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Today in FinTech: Skrumble Network raises $19 million CAD in ICO, Goldmoney partners with Malbex Resources

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Betakit | | Jul 4, 2018

Several Canadian FinTechs have made announcements on the growth of their companies, launching new features and partnerships. Here’s the latest on these company updates.

Skrumble Network raises $19.96 million

Toronto-based Skrumble Network, which aims to create secure connections for communication, raised $19.96 million ($15 million USD) through its token crowd-sale.

Skrumble Network said it raised the funding for its communication-centric blockchain network that will provide developers the infrastructure to build messaging apps. The company wants to help developers build messaging apps that feature secure connections, real-time voice and video calling, wallet integrations for in-context money transfers, and the ability to edit, save, and unsend messages.

Skrumble Network said its broader goal is to address data privacy concerns and allow users to take back ownership of their personal data. The company uses a consensus-based algorithm derived from unique session IDs, which enable private peer-to-peer connections.

“Social media has completely changed the face of communication, and now, data privacy and ownership is one of the biggest concerns of this time. 2.2 billion users around the world have trusted Facebook with their information; 87 million of those users received a wake-up call…when they got notifications that their personal data was compromised, sold, and used to manipulate them,” said Eric Lifson, co-founder of Skrumble Network. “Skrumble Network aims to build back the trust that has been lost since these recent events. Finally, people can connect globally and speak freely on the most secure network possible.”

Goldmoney partners with Malbex Resources

Toronto-based Goldmoney, a gold-based payments and savings platform that allows users to acquire, store, and spend gold that is stored in a secure vault, has announced a partnership with Malbex Resources, which focuses on investments in cryptocurrency and blockchain sector assets.

See:  Toronto Fintech & Funding Networking Event (Jul 11, 2018): 4th Annual NCFA Summer Kickoff!

The partnership with Malbex Resources (which will soon be renamed as COIN) will allow Goldmoney to facilitate all purchases and sales of cryptocurrencies. Goldmoney’s subsidiary BlockVault will act as a third-party qualified custodian for Malbex Resources’ crypto-asset holdings.

“Having worked with the Malbex team for over six months to achieve the proper operational structure and listing approvals, we are confident in COIN’s potential and this partnership,” said Josh Crumb, Goldmoney CSO and founder of BlockVault.

“COIN is one of the world’s first crypto-asset merchant investment businesses to achieve a listing on a major exchange, and the only one that I’m aware of that will have fully-transparent, third-party insurance and auditing on their crypto-asset portfolio.

Our relationship with COIN is an exciting first example of the types of markets we can open up with BlockVault’s institutional cold-storage technology, allowing institutional investors exposure to this new asset class while ensuring the private keys for their underlying assets are securely stored in safe custody and insured.”

Finn AI launches on the Temenos Marketplace

Finn AI, which works with financial institutions to launch AI assistants, has launched on the Temenos MarketPlace.

Temenos Marketplace is a web-based application that allows users to manage business applications on a single site. Specifically, the Marketplace allows financial institutions to access FinTech solutions.

Finn AI has been working with Temenos for almost a year. In 2017, the company participated in Temenos’ Innovation Jam competition, which focuses on uncovering exciting FinTech companies.

“Finn AI, which won Innovation Jam Miami last year, is one such company, allowing bank customers to conduct banking using simple conversation over their preferred channels,” said Ben Robinson, CSO at Temenos. “The solution has continued to evolve since then and is it now available on MarketPlace.”

“We evolve the way bank customers interact with their banks, providing them with a conversational personal banking assistant that uses artificial intelligence and natural language processing to create an experience that is relevant and modern,” said Jake Tyler, CEO of Finn AI.

“Finn AI allows bank customers to manage and learn from their money via their channel of choice – such as Facebook Messenger, native iOS and Android apps, web chat and others. Since we only work with banks, we have built a clear domain expertise that allows us to integrate faster with better results. We look forward to bringing this solution to Temenos clients all over the world.”

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Earlier this month, Finn AI announced that it is collaborating with Visa Canada to leverage its Visa Developer platform to enhance its conversational banking chatbots. Finn AI closed a $3 million bridge round led by Yaletown Partners in October 2017.

 

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NCFA / Team FFCON19, March 19, 2019 FFCON19 FEARLESS to address the challenges and successes of entrepreneurs and innovators in the vanguard of transforming the financial industry TORONTO, BC / ACCESSWIRE / March 19, 2019 / The National Crowdfunding & Fintech Association (NCFA), the non-profit cross-body organisation that promotes and supports fintech and funding throughout Canada, is proud to announce additions to the speaker line-up and programme for its flagship Fintech and Financing Conference - FFCON19: FEARLESS - taking place in Toronto April 3-4. Now in its 5th year, FFCON19 will bring together prominent industry experts, entrepreneurs, professionals, regulatory bodies and ecosystem stakeholders in fintech, blockchain, crypto, AI, capital markets innovation and alternative finance to discuss Canadian fintech and its ability to innovate and globally compete, the latest industry developments, emerging regulation, trends and thought leadership in a fearless framework and forum. The two-day event will feature inspiring keynote addresses and panel discussions with industry leaders, pitching competitions, awards, and prime networking opportunities. Prominent speakers include The Honorable Bill Walker, Minister of Consumer and Government Services, Ontario, and steward of the Province's new Data policy; and Teri Kirk, Founder & CEO of Fundingportal who will discuss Open Data vs. Proprietary ...
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Bloomberg | By Doug Alexande and Matt Robinson | March 19, 2019 His crimes: identity theft related to a bank-and-credit card scam. His sentence: 18 months in U.S. federal prison and, later, deportation to Canada. Once there, Omar Dhanani underwent a remarkable transformation -- into a new identity and the wild world of cryptocurrencies. Dhanani, now known as Michael Patryn, has emerged as an enigmatic figure in the strange case of Quadriga Fintech Solutions Corp., the digital exchange owner that hasn’t been able to find C$260 million ($195 million) of clients’ cash and cryptocurrencies. Patryn co-founded Quadriga five years ago with the late Gerry Cotten, whose sudden death in December at age 30 left the Vancouver-based firm in shambles. Patryn denied he was Dhanani in a Feb. 8 report in Canada’s Globe and Mail newspaper and disputed a subsequent report linking him to a criminal past. But Canadian records obtained by Bloomberg News confirm he legally changed his name -- twice: in 2003 and in 2008. The revelation adds a new layer to the mystery surrounding Quadriga, whose closure in January left 115,000 clients wondering if they’ll ever get their money back. Cotten ran the operation mostly from his laptop, so ...
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Dr Dan Rosen is a FinTech Entrepreneur and Quant. He is currently the Chief Executive Officer of d1g1t Inc., a new digital wealth management platform, powered by analytics, that offers advanced transparent portfolio management services to advisors and their individual investors. He is an Adjunct Professor of Mathematical Finance at the University of Toronto and was the first Director of the Centre for Financial Industries at the Fields Institute for Research in Mathematical Sciences. Dr Rosen was the co-founder and CEO R2 Financial Technologies, acquired by S&P Capital IQ in 2012, and where he was Managing Director for Risk and Analytics until 2015. Prior to starting R2 in 2006, Dr Rosen had a successful career over a decade at Algorithmics Inc., where he led financial engineering and research, strategy, products and marketing. In addition to working with numerous financial institutions around the world, he lectures extensively on financial engineering, portfolio management, enterprise risk and capital management, credit and market risk, valuation of derivatives and structured finance. He has authored numerous risk management and financial engineering publications, including two books, and several patents, and serves in the editorial board of various industrial and academic journals. Dr Rosen was inducted in 2010 ...
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The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, STO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: ncfacanada.org

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