F|T: The FinTech Times – Canadian crypto leaders want “consequences” after FTX fall

Plus: Pipe on the hunt for a new CEO.

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FTX fallout could set back investment in Canadian crypto companies for years, experts say (BETAKIT)

“This has likely set crypto back at least three years,” said Koleya Karringten, executive director of the Canadian Blockchain Consortium. “Institutional investors are going to have a very difficult time being willing to explore the industry. They won’t view this as an isolated incident…Everyone [will get] painted with the same brush.”

Meanwhile, Balance CEO George Bordianu said there should be “consequences” for investors who participated in FTX rounds.

Exclusive: China set to fine Ant Group over $1 bln, signalling revamp nears end-sources (REUTERS)

The central bank has been in informal communication with Ant about the fine over the past few months, said three of the sources. It plans to hold more discussions with other regulators about Ant’s revamp later this year and announce the fine as soon as the second quarter of next year, said a source.

Wiseday enters Canada’s digital mortgage space with “instant” pre-approval process (BETAKIT)

Montréal-based Wiseday aims to streamline the home-buying process in Canada using tech, starting with its newly launched online Instant Mortgage Pre-Approval product for new mortgages, refinancings, and renewals.

Pipe’s founding team stepping down as hunt for ‘veteran’ CEO begins (TECHCRUNCH)

Miami-based Pipe said today it is on the hunt for a “veteran” CEO as Harry Hurst, who has been the face of the company since its 2019 inception, transitions from his role as co-CEO to vice chairman.

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Legal tech startup Clio advances its FinTech play with launch of payments product in Canada (BETAKIT)

Jack Newton, Clio’s CEO and founder, previously told BetaKit that outdated paper invoices and payment processes caused lawyers difficulties when it came to billings and getting paid. At the same time, clients sometimes struggled when they had to pay in a lump sum, and, as well, could experience difficulties understanding fees.

Amid FTX fallout, Canadian companies keep faith in Gemini, the custodian holding their crypto (THE LOGIC)

Gemini, a licensed and regulated New York-based crypto custodian, is caught up in the contagion from the collapse of FTX. It holds digital assets for Wealthsimple and Coinberry, which say they have faith those assets won’t be caught up in the FTX fallout.

Canadian tech venture funding continued to fall in Q3 2022, CVCA reports (BETAKIT)

“Investors continue to monitor market conditions in anticipation of an inflection point, while founders hold off fundraising at decreased valuations,” says CVCA CEO Kim Furlong.

How electrifying transportation could surge Ontario’s economy (BETAKIT)

“The change to electric vehicles is the right thing for the industry to do to remain competitive and profitable,” said Richard Dunda, the Director of the Centre for Integrated Transportation and Mobility.

Binance’s crypto rescue plan fails to quell all the fears of post-FTX contagion (BNN BLOOMBERG)

In an interview Thursday with Bloomberg Television’s Haslinda Amin, Zhao gave more details on the deals his Binance Holdings Ltd. is examining in the wake of rival FTX’s bankruptcy. Key to Zhao’s plan is a fund with co-investors aimed at backing promising crypto projects facing a liquidity squeeze.

How Acuva balances global growth with local impact to provide clean drinking water (BETAKIT)

Singh founded Acuva in 2014 with a mission to enable clean drinking water using technology and so far he’s secured $8.4 million in growth financing to do it.

Speaking with BetaKit, Singh shared Acuva’s growth story, how he’s prioritizing local impact while growing globally, and the challenges the company has faced scaling in Canada.

FTX assets still missing as firm begins bankruptcy process (THE NEW YORK TIMES)

“A substantial amount of assets have either been stolen or are missing,” said James Bromley, a partner at the law firm Sullivan & Cromwell who is representing FTX, at a bankruptcy hearing in federal court in Delaware.

Yield Exchange nabs $110,000 after winning both SAAS NORTH 2022 pitch competitions (BETAKIT)

Named as the winner of the AWS PitchFest, Yield Exchange beat out the other finalists who were Happly, LearnExperts, and Epipresto. Yield Exchange was selected from a group of top 10 finalists that pitched to The Firehood.

Paytm falls to all-time low amid competition risk from Reliance (TECHCRUNCH)

At 476 Indian rupees, Paytm’s shares are down over 77% from the IPO price of 2,150 ($26.3). The company, which was valued at $16 billion in a private round in 2016, currently has the market cap of $3.8 billion. Paytm raised more than $6 billion across private rounds and IPO (including secondary transactions).

Prairie tech celebrates its own with Calgary Launch Party, Start Alberta Awards, Startup TNT Summit (BETAKIT)

This year’s Launch Party highlighted 10 Calgary startups, with three taking home prizes for the People’s Choice Award, Alumni’s Choice Award, and the Alex Raczenko Pitch Award, respectively.

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Michael Edgar

Michael Edgar

Michael is a multimedia journalist working out of the U.K. and a staff writer for BetaKit.

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