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
Investors Launch Argo Digital Gold to Tokenize Gold
Investing | March 4, 2024
Image: Freepik/lcd2020
Sprott Family and Peter Grosskopf Announce the Founding of Argo Digital Gold Ltd.
The Sprott Family, alongside Peter Grosskopf and a skilled management team led by Michael Petch, have announced the founding of Argo Digital Gold Ltd. This is an exciting development in the world of precious metals. The innovative platform is set to offer secure, digital access to physical gold in a way that fuses traditional assets with modern technology.
The platform's vision extends beyond mere trading; it aims to be at the forefront of crypto-to-gold transactions and the asset tokenization of gold. This approach not only promises to enhance the liquidity and accessibility of gold but also to unlock new use cases for this $5 trillion industry. By leveraging asset tokenization, Argo can fractionalize gold ownership, allowing investors to trade and store gold with greater flexibility and efficiency.
- Scheduled for launch in Q2 2024, Argo aims to provide a suite of benefits previously unseen in the precious metals market.
- Among these are enhanced security measures for gold storage and custody, the convenience of 24/7 trading, the flexibility of fractional ownership, and a commitment to low, transparent fees.
- Argo has chosen the Royal Canadian Mint as the initial custodian for the gold purchased on its platform, with plans to expand to other secure vaults globally.
See: Crypto Banking Crisis Props Hard Assets as Tokenized Diamond Sales Surge
- Backing this ambitious project are the Sprott family and Peter Grosskopf, whose names are synonymous with expertise and trust in precious metals investing. Their combined decades of experience and innovative leadership in the gold market have been instrumental in the multi-billion-dollar growth of global alternative investments focused on precious metals.
- Michael Petch, the President of Argo Digital Gold, brings a wealth of experience in digital assets and blockchain technology to the venture. His track record includes launching the CoinShares Gold and Cryptoassets Index (CGCI) and one of the first gold-backed stablecoins (DGLD) in Switzerland. Under his leadership, Argo is poised to drive significant digital innovation in the ownership of physical precious metals assets.
Peter Grosskopf, Chairman of Argo Digital Gold:
"Gold is the original alternative asset, and we believe that precious metals should continue to anchor a diverse portfolio of alternative investments. We are embracing new technologies which allow investors to store and trade gold outside of the financial system it is designed to hedge against. The vision of Argo is to offer institutional-grade direct ownership to all investors in a safe, and technologically enhanced manner."
Outlook
Argo's mission is to democratize gold investing, making it more accessible to a broader, tech-savvy audience while maintaining the trust and security that investors expect from physical gold.
See: Citi’s PoC Success in Private Market Tokenization
As we await the launch of Argo, it's pretty clear that this platform is set to play a key role in the future of gold investment by bridging the gap between traditional precious metals and the digital age.
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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Finliti and TerraZero Partner to Revolutionize Literacy and Investment
Partnership | Feb 29, 2024
Empowering Financial Literacy and Wealth Creation Through Intraverse Technology
In a press release today from BIGG Digital Assets Inc. announces a strategic partnership between its wholly-owned subsidiary TerraZero Technologies Inc. and FINLITI. This collaboration aims to revolutionize financial literacy and wealth creation opportunities through the use of TerraZero's "Intraverse" technology.
- The partnership focuses on building an immersive virtual experience accessible across mobile, laptop, and desktop platforms, where users can learn about their investor risk profile by building a character and navigating through the experience, akin to character creation in MMORPGs. This innovative approach is intended to engage new audiences within Finliti's network of brokerages and day-trading investor apps.
- TerraZero, known for its expertise in creating immersive virtual environments and web3 technology, has previously worked with notable clients such as Miller Lite, Estée Lauder, Fidelity International, and Warner Records.
See: Finliti Delivers Personalized Financial Insights Using the Power of Psychometrics
- The collaboration with FINLITI, a wealth management software company leveraging behavioral science for investment decision-making, aims to create gamified experiences that educate retail investors and uninitiated consumers about financial instruments and risk profiles. Finliti, led by CEO and Founder Jennifer Schell, emphasizes the importance of bringing financial awareness to everyday investors, allowing them to interact with simulated products before engaging in real-world trading.
- The partnership also seeks to leverage Blockchain Intelligence Group’s compliance and investigation services for crypto products and services demonstrated within these gamified environments.
This initiative is part of a broader effort to address the challenges faced by financial institutions and brokerages in adapting to significant wealth transfers and evolving investor needs.
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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Winklevoss’ Gemini to Refund $1.1 Billion After NYDFS Findings
Enforcement News | Feb 29, 2024
Image from Gemini blog
Gemini agrees to a $1.1 billion refund plan after NYDFS findings
The New York State Department of Financial Services (NYDFS) has announced an agreement with Gemini Trust Company, LLC, mandating the return of at least $1.1 billion to customers of its Earn program. This decision follows the discovery of compliance failures and the mishandling of a partnership with Genesis Global Capital, LLC (GGC), which led to substantial customer losses. The settlement includes a $37 million fine and outlines Gemini's commitment to rectify the situation through the bankruptcy proceedings of GGC.
- Gemini's pledge to reimburse $1.1 billion to Earn customers represents a substantial effort to address the fallout from the Earn program's suspension and Genesis Global Capital's subsequent bankruptcy.
See: New York Takes Legal Action Against Major Crypto Firms
- This settlement highlights a shift towards stronger protections for cryptocurrency investors, particularly in response to the risks associated with lending programs and third-party partnerships. The NYDFS has imposed a $37 million penalty on Gemini for various compliance failures, emphasizing the importance of regulatory adherence in the cryptocurrency sector.
- Gemini's operational practices, including insufficient due diligence and inadequate reserve maintenance, have led to significant reputational and financial damage, affecting over 200,000 customers.
Gemini's Response to the Resolution
In a blog post from Team Gemini said, "This settlement, pending Bankruptcy Court approval, promises the return of 100% of digital assets to Earn users, including any appreciation since the assets were lent. Gemini expects to return over $1.8 billion in today's value, with users receiving approximately 97% of their assets in kind within about two months and the remainder within the next 12 months.
See: Binance Withdraws from Canadian Market due to Tightened Crypto Regulations
Gemini also acknowledges the New York Department of Financial Services' role in reaching this settlement and commits an additional $40 million to aid users' recovery, emphasizing their dedication to customer asset security and appreciation for users' patience throughout the process."
Outlook
The NYDFS's action against Gemini Trust Company, LLC, culminating in a $1.1 billion customer reimbursement plan is another cautious warning to other platforms regarding the importance of compliance, due diligence, and the protection of consumer assets. This development is expected to influence future regulatory frameworks and operational standards within the digital asset market, aiming to foster a safer and more reliable trading environment for investors.
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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Calgary-based Helcim Secures $27 Million Series B
Funding | Feb 27, 2024
Image: Helcim blog
Helcim secures $27 million CAD in Series B to expand payment processing for underserved SMBs
Calgary-based FinTech startup Helcim has recently closed $27 million CAD ($20 million USD) in Series B financing to address the complex and often expensive landscape of payment processing for SMBs. The Series B financing was led by Headline, with participation from new investors Clocktower Ventures, Vesey Ventures, and SilverCircle, alongside returning investors Information Venture Partners and Aquiline Technology Growth.
- The Series B funding will be used to accelerate product development, focusing on enhancing omnichannel distribution channels and adding new payment, software, and financing capabilities. The funding round was not just about securing capital but also about finding partners who believe in Helcim's vision, team, and the culture they are building.
See: BoC Consultation: Draft Supervisory Guidelines for PSPs
- Founded in 2008, Helcim provides a comprehensive suite of payment solutions targeting traditional SMBs, including retail merchants, auto-repair shops, and healthcare clinics. The company aims to fill a crucial gap for Main Street businesses by offering digital-first tools, more affordable payments, and exceptional customer support.
- This investment follows a $16 million Series A funding round in March 2022, showcasing Helcim's continued growth and investor confidence. Helcim's growth has been nearly fivefold since their Series A, now servicing merchants in every U.S. state and 12 of Canada's 13 provinces and territories across more than 800 industries.
Outlook
By focusing on underserved segments characterized by higher Average Order Values (AOVs), lower digital payment penetration, and tighter working capital needs, Helcim is positioned to significantly disrupt the market and support small businesses.
See: McKinsey Global Payments On Cusp of ‘Decoupled Era’
Helcim's efforts to serve the underserved promise to redefine how Main Street businesses operate, making digital payment solutions more accessible and tailored to their specific needs.
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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Celsius Network’s Chapter 11 Exit and Creditor Plan
News | Release | Feb 5, 2024
Image: Unsplash/David East
Celsius Network announces that it has completed its planned reorganization, distributing over $3 billion to creditors and establishing a new Bitcoin mining entity
Celsius Network's successful emergence from Chapter 11 bankruptcy and the commencement of over $3 billion in distributions signify a major turnaround. The approval of its reorganization plan by an overwhelming majority of its account holders paves the way for a fresh start through the creation of Ionic Digital, Inc., a new Bitcoin mining company owned by the creditors.
See: Celsius Creditors to Return Funds Withdrawn Pre-Bankruptcy
- The reorganization plan received a 98% approval rate on November 9, 2023 from account holders, highlighting strong creditor support.
- Altcoins were converted to BTC or ETH to maximize funds available for distribution to creditors.
- The establishment of a new venture, Ionic Digital, Inc., owned by Celsius creditors, focuses on Bitcoin mining, with plans for the stock to become publicly traded upon receiving necessary approvals. Its mining operations will be managed by Hut 8 Corp.
- Adjustments were made to the plan following feedback from the SEC, ensuring compliance with regulatory standards.
- Following the distributions, Celsius will begin winding down its operations, marking the end of its journey and the start of a new chapter with Ionic Digital.
Outlook
This high profile case in the crypto industry is the potential for recovery even in the face of significant challenges. It also sets a precedent for handling cryptocurrency assets in bankruptcy situations, offering insights and hope for other companies facing similar difficulties.
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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DoF Consultation: Help Modernize Canada’s SR&ED Program
Consultation | Feb 1, 2024
Image by jannoon028 on Freepik
Canada's Department of Finance Seeks Input on Modernizing SR&ED Program and Introducing Patent Box Regime
The Scientific Research and Experimental Development (SR&ED) program in Canada is undergoing significant changes and consultations in 2024, with a focus on modernizing the program to better support research and development activities in Canada. The program has been a cornerstone of federal funding for innovation in the country, providing support to firms engaged in R&D activities and in the development of valuable intellectual property.
About SR&ED
The SR&ED program is a key part of Canada's innovation strategy, offering tax incentives to a wide range of businesses for their R&D activities. In 2021, it provided $3.9 billion to over 22,000 Canadian businesses.
See: IP Box: Would a special IP income tax rate boost Canada’s flagging innovation?
- A notable aspect of the SR&ED program is its comprehensive coverage of various eligible expenditures. These include labor costs, contractor fees, materials, and overhead expenses that directly relate to R&D activities aimed at resolving technological uncertainties or challenges.
- The program offers different levels of funding for these expenses, such as up to 69% for eligible labour costs and up to 45% for materials consumed in R&D activities.
- In terms of the application process, the reporting deadline for the SR&ED program is set at 18 months from the end of the tax year in which the qualifying expenses were incurred.
- Additionally, there are also provincial and territorial variants, offering additional support with their own criteria and funding amounts. For instance, Canadian-Controlled Private Corporations (CCPC) may earn a refundable Investment Tax Credit (ITC) at the enhanced rate of 35% on qualified SR&ED expenditures up to $3 million.
Consultation
The review process for SR&ED involves gathering insights on how the program can better align with Canada's broader R&D goals. This includes exploring ways to enhance the retention of intellectual property within Canada, potentially through a patent box regime.
See: CIC Launch Delayed Impacting Innovation Funding Landscape
Stakeholders from various sectors, including technology and research, are contributing perspectives, emphasizing the need for reforms to further incentivize innovation while ensuring the program's benefits extend across the Canadian economy.
1. Patent Box Regime
The Canadian government is consulting on the creation of a patent box regime to enhance research and development (R&D) and intellectual property (IP) retention in Canada. This consultation focuses on how such a regime might best support innovation, the specific design features of a patent box, and its integration with the broader tax system. The goal is to create a policy that incentivizes R&D and the commercialization of resulting IP in Canada. For a detailed understanding of these consultation questions, you can visit the page here.
2. Cost Effective Ways to Modernize the SR&ED Program
The Canadian government is soliciting feedback on how to modernize and improve the program, focusing on its effectiveness in supporting R&D investments, refining eligibility criteria, enhancing the complementarity with other R&D support programs, targeting overall assistance more effectively, ensuring IP retention within Canada, simplifying access for entrepreneurs, and determining the best use of existing support. Stakeholders are invited to contribute their insights. For more information, you can visit the consultation page here.
See: Canada’s Ranks 15th on WIPO 2023 Innovation Index
The government's ongoing review and consultation process for SR&ED is expected to further refine and enhance the program, ensuring that it effectively supports Canada's R&D landscape and positions the country as a leader in innovation.
Reaction
The Council of Canadian Innovators (CCI) issued a statement regarding the Department of Finance's announcement about reviewing the Scientific Research and Experimental Development (SR&ED) Tax Credit and exploring a patent box regime.
Nicholas Schiavo, CCI's Director of Federal Affairs, emphasized the critical role of the SR&ED tax credit in driving innovation and economic activity in Canada. CCI advocates for reforms to prioritize Canadian firms and expand eligibility criteria to cover intellectual property costs related to R&D. The potential patent box policy, aimed at boosting IP generation and commercialization in Canada, is also seen as a positive development. CCI remains optimistic about the consultation process and its implications for Canada's innovation economy.
Share Your Feedback By April 15, 2024
All Canadians and stakeholders are invited to share feedback by emailing SRED-PB-RSDE-RPB@fin.gc.ca by April 15, 2024, with either “SR&ED Review” or “Patent Box” as the subject line.
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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Revolut Launches New International Mobile Wallet Service
Innovation | Jan 30, 2024
Image: Revolut's website
Revolut has launched Mobile Wallets, a new feature enabling quick international money transfers using recipient IDs like name, phone number, or email.
Initially available for UK and most European (EEA) customers, it allows transfers to Bangladesh (bKash) and Kenya (M-Pesa), with plans to expand to more routes. This service aims to simplify remittances, reduce risks associated with traditional payment methods, and cater to the needs of expats and international students. It offers an easy (low friction), low-cost transfer option, aligning with the evolving digital economy's demands.
See: McKinsey Global Payments On Cusp of ‘Decoupled Era’
Akshat Mittal, General Manager for Revolut International Payments:
We’re delighted to launch Mobile Wallets so that Revolut customers can send money in a flash. Sending money home is a problem many expats face and so it is essential to provide a service that simplifies this and facilitates affordable and convenient international money transfers.
Revolut's Mobile Wallets feature, designed to simplify and expedite international money transfers, does not specifically mention any insurance or guarantees for the transfers. This new feature allows users to send money abroad quickly using only recipient IDs, such as their name along with their phone number or email address, reducing the risk of sending money to the wrong account by eliminating the need for detailed account numbers and bank details.
The service follows Revolut's standard pricing structure for international bank transfers, with a typical delivery time of instant processing, and the recipient's wallet receiving the funds within about 30 minutes. This feature is particularly beneficial for expats and international students, providing a convenient and efficient way to manage cross-border finance.
See: How Permissioned DeFi Will Transform Global Payments
It's important for users to understand the terms and conditions of Revolut's services, including any protections or lack thereof for transferred funds. For detailed information on this aspect, it would be advisable to consult Revolut's official customer service or review their terms of service directly.
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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