Global fintech and funding innovation ecosystem

Category Archives: Venture Funding and Building

Wealthtech Startup, Allocations, Surpasses $2 Billion AUA

AI Innovation | March 1, 2024

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Streamlining Investment Documents and Democratizing Deals with AI

Per VentureBeat's briefing, Allocations, a pioneering fintech startup, has achieved a huge milestone by surpassing $2 billion in assets under administration, showcasing the burgeoning demand for alternative investments and the transformative power of artificial intelligence (AI) in the financial sector.  Founded by Kingsley Advani, Allocations uses AI to streamline the process of private capital fundraising, making it faster, more efficient, and less costly. The platform's AI capabilities enable the instant generation of customized legal documents necessary for fund launching, such as private placement memorandums and operating agreements, a task that traditionally consumed hours of legal work and significant financial resources.

  • By employing machine learning models trained on over 100,000 investment documents, Allocations can generate legal paperwork in seconds, a stark contrast to the traditional, labor-intensive process. This efficiency allows each employee at Allocations to service up to 70 funds, dramatically outperforming the industry average.

See:  Revolutionizing the Legal Function Through Legal Process Automation

  • Allocations is not just about efficiency; it's also about accessibility. The platform has facilitated investments in high-profile deals, including a $23 million investment in Leeds United and SPVs for SpaceX, OpenAI, and Anthropic. By automating the creation of legal entities and regulatory filings, Allocations lowers the barriers to entry for investing in alternative assets, enabling deals with minimum investments as low as $5,000.
  • Allocations plans to launch a mobile app to cater to a generation that prefers managing finances via smartphones, aiming to power over $1 trillion in private market assets by 2030.

May Help

  • By automating the generation of legal documents and facilitating the launch of funds with minimal effort, Allocations lowers the barrier to entry for smaller players. This democratization allows smaller asset managers and family offices to compete more effectively with larger institutions.
  • The platform enables the creation of special purpose vehicles (SPVs) with lower minimum investments, making it feasible for angels and retail individuals to participate in deals that were previously out of reach due to high capital requirements. This opens up opportunities for a broader range of investors to engage in private equity, venture capital, and other alternative investments.

See:  WealthTech in Asia-Pacific: A Trillion-Dollar Opportunity

  • By facilitating easier access to capital through SPVs and other investment vehicles, Allocations can help startups and emerging companies find the funding they need more efficiently, potentially leading to a more vibrant and diverse innovation ecosystem.

Might Hurt

  • The automation of tasks such as generating legal paperwork and performing compliance checks, which traditionally required significant manual effort and expertise, could reduce the demand for these services from traditional providers. This might lead to a shift in the market, where traditional roles such as fund administrators and law firms need to adapt to the new technology-driven landscape.
  • While not directly hurt, large institutional investors might find the competitive landscape changing as smaller investors gain access to deals that were once exclusive to them. This could lead to increased competition for high-quality investment opportunities.

See:  AI Metamorphosis in Venture Capital

  • Individuals or entities that are slow to adopt new technologies or are skeptical of AI's role in investment decision-making might find themselves at a disadvantage compared to those who embrace these innovations.

Conclusion

AI-driven efficiency and accessibility are breaking down traditional barriers. This evolution empowers a wider range of investors to participate in alternative assets and also fosters a more inclusive and dynamic financial ecosystem.


NCFA Jan 2018 resize - Wealthtech Startup, Allocations, Surpasses $2 Billion AUAThe 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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Canada’s Lagging AI Adoption Needs to Accelerate to Compete

AI | Feb 29, 2024

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Canada's tech sector voices concern over slow AI adoption, risking its global AI leadership status

Canada's reputation as a frontrunner in artificial intelligence (AI) is under threat due to its sluggish pace in adopting AI technologies, according to voices within the country's tech community. At the MaRS Impact AI conference in Toronto, experts discussed the critical need for Canada to embrace AI more rapidly to sustain its position as a leader in this innovative field. Krista Jones, Chief Delivery Officer at MaRS Discovery District, highlighted the slow adoption of Canadian-made AI technologies as a significant challenge, potentially jeopardizing Canada's leadership in AI.  Note, Canada ranked 5th on last year's Global AI Index and Deloitte reported that there were 670 Canadian AI startups with good potential.

See:  How AI is Shaping the Future of Financial Services in Canada

  • A KPMG study revealed that only 35% of Canadian companies had adopted AI by last February, compared to 72% of U.S. businesses, underscoring the urgency for Canada to close this gap.
  • Canadian companies face several obstacles in embracing AI, including funding shortages, risk aversion, and a lack of clear starting points for implementing AI technologies.
  • Catherine Fortin LeFaivre from the Canadian Chamber of Commerce advocates for starting with small, manageable AI applications to overcome the paralysis caused by aiming for large-scale AI strategies.
  • Tomi Poutanen, head of AI health company Signal 1, pointed out the difficulties in AI adoption within healthcare due to regulatory hurdles and funding constraints, emphasizing the need for innovation-friendly policies.
  • Elissa Strome of the Canadian Institute for Advanced Research called for government action as procurers or first customers of AI technologies and suggested incentives for domestic companies purchasing Canadian AI to stimulate the local market.

Ways Canada Can Help Accelerate AI Adoption

To streamline the approach for Canada to increase AI adoption and enhance its global competitiveness, Canada is advised to focus on a few areas to move the needle forward including (1) Government Leadership and Support, (2) Education and Workforce Development, and (3) Innovation and Industry Collaboration.

1. Government Leadership and Support

Create a more conducive environment for AI development and adoption through strategic investments, regulatory frameworks, and international partnerships.

See:  Canada Aims to Regulate AI in Search & Social Media

  • Increase allocations in the national budget for direct investments in AI research, development, and adoption. Offer financial incentives such as tax breaks, grants, and subsidies to businesses implementing AI technologies, with a focus on startups and SMEs.
  • Develop clear, adaptive regulations that encourage innovation while ensuring ethical use of AI. This includes privacy protections, data security, and guidelines for responsible AI that can build public trust in AI technologies.
  • Foster global partnerships to share knowledge, research, and best practices in AI. This also involves creating policies that attract global AI talent and encourage them to contribute to Canada's AI ecosystem.

2. Education and Workforce Development

Build a talent pipeline with the skills necessary for an AI-driven future through comprehensive education and training programs.

See:  Optimizing Your Approach to Human Resources for the Digital Age

  • Integrate AI and machine learning into curricula across levels of education, from primary through post-secondary, to build foundational knowledge from an early age.
  • Develop programs and incentives for continuous learning, reskilling, and upskilling for the existing workforce. This includes partnerships with private sector entities to provide practical, hands-on training in AI applications.
  • Increase public awareness and understanding of AI's benefits and challenges. Encourage engagement with AI technologies through community programs, workshops, and open-access resources.

3. Innovation and Industry Collaboration

Stimulate AI innovation and practical application through collaboration between academia, industry, and government.

See:  AI’s Ethical Dilemma Grows as Innovation Surges

  • Encourage public-private collaborations that leverage the strengths of academia for research, industry for application, and government for support and funding. This includes creating innovation hubs and clusters that serve as centers for AI excellence.
  • Identify and target sectors where AI can have a transformative impact, such as fintech (financial services), healthcare, and manufacturing. Develop sector-specific strategies and support demonstration projects that showcase AI's potential to improve efficiency and productivity.
  • Invest in data infrastructure that ensures access to high-quality, diverse datasets necessary for AI training. Implement policies that balance data accessibility with privacy and security considerations.

By focusing on these three categories, Canada can create a holistic strategy that accelerates AI adoption, fosters innovation, and continues to position the country as a global leader in the AI revolution.

Why It Matters

The urgency for Canada to enhance its AI adoption is about securing a future where innovation, economic growth, and societal well-being are intrinsically linked to technological advancement. Canada's ability to keep pace will determine its role on the global stage, impacting everything from job creation to healthcare, and beyond.  As Canada faces the risk of falling behind, the call to action is clear: embrace AI more broadly and swiftly, or risk losing its esteemed position on the global AI stage.


NCFA Jan 2018 resize - Canada's Lagging AI Adoption Needs to Accelerate to CompeteThe 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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SEC Scrutinizes Terraform’s $166M Transfer to Dentons

Crypto | Feb 29, 2024

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SEC scrutinizes Terraform Labs for a $166 million fund amid bankruptcy proceedings

The U.S. Securities and Exchange Commission (SEC) is taking action against Terraform Labs by scrutinizing a $166 million transfer to the law firm Dentons.  Amidst Terraform Labs' bankruptcy saga, the move raises questions about the intentions behind substantial financial transfers made since the start of 2023. The SEC's allegations suggest these funds may have been aimed at evading potential future judgments related to the SEC's lawsuit against the company. This development adds a new layer to the complex narrative surrounding Terraform Labs, particularly in light of the company's involvement in the dramatic collapse of the TerraUSD stablecoin, which erased billions in investor assets.

  • The SEC has highlighted suspicious financial activities involving Terraform Labs, including a significant $166 million transfer to Dentons. This action is part of a broader investigation into the company's financial management and legal strategies following its bankruptcy filing.
  • Terraform Labs' decision to file for Chapter 11 bankruptcy was reportedly influenced by the looming financial penalties from federal regulators. The company's financial maneuvers, including the contested transfers, were ostensibly aimed at covering legal expenses, including those of its co-founder, Do Kwon, who faces criminal charges in multiple jurisdictions.

See:  SEC Intensifies Accounting Audits in 2023

  • While the SEC does not oppose Terraform Labs' payment of legitimate legal expenses, the regulator has raised concerns over the magnitude of the funds transferred to Dentons. The SEC's objections reflect apprehensions about the potential misuse of company assets, emphasizing the need for transparency and accountability in the use of such funds.

Follow the Money

  • Following its bankruptcy declaration, Terraform petitioned the court overseeing its bankruptcy for authorization to engage Dentons as its special litigation counsel and to allocate $6.3 million towards the legal expenses of its staff and essential external collaborators embroiled in litigation. Terraform's legal documents reveal that approximately $3.25 million from this sum is designated for covering the legal costs of its employees.
  • Terraform is also pursuing approval to expend roughly $1.33 million on a lawsuit in the UK, which it believes will unearth crucial evidence from a cryptocurrency trading firm beneficial to its defense against the SEC's legal actions.

See:  Federal Judge Rules Against Terraform labs

  • According to the SEC, the bulk of the retainer fees, amounting to $122 million, were moved to Dentons within the 90 days leading up to Terraform's bankruptcy filing. Consequently, this sum might be subject to reclamation to settle debts with Terraform's other creditors, presenting a possible conflict of interest between Terraform and Dentons, as pointed out by the regulatory body.
  • Bottom line:  The SEC contends that Dentons should be precluded from representing Terraform, its staff, or its contractors unless it reimburses $81 million still held in the retainer fund and agrees to have its subsequent charges reviewed and approved by the bankruptcy court.

SEC Said:

The money has been "siphoned" into an "opaque slush fund for its lawyers," to the detriment of the investors and creditors who will seek to be repaid in Terraform's bankruptcy.

See:  Winklevoss’ Gemini to Refund $1.1 Billion After NYDFS Findings

Why It Matters

For stakeholders in the fintech and investment sectors, this case underscores the importance of regulatory compliance, financial transparency, and the potential repercussions of legal entanglements on corporate stability and investor trust.


NCFA Jan 2018 resize - SEC Scrutinizes Terraform's $166M Transfer to DentonsThe 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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Klarna’s AI Handles 700 Jobs, Targets $20B IPO

AI News | Feb 29, 2024

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Klarna's AI-Chatbot Does the Work of 700 Humans, Eyes $20B IPO

Klarna has embraced AI in a significant way, leveraging OpenAI's technologies to enhance its customer service operations. The company's AI-powered chatbot is reported to do the work of 700 human employees, handling inquiries for its 150 million customers. This adoption of AI has fundamentally altered Klarna's hiring strategy, focusing more on engineering roles while reducing the need for traditional customer service positions.

  • The chatbot has improved efficiency, reducing repeat inquiries by 25% and shortening average conversation times from 11 minutes to just two minutes.
  • Despite the reduction in human customer service roles, Klarna's CEO Sebastian Siemiatkowski emphasized the benefits of AI in providing superior customer experiences, more interesting challenges for employees, and better returns for investors.
  • Klarna's workforce was reduced to 4,201 by the end of 2023, from 5,441 a year earlier, partly due to these technological advancements.

See:  Klarna’s New $7.99 Monthly Subscription Plan Pre-IPO

  • Klarna's AI initiatives have positioned the company as a leader in adopting and applying AI technologies in the fintech sector. The company's partnership with OpenAI has been particularly fruitful, making Klarna a "favorite guinea pig" for testing new AI applications.
  • Klarna's focus on AI and technology has not only impacted its workforce composition but also its operational efficiency and customer service quality, setting a precedent for other companies in the industry.

Chatbot Challenges

Not all AI chatbot cases work out perfectly when first deployed.  In a notable legal case, Air Canada faced repercussions when its AI-powered chatbot provided misleading information about bereavement fares, leading to a small claims court ruling in favor of a passenger who was misinformed. The chatbot inaccurately suggested that passengers could apply for reduced fares retroactively, contrary to the airline's actual policy. The court awarded the passenger $812.02 in damages and fees, highlighting the issue of "negligent misrepresentation" and underscoring the legal and operational risks associated with deploying AI in customer service without ensuring the accuracy and reliability of the information provided.

See:  PayPal Ventures Co-Leads $30 Million in AI Pioneer Rasa

In another virtal example, McDonald's experimentation with AI-powered voice bots for drive-thru ordering has led to a mix of frustration and humor among customers, as documented by TikTokers. Despite the technology's promise to streamline orders, numerous instances have surfaced where the bots failed to accurately process orders. One TikToker's attempt to order a cup of vanilla ice cream and a large water resulted in the bot adding two butters and four ketchup packets to her order instead. Another customer was bewildered when her order for one sweet tea was interpreted as nine. A particularly striking error involved a bot adding an excessive amount of McNugget meals to an order, totaling over $250. These mishaps highlight the challenges and limitations of integrating AI into customer service, underscoring the technology's current inability to fully understand and accurately process customer requests, leading to both amusement and frustration among users.

Financial Performance and IPO Plans

Klarna is actively preparing for an Initial Public Offering (IPO) after reporting its fifth consecutive annual net loss, signaling a strategic move towards public listing within the current financial landscape.  The company's strategic shift towards AI and technology-driven operations is seen as a move to make itself more nimble and competitive, especially as it eyes a potential IPO in the near future.

  • Klarna reported a fifth consecutive annual loss, with a net loss of SKr2.5 billion ($241 million) for 2023, which is narrower than its SKr10.4 billion loss in 2022.
  • The company saw a 22% increase in revenues, reaching SKr23.5 billion. This financial performance comes as Klarna continues its expansion plans and considers a potential initial public offering (IPO) this year.
  • The company's valuation has seen fluctuations, with a significant drop from $46 billion in June 2021 to $6.7 billion a little over 12 months later, largely due to higher interest rates impacting the fintech sector.

See:  Klarna’s Meteoric Rise in the Canadian Financial Ecosystem

  • Despite these challenges, Klarna is reportedly in talks with several U.S. banks about listing through an IPO as early as the third quarter of 2024, seeking a valuation of $20 billion.
  • Klarna's U.S. headquarters in Columbus has been a significant part of its operations since 2015, indicating the importance of the U.S. market in its global strategy and potentially influencing its decision to pursue a U.S. IPO.
  • Factors such as potential interest rate declines and the U.S. Presidential Election in November could influence the IPO landscape.

Outlook

Klarna's outlook is one of cautious optimism.  The company's AI-driven efficiencies are not just about cost savings; they represent a significant shift in how customer service and operational tasks are managed, setting a new standard for the industry. Klarna's ability to streamline operations and reduce human error through AI, improving customer experience while lowering operational costs, could serve as a model for other fintech companies.

See:  Amazon & Affirm’s BNPL Service Aids Small Business Growth

The fintech sector is highly competitive, with regulatory pressures and market dynamics constantly changing. Klarna's reliance on AI and its ambitious IPO plans will be closely watched by investors and industry observers alike, serving as a barometer for the company's long-term viability and the broader acceptance of AI in financial services.


NCFA Jan 2018 resize - Klarna's AI Handles 700 Jobs, Targets $20B IPOThe 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

News Release - Finliti and TerraZero Partner to Revolutionize Literacy and Investment

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.


NCFA Jan 2018 resize - Finliti and TerraZero Partner to Revolutionize Literacy and InvestmentThe 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 - Winklevoss' Gemini to Refund $1.1 Billion After NYDFS Findings

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.


NCFA Jan 2018 resize - Winklevoss' Gemini to Refund $1.1 Billion After NYDFS FindingsThe 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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Tech4SickKids – Innovate for a Healthier Tomorrow

Philanthropy | Feb 28, 2024

Tech4SickKids You can change the world - Tech4SickKids - Innovate for a Healthier Tomorrow

Drive Change: Support Tech4SickKids Now

We're helping rally innovators, influencers, and drivers of change—to join Tech4SickKids in a monumental challenge: raising $25 million to revolutionize SickKids with big-data solutions and a state-of-the-art hospital. This initiative isn't just about building walls; it's about breaking down barriers to the limitless possibilities of AI and modern medicine.

See:  Bill Gates Announces $20 Billion Donation and Obligation to Return His Resources to Society

By aligning with Tech4SickKids, you join a community of forward-thinking entrepreneurs who understand that true success comes from making a positive impact on the world. This is your chance to leave a philanthropic legacy that transcends your business achievements, demonstrating the powerful role that entrepreneurs can play in solving real-world problems.

How You Can Join the Movement

  • Donate: Every gift, whether one-time or monthly, fuels the fight. Your donation today is an investment in the future of pediatric care.
  • Pledge Your Support: Through the Upside Foundation, tech founders can make a lasting impact by donating 1% of their company's equity at the time of sale or IPO. It's a simple way to give back that grows with your success.

See:  Giving block reports, Crypto philanthropy jumped nearly 16x in 2021

  • Leverage Your Corporate Clout: Encourage your company to match donations, become a sponsor, or initiate an employee giving program. It's an opportunity for corporate social responsibility that benefits everyone involved.
  • Start Your Own Fundraiser: Engage your team and community by hosting an event in support of SickKids. Whether it's a gala, a hackathon, or a charity run, every event makes a difference. Find inspiration, register your event, and access our toolkit and resources to make your fundraiser a success.

Video:  Precision Child Health Campaign

Erin Bury and Kevin Oulds, Co-founders Wilful:

"When we started Willful it was important for us to bake giving back into our strategy from day one. One early commitment we made was pledging 1% of Willful's equity to SickKids via The Upside Foundation. We're both passionate about having a world-class children's hospital available for our own kids and those in our community, so it was an easy choice to make. This has been a signal to employees, investors, and the larger community that we care about more than just the bottom line."

Take the Next Step

We invite you to learn more about how you can contribute to this transformative mission. Whether through equity pledges, offering your expertise, or advocating for the cause, your involvement can help build a new SickKids that stands at the forefront of pediatric healthcare innovation.

See:  Bringing Good Ideas to Life: 13 Modern Ways to Innovate

For more information and to make your pledge, simply submit a pledge form at upsidefoundation.ca/pledge or reach out to Leonard Nolasco at leonard.nolasco@sickkidsfoundation.com


NCFA Jan 2018 resize - Tech4SickKids - Innovate for a Healthier TomorrowThe 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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