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
Canada’s Encryption Fight Tests Fintech Trust And Trade
May 8, 2026 | NCFA Insight | Regulation And Policy, Cybersecurity And Fraud, Artificial Intelligence And Data
Lawful Access Collides With Modern Security Architecture
On May 7, 2026, Apple and Meta warned that Canada’s Bill C-22 could weaken encryption, pushing a long running lawful access debate back into the spotlight. The bill reaches far beyond Silicon Valley politics. It touches the same infrastructure that supports digital banking, fintech apps, cloud platforms, AI systems, wallets, fraud detection, secure communications, and identity verification.
What started as a policing and national security issue increasingly looks like a broader fight over cybersecurity, digital trust, and how governments regulate access to modern technology systems.
What Bill C-22 Actually Does
Bill C-22 creates a lawful access framework for electronic service providers operating in Canada.
Part 1 updates investigative powers related to subscriber information and transmission data.
Part 2 creates the Supporting Authorized Access to Information Act, which would require certain providers to maintain operational and technical capabilities that allow them to comply with lawful access requests under existing Criminal Code or CSIS Act authorities.
The scope is broad. The bill applies to electronic service providers involved in creating, storing, processing, transmitting, receiving, or making information available electronically. That definition reaches beyond telecom networks and traditional internet providers. Depending on regulations and ministerial orders, the framework could affect cloud providers, messaging platforms, device ecosystems, AI infrastructure, payment systems, digital identity platforms, and fintech companies handling sensitive customer information.
Why Ottawa Is Pushing The Bill
The government argues that Canada’s investigative framework no longer matches modern communications technology. Public Safety Canada says current lawful access rules still reflect a 1995 voice telephony environment, even though investigations now involve encrypted messaging systems, cloud services, internet platforms, and cross border digital infrastructure.
The FBI, RCMP, and other law enforcement agencies have long referred to encrypted communications and inaccessible digital evidence as the “going dark” problem.
Investigators increasingly struggle to access information tied to organized crime, online fraud, ransomware, terrorism, child exploitation, and financial crime because modern services collect less accessible data or use strong encryption that even the provider cannot access directly.
See: Real Time Rail Puts Canada’s Productivity Test In Focus
The Canadian Association of Chiefs of Police publicly supported the legislation and argued that police need updated tools to investigate serious crimes in digital environments. Justice Canada also says the bill would allow judges to authorize requests for subscriber information or transmission data from foreign telecommunications or social media providers where there are reasonable grounds to suspect an offence and the information would help the investigation.
The fraud backdrop strengthens the government’s case politically. Competition Bureau Canada reported CAFC data showing Canadians lost more than $704 million to fraud in 2025, while only 5% to 10% of fraud gets reported. Reported losses since 2022 have surpassed $2.4 billion.
The Encryption Fight Is The Real Flashpoint
Critics argue the proposed solution risks weakening the same security architecture modern digital systems depend on. Reuters reported that Apple warned the bill could allow Canada to “force companies to break encryption by inserting backdoors.”
Meta argued the legislation could force providers to weaken encryption protections or undermine zero knowledge systems designed so providers themselves cannot access customer data.
Public Safety Canada disputes that interpretation. Government officials say the legislation would not require providers to create a “systemic vulnerability” in encryption systems, which is now at the center of the debate.
The problem is technical as much as legal. Security engineers often argue that once a system preserves exceptional access for any party, it creates a potential weak point that can eventually attract criminals and and insider abuse.
For fintechs and financial institutions, it's the same strong encryption that protects account credentials, wallet keys, transaction approvals, secure communications, and increasingly AI workflows that may soon handle sensitive financial tasks autonomously.
The UK Risk And Outcome
The UK offers an important lesson for Canada. Earlier this year, Apple removed Advanced Data Protection for new UK users after government pressure around encrypted cloud access. Apple later stated that UK users would no longer have access to the feature and said, “we have never built a backdoor or master key.”
The UK outcome shows how a lawful access demand can expand into a wider cybersecurity and trade problem. Instead of settling the issue, Apple’s feature rollback intensified scrutiny from privacy advocates, security experts, and U.S. officials concerned about government access to encrypted cloud data.
Canada could face the same kind of fallout if Bill C-22 leaves companies unclear about what they may be forced to build, disclose, weaken, or keep secret under future access orders.
Trade Pressure And Digital Sovereignty
Timing isn't great. Canada is already dealing with pressure around digital sovereignty, platform regulation, AI governance, and trade relations with the United States.
In June 2025, Canada rescinded its Digital Services Tax to restart trade negotiations with the U.S. The CUSMA review is an active pressure point for companies operating across borders through cloud infrastructure, data systems, and digital financial services.
Europe is moving differently. The European Commission imposed the first Digital Markets Act penalties in April 2025, including €500 million against Apple and €200 million against Meta. Meanwhile, the Trump administration has taken a more defensive posture toward American technology firms facing foreign digital regulation, including ordering U.S. diplomats to push back against foreign data sovereignty rules.
That leaves Canada to balance a convergence of pressure around public safety expectations, cybersecurity concerns, platform dependence, trade risk, and digital sovereignty ambitions.
Who Could Feel The Impact
Large platforms will likely absorb the first round of scrutiny. The second order effects may matter more for fintech operators and infrastructure providers.
Fintechs, digital identity companies, crypto wallet providers, cloud based banking platforms, AI finance systems, payment processors, fraud vendors, and regulated financial institutions could all face pressure around compliance architecture, data retention, encryption design, and cross jurisdiction operational requirements.
The cost may not appear immediately through direct enforcement. It may emerge through audits, vendor obligations, insurance requirements, infrastructure redesign, compliance overhead, or changes to how secure systems get built and marketed in Canada.
See: Anthropic Mythos Redraws AI Cyber Risk Boundaries
Encryption is key to financial infrastructure. Customer trust, cybersecurity resilience, fraud prevention, and digital competitiveness now all depend heavily on whether secure systems remain genuinely secure.
A Better Compromise Is Still Possible
Does Canada need to choose between ineffective investigations and weakened encryption for everyone?
A better version of the bill would be more precise. It should clearly say which companies can receive access orders, protect end to end encryption and zero knowledge systems, require independent technical review before any order is approved, and give companies a real way to challenge orders that put security at risk.
The core dispute is not whether courts can authorize lawful investigations. It is whether governments should be able to force companies to preserve technical access inside systems designed specifically to remove that access. That is the fight at the centre of the global encryption debate.
Talking Point
Encryption is foundational infrastructure for finance, AI, communications, identity, and cloud systems. Canada’s challenge is no longer simply how to access digital evidence. It's how to modernize investigations without creating weaker systems that undermine cybersecurity, trust, and long term digital competitiveness.
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
 |  |  |
|---|---|---|
 |  |  |
Kraken And MoneyGram Build Global Crypto Cash Bridge
May 6, 2026 | NCFA Fintech Market Activity | Digital Assets Blockchain And Tokenization, Payments And Money Movement
Image: Magnific/Krakenimages.com
Cash Pickup Network Brings Crypto Into Local Money
On May 5, 2026, Kraken announced a strategic global partnership with MoneyGram to let customers withdraw crypto as cash through MoneyGram’s global cash pickup network. The first phase supports crypto to cash withdrawals in hundreds of fiat currencies across more than 100 countries.
The product solves a basic but stubborn problem. Crypto can move globally, but everyday people still need local currency for rent, groceries, bills, and family support. This partnership connects Kraken’s exchange, liquidity, and compliance infrastructure to MoneyGram’s physical and digital payout network, giving users a way to turn digital assets into local cash without relying only on bank transfers.
MoneyGram brings scale that crypto native platforms don't have on their own. The company says its network spans nearly 500,000 retail locations across more than 200 countries and territories, with more than 5 billion digital endpoints. Kraken says the initial rollout will support clients in the U.S., Europe, Latin America, Africa, and parts of Asia Pacific.
See: Coinbase AI Cuts Reset Fintech Cost Discipline
The partnership also connects to the wider buildout of programmable digital payment networks, where crypto, stablecoins, and real time payment systems are competing to reduce friction in cross border money movement.
Arjun Sethi, Co CEO, Kraken
“Digital assets only matter at scale when they can interoperate with the financial systems people already depend on. By integrating Kraken’s liquidity, exchange and compliance infrastructure with MoneyGram’s global payout network, we are building a scalable bridge between digital asset markets and local cash economies. The future of finance will be defined by convergence: a unified financial stack where crypto and traditional rails work together to move value more efficiently.”
That's the strategy. Kraken isn't just adding another withdrawal option. It's using MoneyGram to extend its reach into cash based economies and remittance channels where bank account access, local settlement, and payout reliability are still important and needed. MoneyGram handles the licensed money transmission service and payout infrastructure, while Kraken remains responsible for customer onboarding and identity verification.
Anthony Soohoo, CEO, MoneyGram
“True financial inclusion happens when digital value meets everyday life. MoneyGram is the distribution layer that makes crypto accessible at scale: nearly 500,000 retail locations across 200 countries and territories, giving Kraken customers access to the world’s largest crypto-to-cash off-ramp.”
The partnership also gives MoneyGram another way to extend its crypto strategy. Over the past several years, the company has built API connections for crypto and fintech partners and added stablecoin enabled payment capabilities. Now, this deal puts that infrastructure in front of Kraken’s customer base and turns MoneyGram’s retail network into a global cash out option for digital asset holders.
What's Next?
Kraken says the partnership will expand over time to include local bank deposits and remittances through Kraken and the Krak global money app. With so much market and infrastructure convergence beyond crypto cash outs, expansion begins to look like a bridge between exchange accounts, local bank rails, cash pickup, and cross border payments.
This is where the competitive rubber hits the road. Standalone crypto exchanges can offer trading and custody. Payment networks can offer local payout reach. Stronger models combine both. Users want access to digital assets, but they also need reliable ways to exit into local money when life requires it.
See: KOHO Adds Regulated Crypto Trading Inside Its Money App
For Canada, the partnership will likely be part of Kraken’s existing domestic push. Kraken secured restricted dealer status in Canada on Apr 2, 2025, and has been building its Canadian market growth strategy around regulated access, product depth, and local trust. MoneyGram adds a different piece with physical and digital payout reach for users who need crypto to connect back to everyday money.
Talking Point
Crypto utility grows when users can move between digital assets and local money without friction. Which platforms will control that bridge: exchanges, remittance networks, banks, or the firms that combine all three?
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
| | |
|---|---|---|
| | |
a16z Raises $2.2B For Practical Crypto Infrastructure
May 5, 2026 | NCFA Fintech Market Activity | Digital Assets Blockchain And Tokenization, Capital Markets And Funding
Stablecoins Tokenization And AI Agents Lead The Thesis
On May 5, 2026, a16z crypto announced Crypto Fund 5, a $2.2 billion fund for startups building crypto infrastructure and products. a16z isn’t waiting for another hype cycle. It's putting capital behind the parts of crypto that already look useful, including stablecoins, tokenized assets, on chain lending, payments, and AI agents.
The stablecoin thesis carries the most weight currently. Trading activity still rises and falls with crypto markets, but stablecoins keep gaining use in saving, cross border transfers, and payments. That’s the fintech read. Stablecoins aren't just trading tools. They're becoming payment, treasury, and settlement infrastructure.
Fund 5 also points to a capital markets build. Perpetual futures, prediction markets, on chain lending, stablecoin credit markets, and tokenized real world assets push crypto closer to financial workflows that run continuously and settle faster than legacy systems. The opportunity is infrastructure that reduces friction where money, collateral, data, and ownership move.
The Canadian market is perking up too, with a practical example in Canada’s first financial institution issued CAD stablecoin, while bank technology providers are building toward bank issued digital money. The next test is volume growth. Stablecoins and tokenized cash only matter if they improve settlement, treasury, lending, compliance, and payment workflows for real customers (while at the same time servicing robot customers too? Here's Google says to build for agents And humans).
And then there's AI that makes the fund more of everything all at once. a16z links crypto networks to software agents that can decide, act, and transact on behalf of users. Agent driven commerce needs payment rails, permissions, identity, auditability, digital property rights, and settlement that works without banking hours. Crypto infrastructure may become one way machines pay for compute, data, services, and financial access.
See: Crypto Adoption Data In Europe Points To Next Phase
Where's the risk? A large fund can finance infrastructure, but customers still need simple products, trusted custody, clear rules, strong compliance, and measurable cost savings. The market has already punished crypto projects that don’t turn tech novelty into customer value. Fund 5 allocation will need to ensure builders can turn crypto infrastructure into everyday financial products that work better than the old rails.
Talking Point
If global venture capital is backing crypto infrastructure for payments, tokenization, and AI agents at scale, can Canada turn regulated digital asset rails into products that win real settlement, treasury, and financial services volume?
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
| | |
|---|---|---|
| | |
Coinbase AI Cuts Reset Fintech Cost Discipline
May 5, 2026 | NCFA Insight | Artificial Intelligence And Data, Digital Assets Blockchain And Tokenization
Image: Magnific
AI Becomes A Boardroom Cost Test
On May 5, 2026, Coinbase filed a Form 8-K restructuring plan to cut about 700 employees or 14% of its global workforce as of May 1, 2026. The company expects most of the work cuts to finish in the second quarter of 2026 and estimates $50 - $60 million in restructuring expenses, such as severance and termination benefits. This isn't just another volatile crypto layoff, but rather a public market test of how the integration of AI tech is altering cost, team design, and operating workflow and design.
Coinbase linked the restructuring plan to current market conditions and the need to optimize operations for the AI era. With AI now disrupting the cost base, fintech boardrooms are facing harder questions around how much work can run through smaller teams, better tooling, and tighter controls?
Brian Armstrong, CEO and Co-Founder, Coinbase:
“Over the past year, I've watched engineers use AI to ship in days what used to take a team weeks. Non-technical teams are now shipping production code and many of our workflows are being automated.”
AI Is Now An Operating Issue
For fintech leaders, artificial intelligence is a capital allocation decision. AI spending and workforce redesign is surfacing new trade-offs about spending the next dollar on creating more output, people, platforms, or compute?
That question is currently running through every repeatable workflow in finance. Customer support. Compliance triage. Fraud review. Internal reporting. Software development. Onboarding. Risk monitoring. AI can compress parts of that work, but financial firms don’t get to optimize for speed alone. They also need audit trails, data controls, customer protection, and clear human accountability.
Clean operators can use AI to remove friction. Messy operators may spend more just to make automation safe enough to use.
Crypto Infrastructure Faces A New Cost Benchmark
AI raises the benchmark because investors can now ask whether a crypto infrastructure firm needs the same headcount to support the same activity.
It's pressure that's proliferating through all fintechs, not just crypto, but payment firms, wealth platforms, regtech and insurtech vendors, market infrastructure providers, and more.
See: AI Usage Data Shows Early Labour Market Strain
Can they serve more customers, process more exceptions, ship better software, and meet compliance obligations without scaling headcount at the same rate?
There's inherent danger in treating AI as a simple cost cutter. It is not because automation creates new work around oversight, security, data quality, model review, escalation, and governance. In financial services, a faster workflow that weakens trust is not progress. It is future liability.
Operator Lessons
Investors want stronger unit economics. Customers expect faster service. Regulators expect better controls.
Companies should be rebuilding work before harder choices arrive. Canadian firms should know which workflows still depend on manual review, which controls can be automated safely, and which teams can support growth without adding people at the same pace as revenue.
This is also a productivity issue. Canada’s fintech competitiveness will depend on whether firms can turn AI into better service, lower operating cost, stronger fraud controls, faster onboarding, and cleaner compliance. Companies that can solve this earlier will have more room to invest when capital tightens.
AI changes the economics of work, but it also changes decision making. If software helps write code, approve support responses, flag suspicious activity, draft compliance notes, or review onboarding files, management must know where human review remains mandatory. That is where AI agents in finance become more than a software story. They force firms to decide which tasks should run through automation, which decisions still need human judgment, and how every exception gets reviewed.
See: Coinbase Wins Conditional OCC Trust Approval
AI can improve speed, but weak controls can create opaque decision chains. Smaller teams can be stronger teams when work is clear, measurable, and governed. They can also become fragile when automation hides weak process design.
Talking Point
If AI is now establishing operating cost benchmarks for crypto exchanges and fintech platforms, can Canadian financial innovators redesign work fast enough to compete without weakening trust, compliance, or customer protection?
For Canada, the opportunity is practical. Build cleaner workflows. Improve data quality. Keep accountability visible. Use AI where it strengthens the work, not where it hides weak process.
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
| | |
|---|---|---|
| | |
Crypto Adoption Data In Europe Points To Next Phase
May 4, 2026 | NCFA Fintech Insight | Digital Assets Blockchain And Tokenization
Segmented Markets, Investment Driven Demand, And Push Towards Utility
On Apr 29, 2026, NCFA published a resource post on crypto adoption data across 11 European markets, based on the ARI10 Report Cryptocurrency Adoption in Europe 2026. The data points to a market that's moved past early awareness but hasn’t yet settled into consistent daily use just yet. That gap is where the next phase of competition starts.
Key Metrics
The study surveyed 11,068 respondents across 11 countries between Jan 9 and Jan 15, 2026:
- It found 39.44% had some exposure to crypto assets
- 31.47% qualified as investors, and 64.6% saw potential uses for crypto
- Poland led country exposure at 47.10%, followed by Norway at 45.42%, Spain at 42.38%, and Romania at 42.23%.
- France ranked lowest at 30.41%, while Sweden stood at 35.16%.
- Among investors, 48.65% cited potential value growth as a reason for entering the market, and 68.4% cited financial motives overall.
- The top barriers were risk and volatility at 33.3%, lack of funds at 32.1%, lack of technical knowledge at 31%, and lack of trust in exchanges at 28.6%.
Adoption Has Scale But Uneven
Roughly four in ten respondents have already researched, owned, or traded crypto. Just over three in ten qualify as investors. People know what crypto is, and many have already touched it. Crypto is by far no longer fringe.
See: Canada’s Productivity Depends on Intangible Tech Adoption
However, Poland’s 47.10% exposure rate and France’s 30.41% rate describe very different market conditions. Norway, Spain, and Romania also show stronger engagement than the overall average. For operators, that means Europe has different adoption curves. It breaks into local markets depending on income, education, age, product trust, and financial habits.
Single broad brushed strategies may miss the mark. A wallet, exchange, payment product, or tokenized asset platform needs to match how users actually behave in each market, not how the regional average looks in a slide deck.
Crypto Still Looks Like An Asset First
Investors still participate primarily for financial gains. Nearly half point to potential value growth, and more than two thirds cite financial motives overall. That makes crypto adoption look less like daily payment adoption and more like investment market participation.
This actually strengthens the crypto infrastructure story. Exchanges, custodians, payment firms, banks, and tokenization platforms keep investing because they’re trying to move crypto from access to daily utility. But user behaviour still leans toward buying, holding, and trading. The next stage of growth and adoption depends on how useful crypto becomes inside regular financial workflows, not just easier to purchase.
Barriers Are Practical
Risk and volatility rank at 33.3%. Lack of funds follows at 32.1%. Technical knowledge comes in at 31%. Lack of trust in exchanges reaches 28.6%. Regulatory uncertainty ranks much lower at 9.3%.
Regulation supports trust and scale, especially for institutions. But regulation alone doesn't turn interest into everyday use. Users need clearer entry points, better risk explanations, stronger platform trust, and products that make participating in crypto feel normal and useful.
See: Brussels Faces Pressure to Fix Europe’s DLT Pilot
This is where the current market opportunity is in Europe. Not in chasing generic adoption, but by turning curiosity into confidence, and confidence into repeat and useful behaviour.
3 Takeaways For Builders
- Awareness already has scale, so growth now depends on conversion, trust, and repeated use.
- Adoption remains segmented, so product strategy needs local depth rather than wide sweeping regional assumptions.
- Utility still trails investment behaviour, which leaves room for better products across payments, transfers, tokenized assets, embedded finance, and compliance grade infrastructure.
Talking Point
Crypto adoption has reached a point where awareness and regulation are no longer the main constraints (at least in Europe and based on this study). The next iteration depends on whether the industry can turn interest into trusted, useful, everyday financial behaviour. Access the full report on Crypto adoption in Europe
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
| | |
|---|---|---|
| | |
Crypto Adoption Data Across 11 European Markets
Apr 29, 2026 | NCFA Resource | Digital Assets Blockchain And Tokenization, Risk Compliance And Regtech
Investor Behaviour And Market Penetration Trends
The ARI10 Cryptocurrency Adoption in Europe 2026 report provides a large scale view of crypto asset exposure, investor behaviour, regulatory concerns, and market confidence across Europe. The study draws on more than 100,000 individual responses from over 11,000 respondents across 11 European countries, including Poland, France, Italy, Germany, the Netherlands, the United Kingdom, Norway, Sweden, Hungary, Romania, and Spain. The study was developed with Dr Grzegorz Sobiecki of the Warsaw School of Economics and conducted by UCE Research.
What It Does In Practice
In practice, this gives fintechs and digital asset firms a clearer view of where crypto adoption sits across European markets. The public findings point to nearly 40% of respondents having some exposure to cryptocurrencies, about 31% actively investing, and more than 56% identifying unclear regulation as a barrier to further adoption. For exchanges, wallets, payment providers, compliance teams, and investor education platforms, the report helps connect adoption demand with trust, regulation, and user experience.
Who Gets Value
This is most useful for teams that need market level evidence before making product, compliance, or expansion decisions. Crypto exchanges, payment providers, wallets, compliance teams, investors, and policy teams can use it to compare adoption patterns and trust gaps across Europe. Canadian fintechs can also use it as a reference point for how MiCA, consumer confidence, and digital asset infrastructure are influencing user behaviour in a large regulated market.
Strengths And Limits
The strength is scale. This report gives operators data across 11 countries at a time when crypto adoption, regulation, and infrastructure are coming together. Poland’s 47.1% exposure rate shows how far some markets have moved, which makes the country comparisons useful for expansion decisions.
The limits sit in the data. The study covers 11 countries, not the full European market, and relies on survey responses rather than transaction level data. The methodology uses weighting to adjust for sample bias, and the report is produced by ARI10, a digital asset infrastructure provider. Treat it as a strong directional view of market behaviour, not a complete or neutral benchmark.
Key Resources
Launch Article (public summary and report context)
ARI10 Market Summary (key findings and business implications)
Full Report Download (gated access)
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
| | |
|---|---|---|
| | |
KOHO Adds Regulated Crypto Trading Inside Its Money App
Apr 29, 2026 | NCFA Fintech Market Activity | Digital Assets Blockchain And Tokenization, Banking And Credit Infrastructure
KOHO And Wealthsimple Compete On Crypto Access
On Apr 29, 2026, KOHO launched KOHO Crypto powered by Ndax, giving users a way to buy, hold, and manage digital assets inside the KOHO app. KOHO brings crypto trading into a money management app already used by more than 2.5 million Canadians.
The pricing is the main user hook. KOHO Crypto starts at 0.5% per trade for KOHO Everything members, 1% for Extra and Essential members, and 1.5% for non members. Users can start with as little as $1, access more than 20 crypto assets, and fund purchases instantly from their KOHO balance.
See: Crypto Self Custody Growth And User Behaviour Data
KOHO is also using an incentive to bring existing Bitcoin holders into the app, offering a limited time 3% BTC transfer match up to $150 for eligible Bitcoin moved into KOHO powered by Ndax.
| Feature | KOHO Crypto | Wealthsimple Crypto |
|---|---|---|
| Base trading fees | 0.5% to 1.5% based on KOHO plan. Users can start with $1. | 2.0% for Core, 1.0% for Premium, and 0.5% for Generation. |
| Volume pricing | KOHO does not list volume tiers on its crypto page. | Volume based fees can fall to 0.05% for $10M+ in 30 day crypto trading volume. |
| Current incentives | Limited time 3% BTC transfer match, up to $150. KOHO pays the matched amount in CAD after 12 months. KOHO reimburses trading fees after 90 days for eligible transfers over $1,000. | Wealthsimple charges no trading fee on USDC bought or sold with USD. Wealthsimple also charges no trading fee on recurring crypto purchases through automated paycheque investing. |
| Funding and FX | Users fund trades from a KOHO balance. KOHO says all coins pair with CAD, with 0% FX fees, no hidden spreads, and no unexplained markups. | Users can place trades in CAD or USD where Wealthsimple supports it. Wealthsimple says it uses its corporate FX rate when CAD settlement requires conversion, and includes that cost in the trading fee. |
| Transfers | KOHO currently limits external transfers to one way Bitcoin deposits. KOHO does not yet support transfers out. | Wealthsimple supports a broader crypto account setup, with trading, swaps, recurring purchases, and staking where available. |
| Staking | KOHO does not yet offer staking. | Wealthsimple charges staking fees of 30% of rewards for Core and Premium clients, and 15% for Generation clients, plus applicable validator fees. |
| Custody and regulation | Ndax, a CIRO member, powers the product. KOHO says qualified custodians hold at least 80% of client crypto, with a smaller amount in operational wallets. | Wealthsimple Crypto operates inside Wealthsimple’s broader regulated investing platform and fee schedule. |
| Platform strategy | KOHO embeds regulated crypto access inside a daily money app where users already spend, save, borrow, and build credit. | Wealthsimple places crypto inside a broader wealth and investing platform, where pricing improves with client tier, trading volume, and account depth. |
Two Different Ways To Cross Sell Crypto
The comparison shows two different cross sell strategies. KOHO is using crypto to deepen a daily money relationship, with low entry size, CAD pricing, and a Bitcoin transfer incentive aimed at existing holders. Wealthsimple is using crypto inside a wealth platform, where pricing improves with account tier, trading volume, and wider product depth. KOHO’s advantage is access from a spending balance. Wealthsimple’s advantage is depth for investors already using its trading and wealth products.
See: KOHO Launches Low Cost Global Money Transfer Service
Many crypto platforms still require users to transfer funds out of a banking or spending account before trading. KOHO keeps the experience inside the same app people already use for spending, saving, and building credit. It also removes foreign exchange friction by pricing transactions in Canadian dollars.
Daniel Eberhard, CEO, KOHO:
“Access has been one of the biggest barriers for the average Canadian to dive into crypto. We’re also seeing growing demand from people who want more flexible ways to build wealth, especially at a moment when financial pressure and instability are high. By bringing crypto into an environment Canadians already trust, we’re making that access more practical and aligned with how people actually manage their money.”
Calgary based Ndax provides the regulated trading infrastructure and custody framework behind the product, while KOHO controls the customer interface. In this way, KOHO doesn't have to become a standalone crypto exchange to offer digital assets. It can embed regulated trading into its financial platform.
The timing fits Canada’s regulated fintech buildout. KOHO registered as one of the first Canadian fintech payment service providers under the Retail Payment Activities Act in 2025 and later became a Payments Canada member as a supervised PSP. These are important qualifications because consumers now trust fintech apps with more of their financial lives.
Crypto demand remains real, but trust is still uneven. The CSA 2024 Investor Index found that crypto assets are among the six most commonly held investment types in Canada, with 33% of investors under 35 reporting crypto asset holdings.
See: Datavault AI Targets Canadian CyberCatch In $136.8M Deal
For KOHO, the product expands wallet share. For Ndax, it opens distribution through a consumer finance app with national reach. For Canadian fintech, the trend is clear. Regulated crypto access now sits inside existing financial apps instead of forcing users into separate trading venues.
Talking Point
Will crypto access in Canada grow less through standalone exchanges and more through trusted financial apps? The hard part is giving users simple access without turning everyday money tools into speculation funnels.
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 works 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
| | |
|---|---|---|
| | |
