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Plus: Amazon, Sq. launch BNPL in Canada.
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New research surveys competitive intensity in Canada’s banking and payments sector (BETAKIT)
“The tempo of innovation within the regulatory guardrails of Canada’s banking and funds sector has not been promising,” writes Vass Bednar and Keldon Bester.
Canada has lengthy been on the cusp of an open banking regime and the modernization of Canada’s funds infrastructure has lagged behind a variety of the nation’s worldwide friends. Wealthsimple co-founder and CEO Michael Katchen mentioned this about the analysis: “now could be the time to allow competitors and construct extra reasonably priced monetary providers.”
Crypto Darling Helium Promised A ‘People’s Network.’ Instead, Its Executives Got Rich. (FORBES)
Davis is considered one of hundreds of people that purchased into Helium’s promise, collectively spending an approximate $500 million on hotspots they believed would pay regular dividends. However up to now, residents of the Individuals’s Community have seen vanishingly small crypto rewards. After ready greater than six months for her $500 hotspot to reach at her house in Houston, Davis has mined a single token in three months — about $5.
“I may have used my cash elsewhere and really gained some revenue,” mentioned the 52-year-old actual property agent, “not lose it after I pay my electrical energy invoice.”
RBCx and RBC Ventures merge (BETAKIT)
In a not fully surprising transfer, the Royal Financial institution of Canada (RBC) introduced the merger of RBCx and RBC Ventures. The information formalizes the merger following the announcement in April that RBCx head Sid Paquette would lead each teams.
RBCx is the tech banking and innovation arm of Canada’s largest financial institution, whereas Ventures builds, acquires, invests, or companions with know-how platforms. Shifting forward, the brand new entity will function as RBCx.
Klarna to make second round of job cuts (SIFTED)
The corporate’s chief working officer, Camilla Giesecke, introduced that the organisation wanted to make additional cuts to a few of its departments “to mirror the extra targeted nature of right now’s Klarna”. The message was despatched to round 500 Klarna staff, throughout three departments together with IT and recruiting, in line with SvD.
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Coinsquare to acquire CoinSmart as consolidation of Canadian crypto traders continues (BETAKIT)
Toronto-based cryptocurrency startup Coinsquare has entered into an settlement to buy CoinSmart, creating what it claims will likely be considered one of Canada’s largest crypto asset buying and selling platforms.
In the meantime, spatial analytics startup Cognitive 3D has closed $2.5 million in seed funding as fellow Vancouver firm TerraZero—a metaverse agency owned by Netcoins mother or father Bigg Digital Property—plans to go public on the TSXV via RTO.
Kraken’s Powell steps down, incoming CEO says culture will not change (FORTUNE)
The shake-up is important as Powell has been an influential determine within the crypto scene since Bitcoin’s early days, rising Kraken from a small startup to a significant trade with a popularity for product innovation. However whereas a well-liked determine in crypto circles, Powell has additionally turn into a determine of controversy resulting from his unconventional positions on matters like variety, abortion, and vaccines.
Startup syllabus: how Dal Innovates embraced innovation education in Atlantic Canada (BETAKIT)
Halifax’s Dalhousie College (“Dal”), by means of its award-winning program Dal Innovates, is working to offer this schooling with a number of applications that encourage and assist teachers contemplating or in any other case becoming a member of the innovation financial system.
SMB-focused Pie Insurance raises $315M Series D (TECHCRUNCH)
The financing greater than doubles Pie’s complete capital raised since its 2017 inception to over $615 million. The corporate claims that it’s the largest funding spherical for any U.S.-based P&C (Property & Casualty) insurtech firm this 12 months.
DealMaker takes over FundAmerica book of business from Prime Trust (BETAKIT)
Toronto-based capital-raising platform DealMaker has taken over the guide of enterprise of crowdfunding platform FundAmerica from its mother or father firm Prime Belief, doubling the startup’s shopper base and solidifying its place within the US.
In the meantime, fellow Toronto startup FrontFundr, which itself presents a crowdfunding platform, has launched its own fundraising campaign after seeing file development amid the market downturn.
SEC Claims All of Ethereum Falls Under US Jurisdiction (DECRYPT)
When the SEC filed a federal lawsuit Monday towards crypto influencer Ian Balina for his failure to register a cryptocurrency as a safety earlier than launching a 2018 preliminary coin providing (ICO), every thing at first appeared run-of-the-mill: the SEC has, for years, filed civil fits towards people and organizations for rolling out unregistered ICOs.
Eagle-eyed observers then learn a little bit additional into the nice print.
How to navigate the tangled web of government startup grants (BETAKIT)
Regardless of billions of {dollars} in accessible grants, many startups don’t search them resulting from software complexity, confusion find them to start with, or a mixture of each.
That is one thing the Cisco Grants Help Program is working to unravel. The Grants Workplace helps startups of all sizes navigate the grant funding panorama in Canada and apply for related grants.
PolicyMe reveals $18 million in Series A financing to tackle Canadian insurance market (BETAKIT)
Toronto-based insurtech startup PolicyMe has introduced $18 million CAD in Sequence A financing from current buyers and insurance coverage business gamers to maneuver past simply life insurance coverage and promoting D2C.
In the meantime, fellow Toronto startup Verifast has announced a $3.5 million seed round to develop previous tenant screening into verifying identities and monetary particulars for different areas, like mortgage underwriting.
Revolut confirms cyberattack exposed personal data of tens of thousands of users (TECHCRUNCH)
“We instantly recognized and remoted the assault to successfully restrict its influence and have contacted these prospects affected,” mentioned Revolut spokesperson Michael Bodansky. “Prospects who haven’t acquired an e mail haven’t been impacted.”
Amazon, Square launch buy now, pay later options in Canada (BETAKIT)
Amazon partnered with American cost community Affirm, whereas Sq. launched its integration with Afterpay. The launches mark the newest BNPL choices to be launched into the nation, following a slew of different providers that have been lately made accessible to Canadian customers.
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