ma said.

He added that the West finds hard to grasp the idea that China is many years ahead of the US and Europe in developing sovereign digital currencies.

Ma said that China’s launch of e-CNY as government currency, together with El Salvador’s adoption of bitcoin as legal tender, "will become important reference cases for all nations stepping into digital assets," Ma said.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Bitcoin Tumbles on Evergrande Bond Obligation Struggles 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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Taking part in Y Combinator from Europe: is it worth it?

Sifted | Anh-Tho Chuong | Sep 16, 2021

Anh Tho Chuong - Taking part in Y Combinator from Europe: is it worth it?Precious days spent working on our application, labouring over every word, filming our one-minute video over and over. Hundreds of pages of paperwork to register the company in the US, tens of thousands of dollars of legal fees. And the biggest sacrifice of all: 7% of our company.

These are all the things we had to give away to have a chance at participating in the world’s most famous accelerator programme, Y Combinator.

We breathed a sigh of relief when we got the email telling us we had a spot.

But what’s Y Combinator really like for a European company? And is the intense programme really worth it?

YC or not YC: our rationale

Capital has become increasingly abundant in the European ecosystem, especially for experienced operators like my cofounders and myself; I was the first employee and VP Growth of Qonto, a European fintech unicorn. So naturally, we considered taking a term sheet for a pre-product seed round when we created the company in March 2021. That would have given us a secure runway for the next two years so we could focus on building.

On the other hand, joining YC meant investing time and equity, both precious commodities for founders. But we believed Y Combinator would give us global exposure from day one.

What was it actually like?

Our batch was fully remote and included 400+ companies. Less than 10% of the cohort were female founders. It officially started in early June and ended with the Demo Day at the end of August, where each founder gave a one-minute pitch to 1000+ investors.

Here are our main learnings:

1/ The sooner you adapt to the new rhythm, the better

YC organizes two to four sessions per week: all-hands sessions, some featuring YC alumni, group office hours and individual office hours.

It’s easy to get overly excited and spend a lot of time listening to shiny alumni stories, rather than focusing on what really matters: building something people want. That’s why we quickly split up and had only one of us — we are three cofounders at Lago — attend each session based on who would benefit the most from the insights.

See:  Are you a Pig, Gazelle or Bear? Beyond Unicorns, Zoology of startups

Juggling creating value from the programme and the network, committing to bi-weekly goals and leading the Lago team on a daily basis completely disrupted our existing rhythm. This pushed us to iterate faster. We were constantly held accountable and challenged by our YC partners, but this at times stretched us and our employees very thin. Be prepared to adapt fast.

2/ Leverage Bookface

We also quickly learnt that we had to be entrepreneurial in the way we built and got value out of our YC experience. Don’t expect any hand-holding, especially now that the batches are massive and 100% remote. So be prepared to leverage Bookface.

Bookface is YC’s knowledge base, and it answers 80% of the questions a founder can have about building and selling a product, be it to clients, candidates or investors. It’s the most valuable content I’ve ever read. I spent my first nights at YC crunching every article on my own, selecting insights and defining takeaways from them for our team.

See:  How to Find an Idea for Your First Startup

Bookface also offers a YC investor database that pulls together information on relevant investors, ticket size, specific interest, and curated reviews from other founders. This enabled me to build an extensive list of relevant target investors, prepare for pitch meetings — based on YC alum advice — conduct due diligence and have a complete fundraising battleplan in a few hours. We only used our partners’ time to review the preparatory work we had done on our own, practice pitches, and get help to negotiate the term sheets we got.

3/ Seek support outside the official program 

YC offers a wide support system outside the official batch programme, especially from alumni. We had our technical infrastructure reviewed by a CTO who scaled his company to unicorn status, for instance. Before Demo Day, female alumni also offered ‘fundraising as a female founder’ specific coaching as well. As YC is more a ‘buffet’ than a predefined experience, it’s easy to get lost in the sea of support that is offered, and not spend enough time actually building the product or talking to users. We constantly fought to find this balance.

Continue to the full article --> here


NCFA Jan 2018 resize - Taking part in Y Combinator from Europe: is it worth it? 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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ISSA Survey Results on Distributed Ledger Technology – Voice of the Customer

ISSA - Working Group Distributed Ledger Technology| Aug 2021

digital assets and DLT - ISSA Survey Results on Distributed Ledger Technology - Voice of the Customer

The DLT Voice of the Customer Working Group (WG) recently conducted a survey of Asset Owners and Investment Managers to highlight where they are on their journey towards DLT based investments (tokenised assets, Crypto currencies).

The intent was to validate what they want and need from the Securities Services industry.  This work was initiated as a result of the 2020 Survey “DLT in the Real World” where it appeared that the investors were focused more on Crypto currencies rather than tokenised securities, which was the opposite of the capabilities that ISSA members were building.

Survey Questions and Responses:

Investment Outlook and Time Frames

timeframes for investment - ISSA Survey Results on Distributed Ledger Technology - Voice of the Customer

See:  WEF Insight Report: Digital Assets, Distributed Ledger Technology, and the Future of Capital Markets

Motivations to be Active in Digital Assets

motivtions to be active in digital assets - ISSA Survey Results on Distributed Ledger Technology - Voice of the Customer

See:  LabCFTC Releases Primer on Digital Assets

Challenges Faced

challenges faced today to actively invest in digital assets - ISSA Survey Results on Distributed Ledger Technology - Voice of the Customer

Download the 8 page PDF report --> here


NCFA Jan 2018 resize - ISSA Survey Results on Distributed Ledger Technology - Voice of the Customer 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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