When it comes to digital innovation, Starbucks has been a pioneer on a number of fronts. Some say its new Web3 loyalty program will be a litmus test far beyond the world of coffee.
Solana devs look to rebuild as they unwind DeFi on the network from Sam Bankman-Fried’s Serum, replace it with OpenBook, and plot a course for the future.
The International Organization of Securities Commissions (IOSCO) has 
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
A Litmus Test for the Future of Branded NFTs: Starbucks new Web3 Loyalty Program
Digiday | Marty Swant | Dec 9, 2022
When it comes to digital innovation, Starbucks has been a pioneer on a number of fronts. Some say its new Web3 loyalty program will be a litmus test far beyond the world of coffee.
- On Thursday, the coffee giant announced the beta launch of Starbucks Odyssey, the company’s first major attempt at integrating blockchain tech into its existing rewards program. Starting with a small group of U.S. members and employees, Starbucks will invite participants into “journeys” that allow them to collect NFTs and points that unlock new benefits and experiences.
- Starbucks is also partnering with Nifty Gateway, a popular NFT marketplace.
- Marketers and industry observers say they are watching the rollout of the program as it could be a bellwether for how much consumers are willing to care about branded NFTs.
- Sample Rewards:
- Activities will include taking a virtual tour of a coffee farm, learning about Starbucks history; and
- Playing interactive games
- Virtual espresso martini-making classes
- Access to merchandise and artist collaborations; and
- Invites to events at Starbucks stores and coffee farms
See: Strategies for Protecting NFT Brand/product IP in the Metaverse
Israel Mirsky, Partner at the innovation firm House of Attention:
The Starbucks Odyssey launch is a litmus test for Web3’s readiness to help a major QSR brand take customer engagement to the next level, as much as it is a test of the brand’s ability to build compelling experiences on top of that foundation.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Solana DeFi Is Starting Over — OpenBook
Decrypt | Stacy Elliott | Dec 7, 2022
Solana devs look to rebuild as they unwind DeFi on the network from Sam Bankman-Fried’s Serum, replace it with OpenBook, and plot a course for the future.
- Serum, founded in August 2020 by a consortium that included the Solana Foundation and Bankman-Fried’s FTX and trading desk Alameda Research, was a core decentralized exchange platform and liquidity provider for the burgeoning Solana DeFi ecosystem. Its order book was crucial for DeFi on Solana, integrated into virtually all of the biggest DeFi projects on the network, like Jupiter and Raydium. But its private keys were housed within FTX—which is exactly as bad as that sounds.
See: Crypto.com Halts Solana USDC and USDT Withdrawls and Deposits | $800 Million SOL Tokens Set to be Unstaked
- Following an apparent hack on FTX on November 11, the same day that the company filed for bankruptcy, DeFi projects on Solana rushed to cut ties with Serum out of fear that the private key that could be used to update the program had likewise been compromised. This effectively flipped the “off” switch on Solana DeFi.
- OpenBook: Since then, Solana developers, investors, and other stakeholders have been scrambling to turn it back on, pushing ahead with a fork of Serum—essentially a copy of the code, free of any ties to Bankman-Fried or FTX.
- Now, the community behind OpenBook, the successor to Serum, has to wrestle with some thorny tokenomics questions after reaching $2.7 million total value locked since it was added to DeFi Llama last week.
- Grants being offered to qualifying projects to rebuild: “The foundation is very keen on funding grants, at least for the foreseeable future, for OpenBook development so that we can maintain this core piece of liquidity infrastructure for DeFi, however that well is not infinite,” Ben Sparango, head of business development at Solana Labs, said during the call.
- “Each one of these grants will be evaluated on a case-by-case basis. So it’s not going to be free money forever.”
See: Grayscale Won’t Share Proof of Reserves | Bitvo Escapes FTX | (Some) DeFi Platforms Benefit from CEX Exodus
Solana co-founder Anatoly Yakovenko:
The community's evolution of Serum to OpenBook has been great to watch. The community mobilized quickly and in the open to redeploy Serum so it continues on a new, secure path, with decisions made by and for the community members,” he said. “Open Book is a great demonstration of decentralization in action.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Dec 20: Brookings Online Debate: Should Crypto be Regulated by the Federal Government?
Brookings | Dec 7, 2022
Tuesday, December 20, 2022, 9:00 - 10:00 a.m. EST
Online: https://www.brookings.edu/
Debate moderator: Kelly Evans, Anchor, CNBC's "The Exchange"
YES, crypto should be regulated
- Peter Conti-Brown, Class of 1965 Associate Professor of Financial Regulation, Wharton School, University of Pennsylvania; Nonresident Fellow, Economic Studies, Brookings
See: Hester Peirce Reaffirms That the SEC’s Current Approach to Crypto Is ‘Not a Good Way of Regulating’
NO, crypto should not be regulated
- Stephen G. Cecchetti, Rosen Family Chair in International Finance, Brandeis International Business School
Register for this virtual debate on Dec 20 --> Now
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Imminent Litigation Challenges of the Metaverse
Blakes | Karine Russell and Christopher DiMatteo | Nov 23, 2022
Image: Unsplash/Javier Peñas
While a virtual-reality parallel universe is likely several years away, entirely new areas of law have developed to address the online world. Cyberattack or data breach class actions have become common.
- Privacy litigation: If the metaverse develops as anticipated, it will involve the collection of an unprecedented amount of data about users. Platforms could (as they do now) collect data about what users buy in the metaverse, what they look at, and their conversations with other users. However, because a user’s access to the metaverse would be through a headset, much more data could be collected – for example, relating to user movements, physiological responses and perhaps even brainwaves – that will give platforms a deeper understanding of their users’ thought patterns and behaviours.
- Tort of intrusion upon seclusion where a defendant intentionally intrudes into the plaintiff’s private affairs in a manner that would be highly offensive to a reasonable person. In addition to a data breach scenario, it is possible to envision other metaverse cases of intrusion upon seclusion. If it is possible to buy virtual real estate in the metaverse, for example, a defendant could be liable for snooping in a plaintiff’s virtual home.
- Could a metaverse operator be liable for negligently failing to prevent a cyberattack that resulted in the compromise of user data?
- If a metaverse user breaches the privacy of another user, could the platform be liable for failing to prevent the breach?
See: Proof of Humanity: Aftermath Islands Metaverse Launches Blockchain-based Facial Recognition
- Product liability: The metaverse is projected to result in a vast market for virtual and physical products available for purchase and use by customers. Accordingly, developers, manufacturers, licensors, vendors and others in the industry may be at risk of metaverse-related product liability claims brought by metaverse participants and users of these products.
- claims could result from scenarios where individuals sustain personal injuries while immersed in the virtual or augmented reality of the metaverse world
- property damage or economic loss claims could arise where participation in the metaverse or use of related hardware gives rise to an incident that destroys property. Metaverse users may also be sued by other users for their conduct in the metaverse as it relates to another person or avatar.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Incubella Publishes Research on the 2022 Canadian Web3 Landscape
Incubella | Nov 30, 2022
Image: Incubella
Every year, Canadian Web3 companies continue to attract private investment, mostly from post-seed funding as the brightest ideas charge towards Unicorn status. Of the total $4 Billion CAD invested to-date in Canadian Web3 companies, the largest single private investment was Dapper Labs’ $305M USD Series C.
There are currently 5 Canadian Web3 Unicorns, Axelar, Blockstream, Dapper Labs, Figment, & LayerZero Labs. The fastest to achieve Unicorn status is LayerZero Labs, founded in early 2021 and crossed the $1 billion USD valuation mark just over one year later after raising $135 million USD in March of 2022.
See: McKinsey: Beyond the Hype of Web3. Potential and Challenges
Who is incubella? As proven leaders in the Canadian web3 and blockchain space, Incubella is a startup incubator specialised in marketing, growing and developing projects built on blockchain in the Web3 ecosystem. Headquartered in Montreal, Canada, Incubella’s creatives have extensive experience building and executing growth marketing strategies for promising NFT, DeFi, Metaverse, and P2E (Play to Earn) gaming startups.
Incubella’s complete report of the Canadian Web3 ecosystem is available to read here.
View the original release --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Audio Interviews (post-bankruptcy) with Sam Bankman-Fried on FTX Collapse
Coindesk | Sam Kessler, Nelson Wang | Nov 29, 2022
Image: youtube
Among the more unprecedented elements of the FTX saga has been the fact that Bankman-Fried, who was raised by two lawyers, can’t seem to keep his mouth shut despite mounting legal threats.
Sam Bankman-Fried’s crypto empire blew up in spectacular fashion at the beginning of this month, and questions continue to swirl around the motives and mechanics that caused crypto exchange FTX and its sister company, Alameda Research, to collapse.
See: CB Insights: FTX ‘Bagholders’ — Investments and M&A Portfolio Map
After cryptic tweet threads and a viral DM exchange with a Vox reporter in which he said “f**k regulators” and admitted that his philanthropic identity was largely manufactured for PR reasons, Bankman-Fried’s actual voice is being heard for the first time post-FTX collapse with newly released audio from Tiffany Fong – a crypto investor-turned-whistleblower who initially gained attention for leaking audio that showed Celsius Network, the now-bankrupt crypto lending platform, planned to use a cynical “crypto-based solution” to repay users of its Earn Lending platform.
First audio interviews with SBF post-bankruptcy
First interview with Tiffany Fong
In this phone call interview, Sam Bankman-Fried or SBF, former CEO and founder of FTX, chats with me about filing for Chapter 11 bankruptcy, the alleged backdoor, the use of FTT as collateral, ties to the Democratic Party, laundering Ukraine money, the solvency / insolvency of FTX US, lawyers, and the jurisdictional battle ahead as well as his next steps forward.
See: CFTC Says Bitcoin is the Only Commodity | ECB Criticizes Digital Asset Sector for Facilitating Illegal Activity
Second interview with Tiffany Fong
SBF Talks FTX user funds on Alameda, $8 billion hole illiquidity, CZ, the run on the bank. Sam Bankman-Fried shows remorse
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Adapting IOSCO Principles to Digital Assets Markets
IOSCO | Nov 2, 2022
The International Organization of Securities Commissions (IOSCO) has published a speech by Tuang Lee, Chair of IOSCO Fintech Task Force, on applying and adapting IOSCO principles to digital asset markets.
- Digital assets: These refer to anything of value whose ownership is represented in a digital or computerised form, through a process called tokenisation. Broadly speaking, digital assets can refer to anything, including real assets like artwork and property, but today our primary focus is on crypto-assets and DeFi.
- International scrutiny: On a global level, the International Monetary Fund (IMF) and the Financial Stability Board (FSB) are calling for more regulation of this sector. The FSB recently published, on 11 October 2022, two consultation papers on the international regulation, supervision and oversight of crypto-assets activities and markets – from a financial stability perspective.
See: Global Securities Wathdog IOSCO to Target Crypto Platforms
- IOSCO Fintech task force: As the global standard setter for the international capital markets, IOSCO sets the core Objectives and Principles,1 along with supporting recommendations and guidance, on how to regulate capital markets activities and associated risks (together, IOSCO’s principles). Our members adopt these principles, distilling them into detailed regulations domestically.
- IOSCO has the mandate and a clear roadmap to explore investor protection and market integrity issues in financial markets.
- We have established two workstreams under our roadmap. The first on “Crypto and Digital Assets” is led by the UK Financial Conduct Authority (UK FCA). The second, covering “DeFi Products and Services” is led by the US Securities and Exchange Commission (US SEC).
- Examples of key risks:
- We are seeing many instances of market manipulation, wash trading and insider trading. For instance, a platform employee may be aware of the potential listing of a certain coin and may use the information to invest in the coin and make a quick profit.
- Another key risk concerns conflicts of interest. Conflicts of interest are particularly egregious in the context of crypto-asset service providers. Many of these so-called exchanges perform multiple roles that give rise to conflicts of interest. For example, trading platforms often provide brokerage services, custody and proprietary trading under a single roof – they also engage in the issuance of tokens, lending activities and complex re-hypothecation arrangements with client assets.
See: CPMI and IOSCO publish final guidance for stablecoins
- Like my last example on insider trading, there are existing IOSCO principles that already apply. The challenge is in determining the right level of guidance to provide. For instance, whether platforms should continue to be able to perform their own proprietary trading. Some jurisdictions have already proposed to disallow this. In addition, should platforms be allowed to list tokens which they have active interest in, and if so, what they need to disclose to users of their platforms?
Download a PDF copy of the Speech --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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