NCFA Innovation 2019

Category Archives: Online Funding Campaigns

Toronto-based DeFi fintech, Ledn, closes 3rd seed round $3.4 million CAD to scale its Bitcoin-backed lending platform

Betakit | | Feb 8, 2021

ledn logo new - Toronto-based DeFi fintech, Ledn, closes 3rd seed round $3.4 million CAD to scale its Bitcoin-backed lending platform

Toronto-based FinTech startup Ledn has raised $3.4 million CAD ($2.7 million USD) in seed funding, as the company looks to fuel the expansion of its digital asset savings and credit platform amid a steadily growing rise in registered users.  Founded in 2018, Ledn offers Bitcoin and U.S. Dollar Coin (USDC) savings accounts and Bitcoin-backed loans (USDC is a stablecoin backed by Coinbase and pegged to the US dollar). The startup claims to have issued the first Bitcoin-backed loan in Canadian dollars in 2018.

The round was led by White Star Capital as part of its Digital Asset Fund. White Star Capital is a New York City-based venture capital and private equity firm that focuses on early growth-stage tech companies. White Star’s Digital Asset Fund invests in crypto-networks and blockchain-enabled business. The new Ledn investment marks the fund’s third to date.  Ledn’s round also saw participation from Darrow Holdings, Coinbase Ventures, Global Founders Capital, CMT Digital, and Kingsway. The $3.4 million brings Ledn’s total funding to date to $4.7 million CAD.

See:  Interested in a High Interest Bitcoin Saving’s Account? Interview with Ledn CEO, Adam Reeds

Ledn’s stated mission is to reinvent financial services around crypto assets. It offers Bitcoin-backed loans, where customers can put up their Bitcoin and receive fiat currency in exchange. According to Ledn, one of the advantages of this type of loan is customers getting to keep “all of the upside” of their Bitcoin position. Once the loan is repaid, the Bitcoin is returned to the customer.  Ledn also offers Bitcoin and USDC savings accounts, in partnership with Genesis Capital, which touts itself as the world’s largest digital asset lender. The accounts allow customers to earn interest on their Bitcoin and USDC holdings.

According to Ledn, the startup is already profitable, and its number of registered users is rising 25 percent month-over-month. The company says it serves thousands of customers in over 100 countries. A spokesperson for Ledn told BetaKit over 60 percent of its registered clients are from emerging economies. Ledn also claims to have the highest interest rates available in the digital asset lending space, at 6.1 percent for Bitcoin and 12.25 percent for USDC.

Ledn banner - Toronto-based DeFi fintech, Ledn, closes 3rd seed round $3.4 million CAD to scale its Bitcoin-backed lending platform

With a focus on regulatory compliance, Ledn aims to bridge the gap between traditional and digital asset-based financial services.

The startup recently underwent a formal proof-of-reserves attestation by an independent accounting firm, Armanino LLP. Proof-of-reserves is used as a way to allow customers to confirm the service they are using does in fact hold their crypto assets, on-chain. It is touted as a tool to earn and retain customer trust, in a space that has faced much uncertainty and turmoil.

“We believe that proof-of-reserves reviews that cover all assets and lending activities should be an industry standard across lending platforms,” said Mauricio Di Bartolomeo, Ledn’s co-founder and CSO. “Over time, clients have become painfully aware of why it’s important, and their preferences are evolving to demand transparency. We are making proof-of-reserves reviews a part of our standard processes,” he added.

See: 

Ledn plans to use the proceeds from its latest round to accelerate its growth and pursue expansion into global markets. The startup told BetaKit it also plans to use the capital to accelerate its regulatory compliance processes as well as its marketing and educational efforts around its own products and the value of Bitcoin in general.

“Over the past three years, we’ve focused on building a simple and secure platform that allows clients to grow their digital wealth through savings and credit products,” said Adam Reeds, Ledn’s co-founder and CEO. “As we expand on our product offering with no fee trading rolling out in the next several months and go deeper into new markets, we couldn’t be more excited to work with this select group of top venture investors that believe in our mission.”

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NCFA Jan 2018 resize - Toronto-based DeFi fintech, Ledn, closes 3rd seed round $3.4 million CAD to scale its Bitcoin-backed lending platform 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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CCA 2020 RegCF Year in Review Report (NCFA 20% Discount)

Crowdfund Capital Advisors | Sherwood Neiss | Feb 2, 2021

RegCF Crowdfunding 2020 year in review - CCA 2020 RegCF Year in Review Report (NCFA 20% Discount)

2020 Year in Review

(Purchase with special NCFA link below and receive 20% DISCOUNT)

2020 was a year of crisis for the country and the financial markets, but it was also the year that fully demonstrated that online finance delivers capital to diverse SMEs, across the country, while providing robust investor protections. Regulation Crowdfunding:

  •  Democratizes access to capital for women and minority entrepreneurs:
    • According to a January 2021 survey of SMEs that successfully raised the maximum $1M from Regulation Crowdfunding:
      • 45.5% had female founders
      • 40.9% had minority founders
      • 100% said that they would have raised $5M if that amount would have been available to them.
    • As a point of comparison, according to an April, 2020 Securities and Exchange Commission Report (https://www.sec.gov/spotlight/sbcfac/sbcfac-learn-from-data.pdf)
        • Black, latinx and middle-eastern founders  received just  5% of all VC investment
        • Women founders received just 13% of VC investments
  • Distributes capital to local economies across the United States despite geographical biases from the Venture Capital industry.
  • Provides local investors a legal structure to support the local entrepreneurs they believe in, with a limited amount of risk capital.
  • And over the last 4 years, with appropriate investor protections, these investments have been made with no reported fraud.

See:  RegCF Online Investment: Highest Monthly Activity in July; Small Firms Most Affected by COVID-19 Find Ready Investors and Capital

No other part of this market has such complete, longitudinal data that can deliver easy to use and comprehensive transparency to the Securities and Exchange Commission and FINRA as they conduct their oversight of the private capital markets.

Regulation Crowdfunding was one of the most bi-partisan pieces of legislation in the year it passed. It allows any startup or small business to raise up to $1.07M online from their customers, friends, family and followers. Key points about the data and this report:

  • The data in this report consists of over 125 data points collected from disclosure documents from offerings that are filed with the SEC and listed on Online Investment Platforms.
  • Each day this data is aggregated from over 50 Online Investment Platforms that are registered with the SEC.
  • The data is cleaned, normalized and transmitted to Bloomberg daily for market analysis.
  • We look at data from exempt offerings that take place under Regulation Crowdfunding and parallel Regulation Crowdfunding/506c (Accredited Investor crowdfunding).

The data in this report demonstrates that the industry has matured to a point where the market is ready to utilize the regulatory modifications that are scheduled to go into effect in March 2021. Over the last 4 years, investors, platforms and issuers appear to have followed the law and have developed scalable operational systems as well as transparency and accountability within the model. We believe that 2021 will be a year of growth and opportunity for the Online Investment Industry for the following reasons:

  1. Local economies are struggling due to the global pandemic and access to traditional capital is still a top challenge, if not the top challenge, for small businesses.
  2. Stimulus capital, if it in fact reaches the smallest businesses and economies across the nation, represents a bandaid and entrepreneurs need access to more sustainable capital which online investment/community finance provides.
  3. Market awareness of the industry has reached a tipping point where over 90% of Congressional Districts across the United States have had at least one Regulation Crowdfunding offering.
  4. There has been no reported fraud or systemic failure in the model.
  5. As more fraud continues to pervade the public markets, and distrust in them increases, investors are looking to diversify modest amounts of capital into local businesses/entrepreneurs they believe in.
  6. The SEC voted on and approved changes that go into effect in March 2021 that would increase the maximum issuers can raise from $1.07M to $5M. This additional “head room” in funding availability will attract more issuers and more mature/larger issuers that are able to raise and utilize up to $5M in capital.

See:  Biden Administration to Review and (possibly Delay) Investment Crowdfunding Improvements

A few of the key highlights include:

  • Offerings by all types of businesses in all 50 states and Puerto Rico  successfully raised more capital.
  • Offerings were up 61% year over year.
  • The number of new Issuers (SMEs) of all sizes increased 58% and raised more in 2020 than any prior year
  • Local investors are deploying rational amounts of money into local businesses in areas outside of Venture Capital
  • Regulation crowdfunding investments continues to grow at a compound annual growth rate of 88% with high unrealized returns 
  • Demographics: 1,085 Cities, 447 industries, and 750,000 investors have engaged in Regulation Crowdfunding

NCFA 20% Discount:  Sale price $200 USD (normally $250)

Purchase the 81 page PDF report on RegCF 2020 in Review with NCFA Discount --> Here


NCFA Jan 2018 resize - CCA 2020 RegCF Year in Review Report (NCFA 20% Discount) 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 Administration to Review and (possibly Delay) Investment Crowdfunding Improvements

Crowdfund Insider | | Jan 22, 2021

white house regulatory freeze for review - Biden Administration to Review and (possibly Delay) Investment Crowdfunding ImprovementsYesterday, Assistant to the President and Chief of Staff Ronald Klein distributed a Presidential Action by President Joe Biden that is poised to impact recent improvements to security crowdfunding including the Reg CF and Reg A+ exemption. Entitled Regulatory Freeze Pending Review, President Biden has ordered that rules that have been published in the  Federal Register but have not taken effect will be delayed by 60 days of the memorandum which would be March 22, 2020. Rules that have been sent to the Office of the Federal Register but not published are to immediately withdrawn for review and, perhaps, approval.

On December 5, 2020, Representative Maxine Waters, Chairwoman of the House Committee on Financial Services, sent a letter to President-Elect Biden requesting a rollback of a litany of rule changes enacted by the Trump administration – some of which impacted Fintechs.

On January 15, 2020, Chair Waters sent a 2nd letter addressed to the incoming Biden administration asking him to

“temporarily suspend any midnight regulations” promulgated by the Trump administration.

This letter asked that any rules that have not yet been published in the Federal Register while requesting to

“postpone the effective dates of rules at least 60 days that have already been published in the Federal Register but which have not yet taken effect.”

See:  Regulation Crowdfunding Cap moves from $1.07M to $5M on March 15, 2021

The Presidential action may impact improvements to the investment crowdfunding sector including funding increases to Reg CF and Reg A+, as well as some other areas of Fintech.

Reg CF is poised to increase its funding cap from $1.07 million to $5 million. Reg A+ may increase from $50 million to $75 million. Increasing the funding caps of these two exemptions make them more viable and in line with current requirements for younger firms. The updates by the Securities and Exchange Commission (SEC) were broadly lauded by the securities crowdfunding industry and many members of the industry view the changes necessary for survival.

The regulatory improvements also include several other updates that are designed to help entrepreneurs and younger firms. The entire list is viewable here.

So what happens next?

President Biden has appointed Gary Gensler to head the SEC. As was previously covered, Gensler has a solid knowledge of Fintech and, specifically, expertise in blockchain technology. Gensler has researched this sector of Fintech and previously taught a class on the subject at MIT. It is unclear as to when he will be approved by the Senate but his appointment should move relatively quickly. It would then be up to him to review the improvements to the crowdfunding ecosystem.

See:  NCFA Response to CSA on NI 45-110 Harmonized Securities Crowdfunding Rules

Alternatively, Acting SEC Chair Allison Herren Lee could be asked to review rules. As a Commissioner, Lee disagreed with the changes stating her “concerns with the individual provisions of the final rule are numerous.” She questioned the “wisdom of increasing capital raising limits in offerings,” adding that “investors have demonstrated no interest, and issuers no need, for such increases.” But with Gensler on-deck, you can expect any determination will be made by him.

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NCFA Jan 2018 resize - Biden Administration to Review and (possibly Delay) Investment Crowdfunding Improvements 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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Happy Fist Bumper: Community Raising Funds for Tim Hortons Worker

CTV News | Katherine DeClerq | Jan 6, 2021

Crowdfunding for smiles - Happy Fist Bumper: Community Raising Funds for Tim Hortons Worker

TORONTO -- An Ontario Tim Hortons worker set to receive a large payout thanks to a community crowdfunding effort says he plans on sharing some of the funds with his teammates and donating some to others in need.

Hundreds of people have contributed to a GoFundMe campaign set up in honour of a drive-thru window operator named Vishnugopan (Vishnu) Sothilingam, who works at a Tim Horton’s near Bathurst Street and Rutherford Road in Vaughan, Ont.

“If you’re having a crummy day, just go and get a cup of coffee from him and he’ll make you smile” Matthew Shulman, the creator of the campaign, told CTV News Toronto.

“He just makes everybody feel happy and it just shows that there are good people out there who go above and beyond.”

Sothilingam’s positive attitude, silly jokes and fist bumps captured the attention of numerous regular Tim Hortons customers, including Shulman, who decided to create the crowdfunding campaign after hearing that Sothilingam supported his family and had to leave school for financial reasons.

See:

How Governments Should Use Crowdfunding to Battle the Economic Impact of #Socialdistancing

The digital transformation of learning: Social, informal, self-service, and enjoyable

FINTECH FRIDAY$ (EP24-Feb 8): Re-imagining Philanthropy with Daryl Hatton, Founder and CEO of ConnectionPoint/FundRazr

The goal for the GoFundMe page was originally set at $10,000, but as of Wednesday more than $21,000 has been raised. Shulman told CTV News Toronto that he posted the website to a community group and quickly about $8,000 in donations poured in.

After that, Shulman said, media reports gave it a bit more exposure.

“All of a sudden, we were getting donations from all over the world,” he said

Sothilingam, who has worked at Tim Hortons for more than 10 years—or most of his life as he put it—told CTV News Toronto that he was shocked to hear of the community fundraising efforts.

“Honestly, I just do my job,” he said. “I'm pleased and happy to see them every morning and they give me a great vibe and I try to keep that energy back to them.”

“A smile doesn’t cost. It’s pretty free.”

Continue to the full article --> here

 


NCFA Jan 2018 resize - Happy Fist Bumper: Community Raising Funds for Tim Hortons Worker 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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5 Drivers Behind the Sustainable Investing Shift

Visual Capitalist | Iman Ghosh | Dec 9, 2020

investor types driving ESG - 5 Drivers Behind the Sustainable Investing Shift

Against all odds, sustainable investing in the U.S. smashed records in 2020.

Estimated net flows reached $20.9 billion in the first six months alone—that’s nearly equal to the amount of new money invested in all of 2019.

What is driving the shift to sustainable investing? This visual dashboard from Raconteur explains five key drivers, from generational shifts to investors’ preferred strategies.

Driver #1:  Millennial Investors and Personal Beliefs

Interest in sustainable investing is booming across the general population. However, there’s a clear generational trend, as well.

While the portion of each group that is “very interested” in sustainable investing has shot up since 2015, this share is significantly higher for millennials.

Year General Population Millennials
2015 19% 28%
2017 23% 38%
2019 49% 70%

Another correlated trend emerges with this.

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

These days, investors are more likely to follow their conscience. Acccording to a recent report by Schroders, the majority of investors will not budge on investing against their beliefs, even if returns were theoretically higher.

Level of Investment Knowledge
Would you invest against your personal beliefs? Beginner Intermediate Expert
Yes, if returns are higher 18% 20% 29%
No, I would not invest against my beliefs. 82% 80% 71%

Driver #2:  Top Themes of Interest

Powered by these personal beliefs, which categories are attracting investors? It turns out many investors are very interested in including environment-related themes into their portfolios:

  • Plastic reduction: 46%
  • Climate change: 46%
  • Community development: 42%
  • Circular economy: 39%
  • Sustainable Development Goals: 36%
  • Multicultural diversity: 30%
  • Gender diversity: 30%
  • Faith-based values: 24%

However, these aren’t the only considerations. Other themes that fit into broader ESG categories such as gender diversity or faith-based values make an appearance, too.

See:

ESG Risk Comes Into Focus Companies focus on their ESG risks to build profitability for the long term.

OECD Report Outlines Challenges Facing ESG Investing

ESG ratings are confounding. For CSOs, that’s good news

Davos 2020: Financial inclusion and fintech is key to meeting the UN SDGs

NCFA Sign up for our newsletter - 5 Drivers Behind the Sustainable Investing Shift


Driver #3:  Which Investor Groups are Driving Interest?

Now, we turn our attention to the specific groups that are responsible for the growing momentum towards sustainable investing. This may be surprising to some, but it is institutional investors that are leading the pack by far:

Group Share of Group
Institutional investors 85%
Institutional consultants 39%
Internal stakeholders 30%
High net worth (HNW) investors 19%
Politicians or regulators 13%
Industry trade bodies 6%

This also disproves a common myth that millennials are the only ones interested in the sector. Institutional investors equally want to see a double bottom line: an ROI on their money, while also making the world a more sustainable place.

Continue to the full article --> here

 


NCFA Jan 2018 resize - 5 Drivers Behind the Sustainable Investing Shift 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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Steve Wozniak’s Blockchain Venture Lists Cryptocurrency Token, Reaches $950M In 13 Minutes

CNBC Make It | Catherine Clifford | Dec 4, 2020

steve Wozniak - Steve Wozniak's Blockchain Venture Lists Cryptocurrency Token, Reaches $950M In 13 MinutesSteve Wozniak is starting another company, 45 years after co-founding Apple with Steve Jobs

Steve Wozniak is starting a second company, 45 years after he co-founded Apple in Steve Jobs’ parents garage in 1976.

This time, Wozniak is starting a business in the green tech and blockchain space called Efforce, according to a statement released Friday.

Efforce, which has been in stealth mode for almost a year, is a marketplace for corporate or industrial building owners to have “green” projects funded.

According to Efforce, “investors can participate in energy efficiency projects buy acquiring tokenized future savings,” while companies benefit from such improvements “at no cost.” Using blockchain, “a smart contract redistributes the resulting savings to token holders and the companies without intermediaries based on exact consumption/savings data.”

According to Wozniak, “energy consumption and CO2 emissions worldwide have grown exponentially, leading to climate change and extreme consequences to our environment. We can improve our energy footprint and lower our energy consumption without changing our habits. We can save the environment simply by making more energy improvements,” he said a statement about the company.

See:

Podcast: How blockchain could revolutionize green finance in Asia

Opportunity for FI to be more impactful

Davos 2020: Financial inclusion and fintech is key to meeting the UN SDGs


Wozniak created Efforce “to be the first decentralized platform that allows everyone to participate and benefit financially from worldwide energy efficiency projects, and create meaningful environmental change,” he said.

The company’s cryptocurrency token, trading under the token named WOZX, was made public on Dec. 3 on HBTC, a marketplace for decentralized currencies, and will launch on Bithumb Global, another marketplace for decentralized currencies next week, according to a Medium post about the company. Cryptocurrency is highly volatile, it is worth noting.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Steve Wozniak's Blockchain Venture Lists Cryptocurrency Token, Reaches $950M In 13 Minutes 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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Hedge funds, not hipsters, may be powering bitcoin’s second big rally

Financial News  | Will Hadfield and Emily Nicolle | Nov 20, 2020

cryptocurrencies in 2020 - Hedge funds, not hipsters, may be powering bitcoin’s second big rallyThere is now 'a greater urgency by institutional investors to not miss out — to invest some of their assets in bitcoin, because this time looks different'

It may be hedge funds, rather than retail investors, that are driving this autumn’s rally in the price of bitcoin.

And this time round, the institutional investors are buying exchange-traded products as well as the underlying cryptocurrency. A bitcoin ETP managed by Swiss issuer 21Shares is receiving creations — the equivalent of inflows — of as much as $3 million a day. In November last year, it took all month to attract the same amount of new money.

See:  Canada’s first public Bitcoin fund hits $100M mark

Investors in bitcoin ETPs are overwhelmingly institutions, rather than individuals.

“This is purely us targeting institutional investors,” Laurent Kssis, managing director at 21Shares, told Financial News. “Our business is focused solely on institutional investors’ mandate to add crypto to their portfolio strategies and we have not really touched the retail market yet.”

Many institutional investors sat on the sidelines when bitcoin experienced its first dramatic rally in 2017 — the cryptocurrency surged to $19,783 before collapsing to as little as $3,248 in late 2018. Money managers lacked a mandate to invest in cryptocurrencies and nervous compliance departments blocked requests to trade on unregulated cryptocurrency exchanges.

This year’s rally is different. A group of companies have listed bitcoin-tracking ETPs, investment vehicles that mimic exchange-traded funds. ETPs are regulated, unlike bitcoin, so hedge funds with a mandate to get exposure to cryptocurrencies can invest in the products, which are listed on stock exchanges.

The situation is similar in the US, where analysts say family offices and institutional investors have been ploughing into investment vehicles for bitcoin in recent months.

See:  Bitcoin price hits record high for 2020 after PayPal finally adds cryptocurrency

Nikolaos Panigirtzoglou, a cross-asset research analyst at JPMorgan, said there is now “a greater urgency by institutional investors to not miss out — to invest some of their assets in bitcoin, because this time looks different”.

“The big difference to 2017 is that there is now greater conviction that bitcoin is a genuine asset class, that bitcoin will never go to zero,” he said. This has been prompted by a perception of bitcoin as a credible alternative asset to gold, backed by corporate sponsorship from the likes of PayPal, MicroStrategy and Square.

“What is happening this year is that gold’s monopoly as an alternative asset is now being questioned,” he said. Instead over the past month, inflows into US-listed vehicles such as the Grayscale Bitcoin Trust show that “the institutional demand is so strong that even if some hedge funds or other funds that play bitcoin as a momentum trade get out, it’s not enough to stop the [price] ascent”.

See:  CEX.IO’s Executive Director Predicts the Future of Crypto Exchanges

The Grayscale Bitcoin Trust’s share price value on Wall Street at the start of October was $10.87, according to Nasdaq. As of 20 November, it has almost doubled to $19.94 — and is still climbing.

Bitcoin has become an attractive asset class for US funds that are known for investing in technology stocks, he added, saying that the bank has heard anecdotally that they’re all “familiar faces”.

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NCFA Jan 2018 resize - Hedge funds, not hipsters, may be powering bitcoin’s second big rally 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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