Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Online Funding / Investing Portals
Blossom Sets Canadian Equity Crowdfunding Record
Equity Crowdfunding | April 17, 2025
Image from Maxwell Nicholson's LinkedIn post April 15, 2025
Over 1,100 Investors Fuel Record Setting $3M Raise for Blossom
Retail investors just made Canadian investment crowdfunding history. On April 15, 2025, Blossom's CEO Maxwell Nicholson shared a LinkedIn post announcing the social investing platform Blossom closed a $3 million equity crowdfunding round, with $1,863,191 raised in just 6 hours from 1,110 individual retail investors via FrontFundr. The rest of the round was backed by strategic angels. This records the largest and fastest equity crowdfunding raise ever completed in Canada!
Maxwell Nicholson, Blossom CEO, said in a LinkedIn post:
“I’m absolutely blown away by the power of the Blossom community. We grew by 10,000 members this week alone — now with 275,000 and counting.”
While venture capital and institutional investment projects often steal the spotlight, Blossom’s raise validates crowdfunding's community investment model in Canada, and the power of individual retail investors in being able to back high growth startups they believe in. With a minimum investment of just a few hundred dollars, over a thousand users became shareholders in the company they use daily.
See: Public Market Challenges and Equity Crowdfunding Capital
Blossom is known for making portfolios transparent and social and was recently named one of Apple’s Top 25 Apps of 2025, and has experienced huge community growth in Canada. The equity crowdfunding campaign’s success is also a major win for FrontFundr, the leading investment crowdfunding exempt market dealer in Canada, who on-boarded over 1,000 new shareholders seamlessly, using the latest technology and tools.
Why It Matters
Blossom’s record breaking equity crowdfunding raise shows that the future of startup funding in Canada may lie with the crowd, not the few. More Canadians are taking ownership in companies they support, and at the same time more startups are now designing their raises with the community at the core. This achievement will help propel more Canadian fintechs and startups to look beyond traditional capital and towards the thousands of retail investors ready to jump on board and build the next wave of homegrown innovation in the North.
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, artificial intelligence, 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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OSC Green Lights Kraken’s Restricted Dealer Status
Crypto | April 4, 2025
Image courtesy of Kraken's blog post
OSC Approves Restricted Dealer License for Kraken to Operate Nationally in Canada
On April 2 2025, Kraken (Payward Canada Inc.) announced that it officially received approval as a Restricted Dealer, under the new registration framework for crypto platforms. The Ontario Securities Commission (OSC) issued Payward Canada Inc's approval order (63 page PDF) and has updated their live registry of 'Registered Crypto Asset Trading Platforms', which applies nationally under the passport system that allows provinces and territories to recognize each other's decisions, so Kraken is open for business from coast to coast, from B.C. to Newfoundland to Nunavut.
Kraken also announced that based in Toronto, Cynthia Del Pozo, is its new General Manager for North America and will focus on strengthening the firms regulatory, political and commercial partnerships and scale Kraken's growth and brand across North America. To celebrate the registration milestone, Kraken is offering free Interact e-Transfer deposits for Canadians, making it easier and cheaper for users to onboard funds onto the platform.
See: Kraken Acquires Retail Futures NinjaTrader $1.5B
In Kraken's blog post, it acknowledges that Canada has played a pioneering role in crypto adoption by being the first country to install a public Bitcoin ATM (downtown Vancouver) and also the first to launch a regulated spot Bitcoin and Ethereum ETFs in 2021.
Kraken Canada's Achievements
Over the past two years, Kraken has been scaling up its activity and presence in Canada:
- Doubling its Canadian workforce and number of active users
- Surpassing $2 billion CAD in client assets under custody(announced November 2024)
- Launching Canadian dollar trading pairs to help clients avoid foreign exchange fees
- Laying groundwork to serve institutional investors seeking regulated crypto access
Limitations with Kraken's Restricted Dealer License
While obtaining a Restricted Dealer registration status is a clear win, there are some key limitations and safeguards that Kraken Canada must follow, providing a clearer picture of how the OSC and other provincial regulators are tightening crypto rules.
1. Kraken Canada's users' assets aren't insured by the Canadian Investor Protection Fund (CIPF). That means if something goes wrong with the platform, there’s no insurance on your assets. Every user has to agree to this before they can trade.
2. Kraken’s Flexible Staking program that allows users to earn rewards while keeping control of their crypto must shut down within 120 days of April 1 unless regulators grant approval or an extension. New users are already blocked from joining it.
3. Kraken isn’t allowed to help create or promote new cryptocurrencies unless it gets the green light from regulators. This rule helps prevent conflicts of interest between Kraken and the projects/tkens listed on its platform.
See: SEC Drops Yuga Labs Investigation and Kraken Case
4. If a token is labelled a security or derivative by a regulator (in Canada or elsewhere), or if the people behind it have a track record of fraud, money laundering, or other serious violations, Kraken has to stop offering it right away.
5. Canadians can only access Kraken through its local Canadian platform (overseen by Canadian regulators), and not Kraken's global site.
6. Kraken isn’t allowed to include its own crypto holdings (unless those assets are connected to client accounts) when reporting its financial position. This keeps the company from padding its numbers with risky or volatile assets.
7. Kraken isn’t allowed to trade crypto for its own profit (can't be a market maker). It can only trade/fill client orders or manage risk. That means no speculative bets or operating a money making trading desk behind the scenes.
How Kraken’s Current Status Compares to the Next Regulatory Tier
Kraken also plans to apply for full investment dealer registration and join the Canadian Investment Regulatory Organization (CIRO), which would allow it to offer more services including an Alternative Trading System (ATS) for crypto trades.
See: Kraken’s Strategy for Canadian Market Growth
| Feature | Restricted Dealer (Kraken now) | Investment Dealer + ATS (Kraken future) |
| Regulatory Status | Temporary or limited-purpose license | Full dealer registration under securities law |
| Regulator | OSC + CSA with PRUs | CIRO (formerly IIROC) + OSC/CSA |
| Membership | Not a member of CIRO | Full CIRO member |
| Investor Protection | No CIPF coverage | Yes — CIPF protection for client funds |
| Eligible Clients | Retail and institutional | Retail, institutional, advisory, discretionary |
| Crypto Products | Crypto Contracts only (not securities) | Potentially securities, derivatives, asset-backed tokens |
| Trading Venue | Not a formal exchange or ATS | Can operate an ATS |
| Staking Products | Allowed with restrictions | Subject to broader oversight, possibly wider offering with CIRO approval |
| Market Making | Not permitted | May be permitted under ATS/marketplace rules |
| Capital Requirements | Lower — tailored to risk | Much higher; must meet CIRO's ongoing capital tests |
| Surveillance & Audit | Periodic OSC reporting | CIRO-mandated audits, books & records, daily capital reports |
| Risk Assessment | Suitability per trade (retail) | Full KYC, suitability, supervisory systems, conflict management |
Outlook
Kraken’s approval shows that crypto in Canada is moving into a more regulated phase with greater protection, clearer rules, and more accountability/responsibility. Kraken’s next step is to become a full investment dealer, which could lead to new services and even stronger safeguards for users.
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, artificial intelligence, 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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eToro Files Nasdaq IPO After Crypto Revenue Surge
Public Market Funding | March 31, 2025
Image: Freepik/macrovector
Trading platform eToro officially files to go public on Nasdaq as IPO interest builds
On March 24, 2025, an Israeli fintech platform known for social trading and crypto investments, eToro filed paperwork with the U.S. Securities and Exchange Commission, confirming intent to go public on the Nasdaq under the ticker symbol “ETOR". After several years of IPO uncertainty and decline, here's a
of 10 private fintech companies watching and waiting to see how IPOs in early 2025 perform before announcing their own.
About eToro
eToro is an Israeli fintech company with offices in Cyprus, UK, US, Australia, Germany and the UAE, and not currently available to Canadian residents. It's an online, multi-asset trading platform founded in 2007 where users can trade stocks, exchange-traded funds (ETFs), cryptocurrencies, and commodities. Uniquely it offers social trading features where users can view, follow, and copy the investment strategies of other traders. This innovation makes investing more accessible for those new to trading and financial markets.
See: 10 Fintech and Crypto IPOs 2025 – Boom or Bubble?
eToro is a digital-first platform that operates entirely online via web and mobile apps, reducing many of the barriers traditionally associated with investing. It was one of the first early fintech players to embrace crypto trading which helped democratize digital assets among retail investors. With a friendly UX/UI, real time data tools, and low starting requirements, eToro is often compared to fintech giants like Robinhood, Revolut, and Wealthsimple and is part of the broader movement to challenge incumbents by using new technologies to offer simpler, faster, and often cheaper alternatives.
eToro’s financial performance has been strong heading into 2025. In 2024, the company generated $931 million in commissions, an 31% increase over the year prior. Net income also jumped to $192 million from just $15 million the year before. Why the growth? A surge in crypto trading made up 38% of their commissions last year which is up more than double from 17% in 2023 per investopedia reporting.
IPO Market 2020-2025
Initial Public Offering markets have been hit or miss over the past five years, due to economic uncertainties, investor sentiment and global events. Below is an overview.
2020-2021 - IPO activity surged. Low interest rates and a bullish stock market created favourable conditions that leads to a record number of companies going public. In 2021, global IPO proceeds raked in $508.9 billion, an 80% increase compared to 2020.
2022-2023 -IPO decline/uncertainty. Due to rising inflation, rising interest rates, and geopolitical tensions, IPO momentum slowed in 2022 and 2023. Investors were caution leading to a big drop in IPO activity. In 2023, global IPO proceeds fell like a stone to around $117.9 billion, the lowest in the last decade.
2024 - IPO markets showed signs of recovery. While the U.S. led in IPO proceeds, India surpassed other countries in IPO volume, highlighting regional strengths. Private equity and venture capital-backed IPOs played a key role with tech, industrials, and consumer sectors leading activity.
2025 - pentup IPO demand / optimism Returns? With easing inflation and anticipation for further rate cuts, some confidence is returning to IPO outlook, proceeds in 2024 were up 45% and the number of IPOs also rose 40% from the previous year. Sectors like artificial intelligence, fintech and crypto are gaining traction due to a shift in the regulatory outlook, especially in the U.S. under the new administration. At the same time, tariffs and trade wars are dominating the narrative putting pressure on investor's outlook and economic uncertainty.
So after a period of volatility, IPO markets in 2025 appear to be ready for renewed activity but not without risks. As such, companies waiting in the IPO queue are watching with abated breath to see how proceeds and investor sentiment are before launching their own IPOs, including firms like BitGo, Gemini, Kraken, Circle, Klarna and Chime.
eToro's IPO Outlook
This isn't eToro's first kick at the IPO can. Back in 2021, eToro planned to list through a SPAC deal, a type of company that exists just to be taken over so firms can go public quickly. That deal would have valued eToro at over $10 billion but it fell through in 2022 according to investopedia.
See: How Fintechs Are Unlocking Value in Private Markets 2024
This time, eToro has big brand banks backing its IPO like Goldman Sachs, Jefferies, UBS, and Citigroup. If eToro’s IPO is successful, it could open the door for more tech and fintech firms that have been patiently watching on the sidelines and may finally be able to enter the public markets.
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, artificial intelligence, 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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Kraken Acquires Retail Futures NinjaTrader $1.5B
Crypto M&A | March 21, 2025
Image: Freepik/wirestock
Crypto Continues to Woo Wall Street, Turning Point for Retail Futures Trading
On March 20 2025, Kraken announced that it has entered into an agreement to acquire NinjaTrader for $1.5 billion, a Chicago-based platform know for providing everyday retail traders access to futures markets, the largest crypto and TradFi deal to date.
Why This Deal Is Different
At first glance, it might seem like U.S. retail traders already have access to both crypto and traditional futures—and technically, they do. For instance, platforms like Interactive Brokers let you trade Bitcoin and oil futures listed on the CME but this experience is still rooted in the traditional finance world. You’re using a conventional brokerage interface with separate workflows for spot crypto and regulated futures, and often without native crypto funding or wallet integration. Coinbase offers small-sized crypto futures (limited derivatives), but you can’t use the same account to trade traditional commodities or financial futures. And many crypto-native platforms don’t offer access to regulated futures at all, especially not in the U.S.
See: CFTC to Launch Digital Asset Pilot Under Acting Chair Pham
What Kraken is building through its acquisition of NinjaTrader is a more integrated setup because they are acquiring a registered Futures Commission Merchant (FCM) license from the U.S. Commodity Futures Trading Commission (CFTC), which allows them to combine regulated futures access with crypto native infrastructure, all under a single app, account, and compliance framework. So Kraken becomes a direct gateway to both crypto and traditional derivatives - a 'one stop shop' for trading everything from Bitcoin to corn futures under a fully regulated setup.
Also there's a global market expansion benefit. Kraken already has licenses in the U.K., Europe, and Australia. Now, with NinjaTrader's U.S. footprint, Kraken can roll out a consistent product across multiple jurisdictions which is something very few companies can do in either the crypto or traditional finance world.
Implications for the Market
This acquisition brings two trading world's together that have mostly stayed separate until now: (1) Crypto trading which is 24/7, quick settlement and lots of innovation (but often kept at arms lengths by U.S. regulators); an (2) Traditional futures trading - highly regulated, slower, and not always that easy for retail traders to access.
Kraken is trying to bridge the gap by creating a unified experience with a single login/dash/account that can hold crypto and cash, offering futures/crypto/FX tools and more, all in one place with real-time settlement and potentially better pricing. It will simplify a lot of friction for retail traders and for professionals, it opens up cross-asset strategies that were harder to execute across multiple platforms before.
See: SEC Drops Yuga Labs Investigation and Kraken Case
Arjun Sethi, Kraken co-CEO:
“Traditional markets run on post-WWII, 1950s banking systems, exchanges that close at 4 p.m. ET and settlement delays that take days to resolve. Crypto rails fixed these issues, operating with efficient and real-time infrastructure. But legacy finance and crypto have remained separate ecosystems, until today. This transaction is the first step in our vision of an institutional-grade trading platform where any asset can be traded, anytime,”
Why It Matters
Kraken’s move to buy NinjaTrader is highly strategic and proves that fintech crypto pltforms can evolve beyond niche products and become full service, bridging traditional finance and crypto. Will Canadian crypto trading platforms be allowed to offer a similar one-stop-shop trading experience, and will Canadian regulators support 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, artificial intelligence, 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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FinTech: The Secret Weapon Of Online Gambling Giants
March 5, 2025
Image: Pexels/Brett Jordan
iGaming is growing rapidly, driven by the increasing popularity of mobile gaming, the ease of online payments, and the introduction of cryptocurrency and blockchain technology. Two of the most important segments are driving this growth – online casinos and sports betting. Historically, sports betting accounted for the majority of money gambled at web-based establishments, but over the past decade, there's been a notable shift in how punters are betting. Poker has a dedicated following and contributes significantly to the overall revenue. Online casinos have cemented their dominance with the attraction of live dealer games and increased mobile integration.
See: The Diverging Paths of CBDCs, Privacy, and Global Payments
There are many positive aspects to online gambling. It can provide a fun distraction, help you learn about technology, connect with others, and make friends at your current ability level. At present, there are many efforts to put guard rails and safety mechanisms in place. The reason for the success of iGaming industry giants is straightforward: they're irrevocably committed to keeping customer data safe from internal negligence, cybercriminals, and other breaches. FinTech solutions are redefining the game. Put simply, two dynamic sectors are converging, bringing about a new era of possibilities.
What Is FinTech In Simple Words? A Brief Introduction To Financial Technology
FinTech, or financial technology, designates the interaction of financial services with emerging technology, which offers consumers and businesses alike effective ways of doing things differently to achieve better results. To put it another way, it involves introducing new ideas and approaches, such as cryptocurrencies. FinTech companies have emerged on account of deficiencies in traditional banking, providing competitive value propositions and streamlining access to financial services like payments, investments, remittances, and so forth. While FinTech may appear like a term that has appeared relatively recently, its origins go back to the 1960s.
Behind The Scenes: How FinTech Safeguards Players At Online Casinos
iGaming companies must be licensed to provide gambling to Canadian consumers. To know whether a site is licensed, look for a public register where you can see the type of activities the platform is allowed to offer. As a rule, player safety is one of online casinos' core values, as they understand that a sustainable business requires a long-term relationship with customers built on fairness and trust. FinTech paves the way for gambling operators to refine the customer experience and transactions. The best practices for enhancing security include but aren't limited to:
Advanced Encryption To Secure Data In Transit And At Rest
Many players who gamble hold accounts with more than one iGaming operator. Several stakeholders have expressed concerns about the data protection and privacy implications of sharing player data, illustrating the need to guarantee that information is effectively protected. By harnessing advanced encryption algorithms, FinTech companies ensure robust defenses, which are no longer optional but critical. When a bettor makes a deposit, encryption ensures their banking details aren't intercepted or misused. Online transactions, including payment details, personal identifiers, and transaction histories, increase the chances of threat actors attempting to gain unauthorized access.
Making Payments Happen The Way They Should
Online gambling involves new types of products and bets that can be placed around the clock via a mobile phone. FinTech helps casino players move money between them and iGaming sites and manage special systems for doing so, meaning the right amount of money goes to the right place at the right time. For easy reference, we've examined the top payment gateways in iGaming:
- Digital wallets, e-wallets, and mobile wallets: They use various cryptographic algorithms to encrypt data and keep hackers from accessing the information. Also, these wallets can store various personal details, such as subscriptions or loyalty program details. Open wallets like PayPal enable transactions across multiple platforms. There are always new casinos that accept PayPal entering the market, you can visit Onlinecasino.ca to view the latest option.
- Mobile banking apps: Users can manage their finances on the go with a mobile banking app. They can check their balance, transfer funds, deposit money, etc. Apps like Google Pay and Apple Pay provide a balanced mix of options to meet players' needs while accommodating local preferences. Deposit limits vary with both the casino and the technology, but mobile payments are useful for small deposits. They're not suited for high rollers.
- P2P payment systems: Cryptocurrency offers anonymity, so it doesn't require personal or banking information. Payments are processed with minimal fees through blockchain technology, yet volatility and varying acceptance can be a drawback. Players can view an iGaming site's transaction history on the blockchain, so bets and winnings are precisely recorded.
- Neobanks: Digital-only banks operate via mobile apps and websites and offer services like checking accounts and debit cards. Good examples are Revolut and TransferWise, which offer instant spending notifications and foreign currency exchange trading at the real rate. The apps also give users access to cryptocurrencies.
For iGaming operators, the importance of choosing the right payment solution shouldn't be taken lightly.
Anti-Fraud Prevention Technologies That Rely On AI And Machine Learning
Fraud is a significant problem that poses severe challenges to online casinos as iGaming regulations require operators to adhere to stricter anti-fraud measures. Though, for the most part, fraud remains the same, the criminal approach is forever changing, rendering this threat even more severe. Implementing sophisticated FinTech fraud detection software that harnesses AI and machine learning ensures the iGaming industry continues to scale and remains a reputable source of entertainment. All financial transactions can be examined for potential risk. Repercussions of a data breach include but aren't limited to severe financial losses, legal consequences, and damages to reputation.
Concluding Remarks
The merging of FinTech and iGaming is transforming the way players spend money on games, providing more convenience and efficiency. Selecting a core banking system is a strategic decision that can determine an online casino's long-term success, and with customer expectations shifting hurriedly and regulatory environments becoming more complex, it's vital to identify a solution that is scalable, flexible, and capable of integrating with other technologies. The decision is pivotal in the ever-changing landscape of online gambling.
The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with fintech, alternative finance, blockchain, cryptocurrency, crowdfunding and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. 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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Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
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November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
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November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
Nov 12, 2026 Buying a Canadian money services business starts with identifying what the buyer will acquire: a legal entity, a registration history, contracts, records and possibly an active operation. The value of that package depends on whether it supports the services the new owner intends to provide. A FINTRAC registration entry is an important starting point. It does not establish the company’s financial condition, the quality of its compliance programme or the availability of banking relationships after an acquisition. A payment business may also need a separate assessment under the Retail Payment Activities Act, or RPAA. For investors evaluating a Canadian MSB company for sale, due diligence should connect registration status, actual activities, transaction structure and financial evidence before the parties agree a completion timetable. Verify the Canadian MSB registration and legal entity Begin with the target’s exact legal name, incorporation details, registration number and current status. Match the entity in the corporate documents to the entity in FINTRAC’s Money Services Business Registry. FINTRAC explicitly states that registration does not mean it endorses or licenses a business. It also states that it does not issue licences or certificates of registration. A sales presentation using the phrase “FINTRAC licence” should ...
November 12, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Wealthtech Investing And Trading Strategy still runs a software business, but Bitcoin now dominates its assets and capital raising. MSCI no longer treats that balance as an index eligible operating company. November 11, 2026, MSCI confirmed Strategy’s removal from the MSCI USA and MSCI World indexes after the November 30 close under its new methodology for non operating companies. MSCI is one of the world’s largest index providers, and its benchmarks are followed by funds investing across global equity markets. Japan’s Metaplanet is also being removed from an MSCI index. MSCI has decided that Strategy no longer qualifies for its equity indexes because Bitcoin now dominates its assets and much of its capital raising. Strategy still sells software and reports operating revenue, but MSCI is drawing a line between a business that holds investment assets and one where those assets have become the main financial story. Why Is MSCI Removing Strategy From Its Indexes? MSCI first looked at a rule aimed specifically at digital asset treasury companies. It later dropped that proposal and change it's methodology to cover companies whose finances ...
Nov 12, 2026 Crypto market cap is calculated by multiplying an asset's reference price by its circulating supply. A token priced at $2 with 50 million units circulating has a market cap of $100 million. The calculation estimates the value of that supply at the reference price; it does not total the money investors deposited. To understand a change in the ranking, examine both inputs and the provider's definitions. A larger number can result from price changes, supply changes, or revised reporting. Establish what the two inputs represent The arithmetic is simple, but neither input is self-explanatory. “Price” may be a reference assembled from selected trading pairs and venues, rather than the last transaction on the exchange you use. A provider may exclude observations or convert quote currencies. Two services can publish different estimates because their source selection and methods differ. Circulating supply is an estimate of units treated as available in the market under a provider's rules. It may differ from the number minted, the total recorded by a contract, or the maximum permitted under a protocol's current design. Locked balances, treasury allocations, burns, and scheduled releases require interpretation. A transparent methodology matters because identical arithmetic can still use ...
November 11, 2026 | NCFA Fintech Market Insight | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding, Risk Compliance And Regtech Financial firms are putting AI agents into production well before giving them broad financial authority. That creates time to set identity, permissions and transaction controls before autonomous execution becomes common. On November 11, 2026, Bank of England Financial Policy Committee external member Jonathan Hall used his final FPC speech to examine what happens when AI agents get more authority inside financial firms. A Bank of England and FCA survey of 196 firms found that 80% already deploy AI agents and another 14% plan to within 12 months. Only 2% reported agents with broad autonomy, and none of those were in trading and payments. Finance is adopting agents quickly, but firms are still keeping people and hard limits around the decisions that can change money, positions or customer outcomes. AI Agents Are In Finance But They Are Not Trading Alone The 2026 Bank of England and FCA survey separates four levels of authority: Decision support lets an agent recommend an action while a person decides and executes it. Constrained execution lets the agent act inside preset rules. Conditional autonomy ...
November 10, 2026 | NCFA Fintech Market Insight | Capital Markets Infrastructure And Funding, Entrepreneurs Startups Small Businesses, Equity Crowdfunding And Alternative Funding A small group of large rounds is carrying Canadian venture totals while deal count and growth stage financing remain well below recent norms. On November 10, 2026, the Canadian Venture Capital and Private Equity Association published its Q3 2026 venture capital report. Canadian companies raised $4.3 billion across 397 deals through September, only 1% less capital than a year earlier. But 23 rounds of $50 million or more represented just 6% of disclosed deals and absorbed 58% of all venture capital invested. Deal count has also fallen every year since 2021. The national total is holding up far better than the number of companies getting financed. Six Big Rounds Carried 59% Of Q3 Venture Capital Q3 produced $1.35 billion across 129 deals. Capital was 1% higher than Q2, but deal count fell 15%. Six rounds above $50 million accounted for $793 million, or 59% of the quarter’s capital. That's a decent quarter for the companies that closed those rounds, but a weak quarter for everyone else. Mega rounds above $50 million totalled $2.5 billion across 23 transactions ...
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity. On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution. The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer. Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay. January 2023 came and went. Real Time Rail also slipped years beyond its first expected ...
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities. The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it. The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a ...
Nov 11, 2026 A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results. Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture. Here are some fun strategies to help improve your team's morale and make the workplace livelier. Fun at the Arcade Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers. Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the ...
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health A Brokerage Race Beyond $0 Commissions On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages. Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform. Who Led Canada’s Race To $0 Trading And Free Market Data Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs ...
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank. Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference. How Riskfuel Speeds Up BBVA's Autocallable Pricing Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments ...
Crypto ETF Battle Intensifies with XRP Dogecoin and Solana
Crypto | Feb 3, 2025
Image: Freepik/jcomp
Crypto ETF Competition Heats Up as XRP, Dogecoin, and Solana Gain Traction
Canada’s Purpose Investments announced that they officially filed a preliminary prospectus to Canadian regulators to launch an XRP exchange-traded fund (ETF), which may beat American competitors to market. The proposed XRP ETF will provide investors with direct exposure to XRP through a regulated investment vehicle, which further expands on its pioneering role of launching the world's first Bitcoin and Ether ETFs in the crypto sector in early 2021.
Som Seif, Founder and CEO of Purpose Investments:
"At Purpose, we remain steadfast in our commitment to innovation and to bridging the gap between traditional and decentralized finance. As XRP sees increasing adoption and institutional interest, we believe an ETF can offer investors a transparent and familiar way to access it within a regulated framework."
See: BlackRock Expands IBIT Bitcoin ETF Offering in Canada
Although this would be North America’s first spot XRP ETF, similar products already exist overseas such as Swiss-based 21Shares XRP ETP (AXRP), which trades on several European exchanges and is fully backed by XRP with currently $500 million USD AUM.
At the same time, U.S. firms such as Grayscale, Bitwise, WisdomTree, Canary Capital, and 21Shares have all submitted applications to launch their own XRP ETFs however the SEC has yet to greenlight any of these proposals. Approval of XRP ETFs in the U.S. is still being held up by the legal saga between Ripple and the SEC. Most recently, the SEC has filed an appeal against a previous court ruling that partially favoured Ripple, with Ripple’s response due by April 16, 2025. As a result, many industry experts believe that Canada’s more favourable regulatory stance could help Purpose Investments get its product to market first. Time will tell.
XRP isn’t the only crypto ETF game in town. Bitwise recently submitted a filing for a Dogecoin ETF, which would be the first meme-based digital asset ETF. Also, the Chicago Board Options Exchange (CBOE) has made it's third attempt to gain approval for a Solana ETF.
New Sheriff In Town
There's no question that the return of Donald Trump to the White House is promising for a crypto-friendly regulatory approach in the United States, as compared to the previous administration's SEC's regulate by enforcement approach under Gary Gensler. Thus, many experts are hopeful that this new regulatory shift will accelerate the approval process for the numerous crypto ETFs on hold in the queue including XRP, Dogecoin, and Solana.
See: Trump Media’s Patriot Economy Expands into Fintech
The change in regulatory sentiment can be seen on Polymarket where the probability of an XRP ETF getting approved in the U.S. in 2025 has risen to 80%.
Adding to the regulatory discussions, David Sacks, the U.S. Digital Asset Czar, is set to host a press conference on the future of digital assets tomorrow at 2:30PM ET, which may provide insights into the governments views of crypto regulations and ETF approvals.
Closing Outlook
With both Canadian and U.S. regulators reviewing applications and a new sheriff in town, investors are watching the developments closely. The potential approval of multiple crypto ETFs would significantly improve market access to a new basket of cryptocurrencies while boosting adoption and liquidity for digital assets.
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, artificial intelligence, 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 History of Currency Crises and Lessons for Modern Traders
Jan 8, 2025
Image: Pexels/Nataliya Vaitkevich
A currency crisis is a term referring to an economic instability caused by a sharp, significant fall in the value of the national currency. In most cases, a loss of confidence in the country's economy, lack of foreign exchange reserves, or excessive public debt is what it is most often associated with. Such crises also involve the economic effects of countries, but they also have a 'global' consequence.
See: AI’s Double-Edged Sword of Retail Investing
This is my dedication to the traders out there planning on joining Forex. Not to drive them away and to change their mind but to reap important historical knowledge from it. With the benefit of what the previous generations have learned, a trader can acquire a few important lessons and maybe save his capital.
The Mexican Peso Crisis (1994)
A sharp depreciation of the currency due to unbalanced economic policies is an example of the Mexican crisis of 1994 (or the Tequila Crisis). The government's decision to keep the peso fixed to the dollar when the current account deficit was strong was the main cause of the crisis. The result was that citizens lost confidence, capital outflows started in earnest, and the peso devalued by over 50 percent.
This crisis shows how important transparency and investor confidence are for today’s traders. If policies appear too unsustainable, or insufficiently explained, markets can overreact.
The Asian Financial Crisis (1997-1998)
The collapse of the baht started the Asian financial crisis in Thailand but spread to the rest of Southeast Asia. The main causes of the crisis were:
- Accumulating short-term external debt;
- Overvalued assets in the real sector;
- Weak banking supervision.
That heavy investment panic and capital withdrawal made the crisis even worse, as banks and firms defaulted. Lesson for traders: Risk management is about diversification. It is also necessary to consider the level of external debt of the countries where it invests funds.
The Russian Financial Crisis (1998)
Falling oil prices, huge government debt, and a weak tax system all contributed to the 1998 crisis. And the ruble fell spectacularly and the country defaulted on its domestic debt. It created serious economic turmoil and social instability.
However, this crisis reminds modern traders to scrutinize their commodity markets, especially if a country’s economy is dependent on exporting natural resources.
The Argentine Economic Crisis (1999-2002)
The crisis was a prime example of how excessive government debt and a hard currency pegged to the dollar can lead to disaster. The problems were exacerbated by:
- Reduced exports;
- Austerity measures;
- The government's inability to restructure the debt.
When the crisis reached its peak, the government was forced to abandon the peg of the peso to the dollar, which caused a deep recession and mass protests. Lesson for traders: tight monetary policy can be dangerous in the face of external shocks. Flexibility is the key to resilience.
The Global Financial Crisis (2008)
The global financial crisis, which began with the collapse of the mortgage market in the United States, showed how quickly problems in one economy can spread around the world. It was a period of high volatility for the foreign exchange market, with many national currencies depreciating.
The main lessons for traders are:
- Always consider global trends;
- Avoid excessive use of leverage;
- Understand the relationship between foreign exchange markets and other financial sectors.
This is the moment when falling real estate prices in the US led to massive mortgage defaults, which in turn set off a chain reaction in financial institutions around the world. Investors began to panic, selling assets en masse, which exacerbated the fall in currency and stock prices. As a result of this crisis, many traders realized the importance of diversifying their investments and being prepared for unexpected changes in the market.
Traders who were able to adapt and incorporate the lessons of the past are now better prepared for future shocks. Developing strategies that incorporate flexibility and preparedness for rapid change has become a key element of successful online trading. In addition, knowledgeable traders realized how important it is to choose a trusted broker that will not withdraw all their assets and will not leave them without a single cent. This is how platforms such as https://www.xchief.com came into being. These are reliable traders who have proven their integrity over the years.
Key Takeaways for Modern Traders
Based on the analysis of the above crises, there are several important takeaways for traders:
- Closely monitor macroeconomic indicators such as debt levels, trade balance, and foreign exchange reserves;
- Study the policies of central banks, especially with regard to fixed or floating exchange rates;
- Be prepared for sharp volatility in markets during crises.
In addition, modern traders should use risk management tools such as stopping losses and diversifying their portfolios.
Conclusion
The history of currency crises is not just a list of economic disasters, but also a treasure trove of valuable information for modern traders. By analyzing the causes and consequences of such events, one can better prepare for future challenges in the financial markets. The key is to be flexible, informed, and ready for change.
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, artificial intelligence, 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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