Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Press Releases
X10 Launches Hybrid Crypto Exchange with $6.5 Million
Launch | May 9, 2024
Image: X10 release
Three former Revolut employees have launched X10, a new hybrid crypto exchange, that merges the benefits of centralized and decentralized platforms. Backed by $6.5 million in venture capital from Tioga Capital, Semantic Ventures, Cherry Ventures, Starkware and Cyber Fund, X10 is combining the performance of a centralized exchange with decentralized security so users can experience a fast, secure trading environment with self-custody of assets.
The company's founder and CEO, Ruslan Fakhrutdinov, was the former head of crypto ops at Neobank Revolut, together with Dmitrii Krasovskikh (former-tech lead), and Stefano Franz (former lead crypto engineer)
See: Revolut Launches Low Fee Crypto Exchange in the UK
"With X10, we want to give our users and traders the best of both worlds. Imagine the features and the speed of Coinbase or Binance but with full self-custody. The FTX situation, where users only got back a third of their funds, serves as a wake-up call for the industry. It urges us to reinforce trust and efficiency in crypto trading through on-chain trade settlement, validation, and self-custody”.
The x10 exchange platform uses the StarkEx Layer 2 engine for on-chain trade settlement, which not only ensures self-custody and transparency but also significantly enhances liquidity and user experience through superior latency and throughput. Key features include on-chain trade settlement and validations, superior performance through off-chain processing, and safeguards like independent Oracle price validation, making it a comprehensive solution in today's crypto trading space.
See: Global VC Hotspots: A Look at Top Growth Cities
X10 is headquartered in the United Kingdom and operates under UK regulatory guidelines. Although the specific type of regulatory license isn't mentioned in the release or on it's site but engaging with progressive financial regulatory authorities like the UK's Financial Conduct Authority (FCA) to ensure compliance with evolving crypto regulations will be key in maintaining trust and safety in financial transactions on their platform. Perhaps a great candidate for the FCAs new digital securities sandbox initiative - notably, the FCA and BoE are consulting on the final rules of the digital securities sandbox now.
Outlook
As the crypto market continues to evolve in the wake of high-profile collapses like FTX, X10 stands out as a forward-thinking response. This strategic blend being touted as the 'best of cefi and defi' could potentially influence future regulatory frameworks and market structures, making X10 an important project in shaping the future of cryptocurrency exchanges.
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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RBC and Rogers Cybersecure Catalyst Launch New Fintech Incubator
Cybersecurity | Release | May 3, 2024
Image: The Rogers Cybersecure Catalyst (CNW Group Rogers Cybersecure Catalyst at Toronto Metropolitan University)
RBC Partners with Rogers Cybersecure Catalyst to Launch the RBC FinSec Incubator
The RBC FinSec Incubator, a collaborative effort between Rogers Cybersecure Catalyst at Toronto Metropolitan University and RBC, aiming to enhance the development of secure financial technologies to address the increasingly complex needs of the financial sector. The program designed to help early-stage Canadian startups in the cybersecurity and fintech sectors. It aims to transform the financial cyber ecosystem by providing startups with the necessary tools to develop and scale their technologies.
See: The State of Cybersecurity in The Fintech Industry
- Participation in the program is free, and no equity is taken from the participating companies. The program supports startups with a tech-enabled product that addresses a significant problem within the cybersecurity industry.
- Startup participants should have a minimum viable product (MVP) and be poised for marketing validation or commercialization. Additionally, these startups must be less than five years old, have less than $3M CAD in funding, and have permission to operate in Canada.
- The incubator offers a five-month program that includes specialized workshops in product management, roadmapping, compliance, and go-to-market and sales strategies.
- Startups benefit from over 16 hours of one-on-one mentorship, focusing on business growth and compliance measures.
- The RBC FinSec Incubator is a hybrid program, blending in-person and online engagements. The program expects participants to dedicate about 3-4 hours weekly.
Next Steps
- Applications are open now with the deadline to the first batch closing July 5, 2024.
- There's an information session coming up May 14: Register here
- Learn more about the application process, finances, and more: FAQ here
Why This Matters
See: Unlocking Opportunities in India: Ontario’s Fintech and Cybersecurity Export Events
This initiative is significant as it offers startups a robust platform to refine their products and integrate them effectively within the financial sector, potentially leading to more secure and innovative financial services solutions.
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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Chainlink Transporter Launches: Secure Cross-Chain Crypto Bridging
Chainlink | Release | April 22, 2024
Transporter is built to give users complete peace of mind by offering an intuitive UI, 24/7 global support, and a visual tracker that provides real-time visibility into the state of their cross-chain transactions.
Chainlink Launches Transporter, Elevating Cross-Chain Crypto Security
Chainlink has officially released Transporter, a new application designed to facilitate secure and efficient cross-chain cryptocurrency transactions. Transporter is built on the Chainlink Cross-Chain Interoperability Protocol (CCIP), renowned for its security. The application features an intuitive user interface (UI) that simplifies the process for users, allowing them to perform transactions easily across multiple blockchains including Ethereum, BNB Chain, and Polygon among others.
- Unlike other platforms that may charge hefty fees, Transporter requires users to only cover the regular fees associated with using CCIP. These include gas costs on the destination chain and fees paid to service providers, making it an affordable option.
See: How Permissioned DeFi Will Transform Global Payments
- Users of Transporter benefit from real-time tracking of their transactions through a dedicated visual tracker called Chainlink CCIP Exploer. The platform also offers round-the-clock global support to address any user concerns promptly.
- Notable venture capital firms like Fourth Revolution Capital and Moonrock Capital have already begun using Transporter, signaling strong market confidence in the tool's capabilities and security features.
Sergey Nazarov, Co-Founder of Chainlink:
"Transporter makes it easier to utilize the security benefits of Chainlink CCIP for the transfer of large token value and critical messages across chains. Having a secure way to move both value and data across chains is something the blockchain industry has needed for years and I'm excited that Transporter is making that more accessible."
Examples of How Chainlink Transporter May Be Used
By facilitating secure, fast, and reliable cross-chain transactions, Chainlink's Transporter opens up a myriad of possibilities for users and developers looking to operate across multiple blockchain environments. This not only broadens the scope of blockchain applications but also enhances the overall efficiency and utility of the digital asset ecosystem.
See: Chatham House: Global Digital Platform Regulation Insights
Here are several practical examples of how Chainlink's Transporter might be used:
1. Cross-Chain Transactions for DeFi Users
A DeFi user wants to leverage higher yields available on another blockchain. Using Chainlink's Transporter, the user can securely transfer their digital assets from Ethereum to a blockchain like Binance Smart Chain (BSC) where they intend to participate in a high-yield farming protocol. This transfer is done without the need to rely on centralized exchanges, thus maintaining security and reducing transaction fees.
2. Interoperability for NFT Platforms
An NFT artist wants to list and sell their digital artwork on multiple blockchains to access a broader market. Through Chainlink Transporter, the artist can easily bridge their NFTs from Ethereum to other chains like Polygon or Flow, enhancing visibility and accessibility without compromising on security.
3. Multi-Chain Gaming Applications
A blockchain-based gaming platform allows users to earn tokens and in-game assets.
See: Blockchain Private Credit Grew 55% in 2023
With Chainlink's Transporter, players can transfer their game assets and tokens from the native gaming blockchain to Ethereum to trade on larger, more liquid markets or even transfer them into other gaming platforms that offer different experiences or rewards.
4. Enterprise Blockchain Solutions
A supply chain management company uses a private blockchain for tracking goods but wants to leverage decentralized finance (DeFi) mechanisms on public blockchains for better financing options. Chainlink Transporter facilitates the secure, verifiable transfer of data and value between the private supply chain blockchain and public financial blockchains, enabling innovative financing solutions like tokenized invoices.
5. Cross-Chain DApps Development
Developers are building decentralized applications that need to interact with multiple blockchains to function optimally. For instance, a decentralized insurance app could use data from different blockchains to process claims or assess risks.
See: SWIFT Launching CBDC Solution Within 2 Years (to Compete with BRICS)
Chainlink Transporter can securely manage the data and value exchanges across these various networks, enabling robust multi-chain DApps.
6. Trading Arbitrage Opportunities
Traders identify price discrepancies for the same asset across different decentralized exchanges (DEXes) on different blockchains. Chainlink Transporter enables these traders to quickly and securely move assets between these chains, capitalizing on arbitrage opportunities in real-time.
Why This Matters
By providing a secure, efficient, and user-friendly platform for cross-chain transactions, Transporter improves the utility and broader adoption of digital assets across various sectors. This development could potentially lead to new standards in the security and interoperability of blockchain transactions, influencing future innovations in the crypto space.
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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Canadian Fintech VoPay and Mastercard Partner to Move Money
Release | April 15, 2024
Image: Freepik
VoPay's Partnership with Mastercard Will Offer Near Real-Time Money Movement in Canada and Globally for Consumers and Businesses
Mastercard and VoPay have announced a strategic partnership leveraging Mastercard's comprehensive money transfer solutions, known as Mastercard Move, to facilitate rapid, secure, and efficient monetary transactions both domestically and internationally. This partnership aims to redefine the landscape of financial exchanges, improving accessibility and convenience for both businesses and consumers.
See: VoPay Launches VoPay360 – Embedded Financial Technology
Hamed Arbabi, CEO and Founder of VoPay:
"This partnership delivers on both companies’ commitment to provide more choice and greater transparency for people who need to send money. The platform will also transform the way businesses and consumers transfer money internationally. Be it personal remittances, small business payments or commercial disbursements, with Mastercard Move, VoPay will enable businesses, financial institutions and consumers to send money to bank accounts, mobile wallets, cards and cash-payout locations in over 100 countries. The joint solution between Mastercard and VoPay will transform the user experiences for both the sender and the recipients."
- Mastercard Move integrates domestic and international money transfer capabilities, offering various payment methods including direct bank transfers and payments to debit or prepaid cards. This diversity supports a wide range of transaction needs across different sectors.
- Through the partnership, VoPay will utilize Mastercard Move to facilitate all domestic payments within Canada. This includes direct payouts to bank accounts, debit cards, and reloadable prepaid cards, catering to needs ranging from gig-economy compensations to healthcare payments, thereby enhancing the efficiency of domestic economic activities.
See: NCFA Congratulates Canadian Fintechs Selected for the UK’s Fintech CTA Program
- The partnership significantly improves cross-border payments by providing secure, fast, and transparent money transfer options. These improvements are crucial for Canada, given its substantial engagement in international trade and its growing immigrant population relying on remittance services.
- The collaboration ensures high security for transactions, featuring trackable payments, transparent fee structures, and real-time updates on transaction statuses. Such features are critical in building trust and facilitating smoother financial interactions globally.
Ramesh Jayakrishnan, Vice President, New Payment Platforms, Mastercard Canada:
“There is a growing demand for interoperable technology that allows consumers and businesses to move money seamlessly across networks domestically and internationally. By leveraging Mastercard Move, including Mastercard’s technology and connectivity to global and domestic networks, VoPay, with its focus on providing a globally interoperable platform with embedded finance capabilities, will deliver significant value to Canadian consumers, businesses and government entities.”
See: Feds Promise Open Banking Laws in 2024 and to Broaden Access to Payments Canada
Why This Matters
By improving the speed, security, and transparency of payments, VoPay's collaboration with Mastercard supports Canada's economic growth and global financial innovation.
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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WonderFi Faces Leadership Challenge in Boardroom Battle
Crypto | April 1, 2024
Image: Freepik
Activist investor Adam Arviv aims to revitalize WonderFi with a fresh board of directors
Adam Arviv, through KAOS Capital Ltd., has announced intentions to nominate a new slate of directors for WonderFi Technologies Inc., a leading Canadian crypto exchange. This decision stems from dissatisfaction with the current board's management and the company's underwhelming stock performance, despite the booming crypto market. With the annual general meeting on the horizon, this development could be a turning point for WonderFi.
See: WonderFi Announces Impressive Jan 2024 Growth Update
- KAOS Capital, representing approximately 22% of WonderFi's shares, has expressed significant discontent with the current board's inability to capitalize on the crypto market's growth, leading to a proposal to nominate five experienced individuals to the board.
- Despite being the only fully regulated crypto exchange in Canada, WonderFi's performance has lagged behind peers. The company's stock has underperformed in comparison to other public securities in the global crypto space, highlighting a missed opportunity during the cryptocurrency bull run. The company's lack of a coherent product strategy and fragmented brand positioning has eroded investor confidence, contributing to its stock trading significantly below its intrinsic value. Past acquisitions have been poorly integrated, leading to market confusion and a dilution of shareholder value.
- WonderFi has seen significant leadership changes over the past two years, including the departure of key executives, which has raised concerns about the company's strategic direction and governance practices.
See: Tax Tips for Canadian Crypto Users in 2024
- WonderFi's current board acknowledges nomination notice of five new directors while accusing significant shareholder Mogo Inc. of attempting to gain control of WonderFi without offering a fair premium to other shareholders. This accusation stems from Mogo's support for the KAOS nominees, a move perceived as part of a long-term strategy to consolidate control over WonderFi and its valuable assets. The company's board views this coordinated action with skepticism, interpreting it as a continuation of Mogo's years-long ambition to dominate WonderFi and its predecessor, Coinsquare, on unfavorable terms to the wider shareholder community.
Why This Matters
The unfolding boardroom drama at WonderFi is a power struggle that could redefine the company's future direction and highlights the difficult balance between shareholder activism, corporate governance, and the pursuit of value creation and profit in a sector that's showing signs of major growth potential.
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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SWIFT Launching CBDC Solution Within 2 Years (to Compete with BRICS)
CBDC | March 28, 2024
Image: Connecting Digital Islands: Swift CBDC Sandbox Phase 2 Results
SWIFT's CBDC Solution to Transform Cross-Border Transactions
In a recent release, SWIFT has announced plans to launch a new platform within the next 12 to 24 months that aims to integrate CBDCs with the existing financial system to potentially streamline and secure digital currency transactions across borders.
- Under the guidance of Nick Kerigan, SWIFT's head of innovation, the platform's development involved a six-month trial with a 38-member group comprising central banks, commercial banks, and settlement platforms. This collaboration marks one of the largest global efforts on CBDCs and "tokenised" assets to date.
- A key objective of the trial was to ensure interoperability among different countries' CBDCs, even those built on diverse underlying technologies. This approach aims to mitigate the risk of payment system fragmentation and enhance the efficiency of complex trade and foreign exchange payments.
See: Swift’s Blockchain Breakthrough Boosts Global Tokenization
- The trials demonstrated that financial institutions could leverage their existing infrastructure to engage with CBDCs, signaling a seamless transition towards digital currency adoption without the need for extensive system overhauls.
- With the trials deemed a success by participants, SWIFT has outlined a roadmap to transition the initiative from experimental to operational stages, aiming for product launch within the next 12 to 24 months. This timeline aligns with the anticipated rollout of major economy CBDCs, positioning SWIFT to maintain its dominance in the bank-to-bank communication network.
- View the Connecting Digital Islands: Swift CBDC Sandbox Phase 2 Results
Tom Zschach, Chief Innovation Officer at Swift:
“Swift is a community – a convener of and for our industry – and I’m delighted that we’ve been able to facilitate these critical innovation experiments and show that institutions can continue to use much of their existing infrastructure alongside new, innovative technologies. Fragmentation is a challenge for the entire industry, and ensuring interoperability between networks is vital to addressing this while also enabling new technologies to scale and reach their full potential.”
Outlook
By fostering interoperability among a diverse range of digital currencies and leveraging its extensive global network, SWIFT is poised to facilitate a more interconnected and fluid financial ecosystem.
See: Federal Reserve on U.S. CBDC and Global Comparison
As the world's central banks continue to advance their digital currency initiatives, SWIFT's innovative platform could play a crucial role in shaping the future of global finance. How will Swift's CBDC global payment platform compete with BRICs recently announced CBDC initiative?
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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Experian to Include Apple’s BNPL Data in Credit Reports
BNPL | March 5, 2024
Image: Freepik/stockking
Apple Partners with Experian to Share BNPL Data With Credit Reporting Agency
On February 28, 2024, Experian announced a partnership with Apple to include "pay-in-4" Buy Now, Pay Later (BNPL) loan information from Apple Pay Later in Experian consumer credit reports to enhance transparency and responsible credit reporting in the evolving BNPL sector.
- Experian's decision to incorporate Apple Pay Later loan data into credit reports from March 1, 2024.
- While this new data will be visible on consumer credit reports, it will not initially impact traditional credit scores. This careful consideration ensures that consumers are not adversely affected by the inclusion of BNPL data. However, the potential for this information to influence future credit scoring models remains a reality, signaling a forward-looking perspective on credit assessment.
See: Amazon & Affirm’s BNPL Service Aids Small Business Growth
- As the BNPL market grows, the question of whether or not BNPL providers should share loan information with credit reporting agencies like Experian, Equifax, and TransUnion has become a focal point of discussion (mostly absent from credit histories apart from new partnerships such as Affirm and FICO).
- This debate touches on critical issues such as consumer privacy, creditworthiness assessment, and the broader implications for financial health and accessibility. By making BNPL loan information visible to lenders, Experian is enabling more informed decision-making, potentially leading to a more equitable credit system.
- See Consumer Financial Protection Bureau report on BNPL profiles
Implications
This move is aimed at providing lenders with a more comprehensive view of a consumer's financial obligations and behavior, potentially leading to more informed credit decisions. For consumers, the reporting of BNPL loans offers a chance to build credit history, especially for those who may not have access to traditional credit products. The broader BNPL industry stands at a crossroads with this development. Experian's initiative may encourage other BNPL providers to follow suit, contributing to a more transparent and responsible lending environment.
See: UK Publishes Draft Legislation to Regulate BNPL Credit
Regulatory scrutiny is also increasing. Regulators and consumer advocacy groups are pushing for more transparency and accountability in the BNPL sector, advocating for the inclusion of BNPL data in credit reports to prevent overindebtedness and ensure responsible lending practices. This regulatory pressure may lead to more standardized reporting practices across the industry, balancing the need for consumer protection with the benefits of financial innovation.
Concerns
Despite the potential benefits, some BNPL providers have been hesitant or outright refused to share loan information with credit bureaus. The reasons for this reluctance are multifaceted:
- The protection of customer data is paramount. Some providers prioritize the privacy of their users, wary of sharing sensitive financial information with third parties.
- The argument that current credit scoring models do not adequately reflect the nature of BNPL loans is a significant point of contention. Providers argue that without adjustments to these models, BNPL data could unfairly impact consumers' credit scores.
See: Amazon & Affirm’s BNPL Service Aids Small Business Growth
- There is a concern that the reporting of BNPL loans could deter customers from using these services, which are often seen as a flexible and accessible alternative to traditional credit.
- Implementing the systems and processes required for reporting to credit bureaus can be a significant hurdle, particularly for smaller or newer BNPL companies.
Outlook
The integration of BNPL data into credit reports represents a significant step towards a more inclusive and transparent financial ecosystem. Collaboration between BNPL providers, credit bureaus, regulators, and consumer advocates will be crucial in developing reporting standards that ensure transparency, protect consumer privacy, and promote financial health.
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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