Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Web3, Decentralization, DAOs
UK High Court Concludes Craig Wright is Not Satoshi Nakamoto
News | March 15, 2024
Image: Freepik/starline
The Verdict on Satoshi: Craig Wright's Claims Dismissed by High Court
A High Court judge in the UK has concluded that Australian computer scientist Craig Wright is not Satoshi Nakamoto, the creator of Bitcoin. This verdict comes after a contentious two-month trial in London, where Wright faced allegations of perjury and forgery in his attempts to establish himself as the digital currency's inventor. The case, brought against Wright by the Crypto Open Patent Alliance (COPA), sheds concluding light on the ongoing debate over the true identity of Satoshi Nakamoto and the origins of Bitcoin.
- The High Court's decision was delivered swiftly by Mr. Justice Mellor, who, after considering the overwhelming evidence, ruled against Wright on all counts, including his claim to be the author of the Bitcoin white paper and the creator of the Bitcoin system.
- COPA accused Wright of committing perjury and forging documents in an attempt to substantiate his claims. The trial revealed that some documents provided by Wright were allegedly backdated and contained inconsistencies, such as edits made using software versions that did not exist at the time the documents were supposedly created.
- COPA's spokesperson hailed the verdict as a victory for developers, the open-source community, and truth. For over eight years, Wright's claims and his legal actions have loomed over the Bitcoin community, with this ruling potentially putting an end to his assertions and the associated legal battles.
See: Bitcoin’s 10 Commandments: Insights from Satoshi’s Emails
- Notably, Wright had previously won a defamation case related to his claims of being Nakamoto, but the damages awarded were minimal due to the judge's findings of false evidence presentation. This pattern of legal challenges underscores the contentious nature of Wright's claims within the crypto space.
Why It Matters
This High Court's ruling dispels years of speculation and reinforces the importance of authenticity within the crypto community, setting a precedent for future disputes over digital currency origins and intellectual property.
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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Mastercard and MetaMask Unveil Web3 Payment Card
Blockchain Payments | March 12, 2024
Image: Unsplash/Vadim Artyukhin
Mastercard has teamed up with MetaMask to test the first blockchain-powered payment card
With Mastercard recently ending its partnership with Binance, this new partnership with MetaMask introduces an entirely on-chain payment card, issued by Baanx, designed to allow MetaMask's extensive user base—boasting over 30 million monthly active users—to utilize their cryptocurrencies for everyday purchases across any Mastercard-accepting locations. This is a truly decentralized web3 payment solution that will bridge the gap between crypto assets and conventional spending habits.
See: Signals by Mastercard: Trends to Watch in the Future of Payments
Both Mastercard and Visa have been engaging with public blockchain developers and self-custody wallet providers, indicating a growing interest in blockchain technology within traditional financial frameworks. Also see: PayPal's blockchain vision as a new rail
Is This Similar to Visa's Partnership with Transak?
Recently, Visa partnered with Transak to facilitate cryptocurrency withdrawals in 145 countries. The partnership uses Visa Direct to enable real-time card withdrawals, allowing users to convert 40 different digital assets from wallets like MetaMask into local fiat currencies accepted at over 130 million merchant globally where Visa is accepted.
While Mastercard's initiative with MetaMask focuses on creating a blockchain-powered payment card for spending crypto on everyday purchases, Visa's partnership with Transak emphasizes the ease of converting cryptocurrencies into fiat currencies for withdrawals and payments across a vast number of countries. Both initiatives will help grow mainstream adoption of cryptocurrencies, yet they cater to different aspects of the user experience.
See: Visa and MasterCard Set to Decrease Average Interchange Fee to Under 1% in Canada
Mastercard's approach integrates crypto spending into daily financial activities, whereas Visa and Transak's collaboration enhances the liquidity and accessibility of cryptocurrencies by simplifying the conversion process to fiat, highlighting the diverse pathways through which the financial industry is embracing digital assets.
Why It Matters
By enabling the use of crypto for everyday transactions, this partnership expands the utility of digital assets. As incumbent financial giants like Mastercard continue to embrace blockchain, we can expect further innovations that bridge the gap between conventional banking and the morphing world of decentralized finance.
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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NFT Market Divergence as Cryptocurrencies Soar
NFTs | March 7, 2024
Image: Freepik/macrovector
NFT collections see a significant drop in floor prices amidst a cryptocurrency market rally, with major collections facing steep losses
As pointed out by The Defiant, the Non-Fungible Token (NFT) market has witnessed a sharp decline in the floor prices of its top collections, even as cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC) experience significant rallies. This trend highlights a growing divergence between the NFT sector and the broader cryptocurrency market. Notably, major NFT collections, including the Bored and Mutant Ape Yacht Clubs, Pudgy Penguins, and Azuki, have reported substantial losses in their value over the past week. This downturn has been exacerbated by record-high liquidations on Blend, Blur's NFT lending platform with 82% of the market, indicating a period of heightened volatility and uncertainty within the NFT space.
- The NFT market's underperformance amidst all-time-high seeking crypto market prices suggests divergence or a shift in investor sentiment possibly by a fear of missing out (FOMO) on the crypto rally.
- Data from Blur's NFT marketplace reveals that five of the top six NFT collections by daily volume have suffered losses ranging from 20% to 37% in over the last seven days. Notably, the Bored and Mutant Ape Yacht Clubs, along with Pudgy Penguins and Azuki, have faced steep declines.
See: NBA in Legal Battle Over Crypto Marketing
- The volatility has led to a spike in liquidations on Blend, with approximately 240 tokens from leading collections being liquidated on March 6, marking a new all-time high for the platform.
- Despite the overall downturn, select NFT collections like CryptoPunks, Chromie Squiggle, and Milady Maker have seen their values increase, indicating pockets of resilience within the market. For example, a rare CryptoPunk alien NFT sells for $16 million.
Outlook
While the short-term outlook may seem bearish for NFTs, the resilience shown by certain collections suggests that the market is still evolving and adapting. As digital currencies continue to gain momentum, the NFT sector may undergo further shifts, with potential for recovery as investors recalibrate their portfolios. The interplay between NFTs and cryptocurrencies is a key area to watch, as it will likely influence future trends and opportunities within the digital asset 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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SEC Scrutinizes Terraform’s $166M Transfer to Dentons
Crypto | Feb 29, 2024
Image: Freepik/studiogstock
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.
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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Round13 Digital Asset Fund Posts Over 40% Gains
Release | Feb 21, 2024
Image: Freepik
Round13 Digital Asset Fund (DAF) Posts Over 40% Gains Despite Volatile Market
TORONTO – February 20, 2024 – Round13 Digital Asset Fund (DAF), a native crypto fund in Canada with an innovative open-ended structure, announced yesterday gains exceeding 40% since its inception in April 2022, despite the turbulent market backdrop. This achievement underscores the Fund's exceptional ability to outperform major cryptocurrencies, with a 30% lead over BTC and a 60% advantage against ETH.
See: Bitcoin Ordinals: Exploring the Convergence of Fungible and Non-Fungible Digital Assets
Leveraging strategic investments in 20 portfolio companies across pivotal stages such as Seed and Series A, with investments ranging from $250,000 to $5 million, Round13 DAF has curated a diverse and impressive portfolio. These companies are pioneering advancements across crucial crypto market segments, including AI, gaming and Metaverse, identity, and infrastructure. Noteworthy portfolio companies include Wombo, Improbable, Confirm, and ChainSafe.
Several portfolio entities have successfully secured funding at significantly enhanced valuations, demonstrating resilience and growth potential. A notable aspect of the Fund's portfolio is the presence of token projects poised for native token launches this year, further enriching the investment landscape. Round13 DAF remains optimistic about the prospect of additional liquidity events from its venture deals in the next three years.
Established by Round13 Capital, a venture and growth-stage investment firm co-founded by Bruce Croxon and John Eckert, Round13 DAF is focused on blockchain innovation and digital asset markets. The Fund's structured approach to onboarding new investors quarterly, coupled with its steadfast resilience and innovation, sets it apart in the fast-paced digital asset domain.
A Bright Future for Digital Assets
With an eye on the next 12-24 months, Round13 DAF's confidence in the digital asset market is stronger than ever. The U.S.'s recent approval of Spot Bitcoin ETFs marks a new era of growth and institutional adoption for BTC and ETH. This optimism is anchored in the belief that the digital asset market is on the cusp of significant expansion and mainstream finance integration.
See: CSA Consultation on Public Investment Funds and Crypto Assets
Satraj Bambra, Managing Partner and CIO at Round13 DAF:
"Our dual focus on crypto capital markets and venture capital has been fundamental to our strategy. This approach has enabled us to adeptly navigate varying market conditions, including the recent downturns and market uncertainties post-FTX collapse. Our vision is to continue leading in the digital asset space, driving innovation, stability, and growth. With the market poised for monumental shifts, our strategic positioning enables us to capitalize on the upcoming value surge, with BTC projected to exceed $150,000 and ETH to surpass $10,000 in the next two years."
Dig Deeper with Khaled Verjee – Managing Partner, Round13 DAF
NCFA got in touch with Round13's Digital Asset Fund, Managing Partner, Khaled Verjee to answer some additional questions.
Q: Given the impressive performance of Round13 DAF amidst a turbulent crypto market, what specific criteria or evaluation process does the fund use to select portfolio companies?
A: Our selection of portfolio companies is underpinned by an evaluation process that emphasizes several key criteria. Firstly, Round13 DAF prioritizes companies that have secured enough capital to sustain operations for at least a three-year runway. This criterion underscores the importance of financial stability and resilience, ensuring that the company can navigate market volatilities without the immediate need for additional funding. Companies also need to have solid fundamentals and a robust business model, demonstrated by an established performance track record which includes clear revenue models, customer acquisition strategies, and scalable operations.
We look for a strong technical founder – which is crucial for driving innovation and technical excellence, especially in the rapidly evolving crypto and blockchain sector. We also look for a second or third time CEO as these leaders bring proven track records of navigating startups to success, learning from past experiences, and applying those lessons to avoid common pitfalls and accelerate growth.
See: Winklevoss’ Gemini to Refund $1.1 Billion After NYDFS Findings
Given the technical complexity of blockchain technology, the Fund emphasizes the importance of a strong user interface and ease of use. The portfolio companies we invest in make blockchain technology easy to use and accessible, essentially making the complexity of blockchain invisible to the user. This focus ensures that products and services can achieve wider adoption by being user-friendly and intuitive.
Q: How does Round13 DAF differentiate its investment strategy from other crypto funds, particularly in terms of portfolio diversification and risk management?
We understand that narratives play a big role in how the market moves. Round13DAF distinguishes its investment strategy from other crypto funds through a nuanced approach to portfolio diversification and risk management, and our ability to strategically rotate in and out of assets based on our analysis of market narratives – which both protects investments from undue volatility and also maximizes returns by entering and exiting positions at opportune times. This agility is a critical differentiator.
Q: A lot has been written about the mashup of AI integration into the crypto sector. What are your thoughts on the future?
AI integration into the crypto sector is a natural intersection where both technologies complement each other and drive efficiencies. For instance, the ability to verify AI-generated images or videos as true copies highlights how the blockchain can enhance the credibility and security of digital content. Additionally, by aggregating latent computing power from devices like mobile phones, computers, and gaming machines, the crypto sector can offer a cost-effective and accessible means to power AI models. This not only democratizes access to AI by reducing costs but also leverages the decentralized nature of blockchain technology for training AI models.
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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Addressing The Paradox of Governance Tokens
Governance Tokens | Feb 15, 2024
Image: De.Fi
Promise of Decentralization versus Reality of Governance Token Structures
Governance tokens enable democratic decision-making processes within decentralized autonomous organizations (DAOs). These tokens, designed to democratize governance by granting voting rights to token holders, promise a future where stakeholders have a direct say in the direction and operation of a project. However, recent data and analyses suggest that the actual governance structures facilitated by these tokens may not live up to the ideals of good governance they aim to embody.
Crypto governance tokens don’t have good governance.
Governance tokens are a pathway to a more inclusive and participatory governance framework, and are meant to be different than centralized decision-making models. In theory, these tokens empower their holders with the ability to influence decisions, propose changes, and vote on key issues related to the project's development, financial management, and strategic direction.
See: Are DAO governance attacks avoidable?
Despite the promise of governance tokens, practical implementations have often fallen short of creating truly democratic governance structures. the data reveals several critical issues that undermine the effectiveness of governance tokens as tools for good governance. Bottom line is poor governance can erode trust among stakeholders, lead to low community engagement, and result in short-sighed and poor decisions for the long term sustainability and health of a project.
- In many projects, governance tokens are distributed in a manner that results in a significant concentration of voting power among a small group of holders. This concentration can occur due to initial token distribution events favoring early adopters, developers, or large investors. As a result, the democratic ideal of one token, one vote is compromised, leading to governance decisions that reflect the interests of a few rather than the collective will of the community.
- Another challenge facing governance token-based systems is the consistently low participation rate in governance votes. Factors include a lack of engagement or interest from token holders, the technical complexity of participating in votes, and the perception that individual votes have little impact on the outcome. This apathy undermines the governance process, making it less representative and effective.
See: Arca Report: DAOs – Institutional Guide to Decentralized Governance
- The governance mechanisms enabled by tokens can be complex, requiring a deep understanding of the project's technical and financial aspects. This complexity can exclude average token holders from the governance process, as they may feel ill-equipped to make informed decisions or engage meaningfully in discussions.
- Governance token holders may be motivated by short-term gains rather than the long-term health and success of the project. This short-termism can lead to decisions that prioritize immediate profits over sustainable development, potentially compromising the project's future viability.
Digging Into the Data
Addressing the Issue
Several mechanisms can be implemented to mitigate the risk of power concentration:
- Projects can aim for a more equitable distribution of governance tokens, such as through airdrops to a wider base of users, rewards for community contributions, or limiting the amount of tokens that any single entity can hold.
- Use a quadratic voting system which weights votes based on the square root of the number of tokens a voter holds, diminishing the power of large holders and amplifying the voice of smaller ones.
- Allow token holders to delegate their voting rights to representatives or to join voting pools can help balance power dynamics, ensuring that the interests of smaller token holders are represented.
See: Research: Ownership of Top 10 Web3 DAOs is Surprisingly Concentrated
- Use time-locked voting where the voting power of tokens increases with the length of time they are held can encourage long-term commitment over short-term speculation and reduce the influence of large, transient stakeholders.
- Simplify the voting process, improve the accessibility of information, and educate token holders about the importance of their participation can increase engagement. Additionally, use quadratic voting or other mechanisms that mitigate the influence of large holders could make the governance process more democratic.
- Ensure that decision-making processes are transparent and that outcomes are communicated effectively can build trust in the governance system. Establish clear guidelines for proposals, voting, and the implementation of decisions is crucial for accountability.
Conclusion
While governance tokens hold the promise of decentralized and democratic governance, the reality is that their current structures often fall short of this ideal. By addressing the challenges of concentration of power, low voter turnout, complexity, and short-termism, the DeFi community can work towards creating governance models that truly reflect the principles of good governance - inclusive, fair, hack-proof, and focused on the long-term sustainability of the project.
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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