Category Archives: Personal Finance
Liquid Avatar Technologies Inc. Launches First-Ever Payment Card and Loyalty Program for the Metaverse
Liquid Avatar Technologies | Cara Buckspan | Mar 21, 2022
Users Have the Opportunity to Earn Points and Cash Back while Participating in Quests and Games by Shopping in the Aftermath Islands Metaverse
TORONTO, ON / ACCESSWIRE / March 21, 2022 / Liquid Avatar Technologies Inc. (CSE:LQID)(OTCQB:LQAVF)(FRA:4T51) Liquid Avatar Technologies, a global blockchain and fintech solutions company, focused on digital identity, integrated avatars and the Metaverse, is excited to announce the launch of the first-ever payment card and loyalty program created specifically for the Metaverse. The LQID card is a physical prepaid debit card powered by OptimizeFT's Engage360 payment card and digital banking solutions platform, available in the United States. The card can earn the holder cashback by shopping at Liquidshopz and earn points by participating in Aftermath Islands Metaverse activities.
See: Liquid Avatar Technologies and Dynamics Inc. Tap Payment Infrastructure for Verification of Digital Credentials
To activate an increased and widespread adoption of and participation in Metaverse experiences, Liquid Avatar Technologies is proud to be the first to attach loyalty and a loyalty earning payment card to purchasing land, products, games etc., in the Metaverse, in a manner people are already familiar and engaged with in the real world.
"We're excited to offer the very first payment card for the Metaverse, supporting individuals and entities as they engage in virtual activities," said Michael Konikoff, Chief Revenue Officer, Liquid Avatar Technologies Inc. "In addition to retail and online payment opportunities, users of the LQID card will be able to experience exciting Virtual Land and NFT opportunities at Aftermath Islands and other immersive experiences."
The loyalty program is aimed at driving incremental spend on the card and initially, within Aftermath Islands, increasing customer engagement, retention, and lifetime value. The ability to accept traditional forms of payment especially with a loyalty schema attached to it, lowers the barriers to entry and will set Aftermath Islands apart from other Metaverse experiences that only accept Cryptocurrency. Cardholders will be able to earn loyalty points whenever they use the card, both online and offline. When they transact in Aftermath Islands using their LQID card, they will not only earn loyalty points on the value of the transaction, but also get the double dip effect of earning loyalty points on the card as well. Accrued points can be redeemed for Aftermath Islands virtual gift cards that can be used when purchasing Virtual Land and other goods in the Aftermath Islands Metaverse.
See: Lethbridge College heading into metaverse with online campus
Liquid Avatar Technologies is a leader in the Metaverse through its development of Aftermath Islands, associated themed islands and utilitarian NFTs, customizable 3D Meta Avatars as part of the Meta Hero Project™, verifiable credential-backed digital identity, and partnering with Game Credits for the first-ever Multiverse Collective, a collaborative effort that will allow interoperability between two or more Metaverses. Liquid Avatar recently announced FAB and Vegas Islands, along with hover bikes and submarines as part of the Aftermath Islands experience, as well as its first mobile play-to-earn game - The Lost Kingdom of T'Sara - that will allow players to earn rewards by completing time and skill activities.
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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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Emergencies Act Post-Mortem: Crypto execs in Ottawa discuss Digital Assets
FP via Community Press | | Mar 15, 2022
Canadian cryptocurrency executives said they froze only a small number of accounts as a result of the Emergencies Act and that the crypto industry’s transparency should encourage the government to engage more deeply with the sector during testimony before the House finance committee on Monday.
The hearing was part of a post-mortem on the Act and other measures aimed at tamping down the trucker convoy protests across the country. During this time, the Royal Canadian Mounted Police provided a list of crypto wallets thought to be connected to the protests ordering exchanges not to facilitate transactions for these accounts.
See: Canadian cryptocurrency exchanges ordered to cease dealings with convoy-linked accounts
Dustin Walper, chief executive officer at Canadian crypto trading platform Newton Crypto Ltd., told the committee that his firm was ordered by the RCMP to prevent the flow of funds to illicit bitcoin addresses, but had no ability to freeze or hold funds in private wallets not on Newton’s platform.
Walper said in his opening remarks:
“While (cash and crypto assets) can be and frequently are seized as part of a court order, a criminal investigation, a civil suit or what have you, they cannot be arbitrarily frozen without due process once they’re in the control of an individual. So, I would really urge the committee to think strongly about the kind of country you want Canada to be,” Walper added. “In my view, it’s a country that both strongly values property rights and due process, regardless of the inconvenience this may cause to legitimate investigation, one that embraces fintech innovation and pro-growth policies, and one that’s fair and even-handed even to those who we might not ultimately agree with.”
See: Carolyn Wilkins: to achieve benefits, crypto must be made as safe as Canada’s financial system
“We believe this strengthens the case for the federal government to start engaging with the domestic crypto sector to develop a clear and positive regulatory framework for crypto in Canada,” Wiley said. “It is strategically important to Canadian innovation, competitiveness and security that we have a strong domestic crypto industry.”
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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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Fraud Prevention Month: CSA encourages Canadians to ask questions before investing in crypto assets
CSA | March 11, 2022
The CSA is launching a bilingual campaign on TikTok that encourages Canadian investors to ask themselves a series of questions to ensure an investment is right for them and to avoid investment fraud.
Louis Morisset, CSA Chair and President and CEO of the Autorité des marches financiers:
“The crypto landscape is evolving and complex. Fraudsters capitalize on market interest as well as a lack of knowledge in crypto assets to lure both sophisticated and potential investors into scams that can lead to devastating losses.”
“Asking questions, conducting research about potential crypto opportunities, and making sure you deal with registered platforms are among the best ways to protect yourself from potentially fraudulent investment activities.”
See: Gun-shy advisors struggle to provide clients with crypto guidance
Questions to ask before making a crypto asset investment include:
- Does investing in this crypto asset align with my financial goals and time horizon?
- Do I understand what I am investing in?
- Can I afford to lose the money I’m willing to invest in crypto assets?
- Am I investing for the wrong reasons, such as fear of missing out, urgency from others, promises of guaranteed returns, exclusive offers and, supposed cutting-edge investment opportunities?
- Have I considered the high-risk nature of investing in crypto assets and whether it fits my investor profile?
- Is the crypto asset I am considering deemed a security or derivative and subject to securities law?
- Does the crypto asset trading platform I plan to use hold custody of my crypto assets? Is it registered to do so?
Across Canada, CSA members are also running initiatives to highlight the importance of researching investments, checking registration through the CSA’s National Registration Search and being familiar with the red flags of fraud before investing their money.
View the full press release --> here
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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Visa, Mastercard suspend business; Russian banks turn to China
Fortune | Bloomberg | March 6, 2022
Sberbank
PJSC said it’s looking at the possibility of issuing cards using Russian payments system Mir and China’s UnionPay after Visa Inc. and Mastercard Inc. suspended operations following the invasion of Ukraine.
The move could allow Russians to make some payments overseas, with UnionPay operating in 180 countries and regions. Visa and Mastercard said that any transactions initiated with their cards issued in Russia will no longer work outside the country from March 10.
See: Medvedev Says Russia May ‘Nationalize’ Foreign Assets in Response to Western Sanctions
Cards issued by domestic banks will continue to work in Russia using its payment system. Russia’s biggest lender, Sberbank, said it would announce timescales later.
Visa and Mastercard have joined the list of international companies suspending activities in Russia in response to President Vladimir Putin’s invasion of Ukraine. The move further isolates Russia’s economy. Cards issued outside of Russia won’t work at ATMs or merchants inside the country, the firms said.
The Bank of Russia is also temporarily reducing the amount of information commercial banks are required to publish in an effort to limit the risks from international sanctions. Starting with statements for February, banks will no longer have to release accounts prepared to national standards or make any additional disclosures on their websites, the central bank said in a statement.
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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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Russians are paying up to $20,000 premium to buy Bitcoin
Crypto Slate | | Mar 1, 2022
Sanctions bite leading to the collapse of the ruble. Data suggests Russians are turning to Bitcoin to protect themselves from the fallout.
Media outlet DeFiprime.com noted Bitcoin is trading for up to $20,000 above the market rate on Russian exchanges.
DeFiprime.com jokingly called this the “matreshka premium,” as a spin on the kimchi premium, which was a prevalent phenomenon from around 2016.
See: Crypto’s use case during times of conflict
“Matreshka,” or the matryoshka doll, are colorfully painted wooden dolls of decreasing size nestling inside another. It is perhaps the best-known symbol of Russia, representing respect for the elderly, family unity, fertility, abundance, and the search for truth and meaning.
Although “matreshka premium” doesn’t have the same ring as kimchi premium, the two exist for similar reasons.
Blast from the past: Kimchi premium
The kimchi premium is a term used to describe the price difference between tokens on Korean exchanges compared to the rest of the world. The most significant difference was primarily seen in Bitcoin.
Around 2016, North Korean leader Kim Jong-un was ramping up tensions in the region, including missile testing. Incidentally, missile launches have resumed in 2022, indicating a return to hostilities.
See: Pomp: We Should Not Normalize Economic War On Innocent Civilians
This led to capital controls restricting money flow into and out of Korea. The ensuing difficulties in moving money led to backlogged demand and a temporary boost in cryptocurrency prices.
At the height of the kimchi premium, Bitcoin was trading for as high as 50% above the market rate. While it still exists today, it’s much less prevalent, coming in around 5%.
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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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Cashless society: We need to take digital jail seriously
The Hub | | Feb 22, 2022
We have to adjust our assessment of government action to the realities of our new world
We have to adjust our assessment of government action to the realities of our new worldThe move to a cashless society, which has been accelerated by Covid restrictions, makes it almost impossible to function in society without a bank account and a credit card. You can’t purchase many services with cash anymore. When my local coffee shop’s wireless service went down the other day and they couldn’t process digital payments, I offered to pay with cash. They didn’t know what to do. Like many businesses, they simply aren’t set up to handle physical money. And that’s assuming you have large cash reserves to begin with, as you can’t withdraw money from a frozen bank account.
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Crypto’s humanitarian side in the time of War
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Pomp: We Should Not Normalize Economic War On Innocent Civilians
In 1988, when the Emergencies Act became law, you could probably still participate in society, albeit with some inconvenience, without a bank account. Not so in 2022. Now, without a working bank account, you can’t pay for a telephone or internet. You can’t make car payments, rent, or travel. You also can’t exercise most basic rights from freedom of speech to freedom of assembly. You can’t even pay a lawyer to defend you. Think of it as digital jail. There may be no bars, but you are far from free.
We need to adjust our assessment of government action to the realities of our new world. The government doesn’t need to break down your door anymore to effectively remove you from society. They can do it with the press of a button. Doing this to someone—a small business owner in BC, a public servant in Winnipeg, a student in Halifax—who made a small donation to support the convoy is a clear abuse of power. Doing it without due process is as despotic as Pierre Trudeau’s detention of left-wing professors and separatists without charge, trial, or access to legal counsel in 1970.
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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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Crypto’s humanitarian side in the time of War
Vox | | Mar 1, 2022
Cryptocurrency is now a more mainstream part of the global financial system, which means that — for better or for worse — it’s inevitably a part of international conflict, too. This is on full display as Russian forces invade Ukraine. Millions of dollars in crypto have flowed in to support Ukraine’s army and hacktivist groups. Even the Ukrainian government is now soliciting donations in crypto and has already raised more than $15 million. Some Ukrainians are also turning to crypto as an alternative to Ukrainian financial institutions, which are limiting people’s access to bank accounts and foreign currency. In a scenario where governments are in chaos, it’s difficult to rely on traditional banks, and there’s fear of surveillance. So a relatively anonymous system where no government is involved is appealing.
“The fact that it can’t be frozen, the fact that it can’t be censored, and the fact that it can be used without ID is very, very important,” Alex Gladstein, chief strategy officer at the Human Rights Foundation, told Recode. “And they are why bitcoin is such an important humanitarian tool.”
See: Amid Russian invasion Ukraine’s official Twitter account posts pleas for crypto donations
Just how useful an avenue crypto is for people in crisis or organizations in need of donations is up for debate. You need a relatively sophisticated understanding of technology to use crypto, and if you weren’t already set up for it, the onset of a war might not be the moment to try to do it. Plenty of donations to Ukrainian groups are flowing in just fine using more traditional currencies.
Ukrainians are using crypto — but there are limitations
Right now, at least some Ukrainians escaping the country seem to be taking their crypto with them, which they hope to convert back into fiat currency once they arrive to safety. Others seem to be looking toward crypto as a way to store their wealth as Ukraine’s economy collapses; the country’s central bank has already suspended electronic cash transfers and is blocking Ukrainian citizens from withdrawing foreign currency. Trading on the Ukrainian crypto platform Kuna reached its highest level since May 2021 this past Friday.
“In Ukraine right now, you can download a bitcoin wallet open source — totally unconnected from your ID — and you can generate an address via a QR code or an alphanumeric string,” Gladstein explained. “You can paste that to me, I can send you $1,000, and it goes through in a few minutes.”
See: Pomp: We Should Not Normalize Economic War On Innocent Civilians
Using crypto in the middle of a crisis isn’t necessarily easy. For one thing, you need an internet connection and a working device. You also need to know how to use crypto, which has a steep learning curve and is something people aren’t going to be able to pick up quickly in moments of crisis.
“It might work for some people, but they need first to unfreeze their assets, transfer them into digital currency, and then manage to get out [of the country], which is actually the main problem right now,” Coppi said. “And then when they’re out, hope it hasn’t devalued too much.”
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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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