F|T: The FinTech Times – Stripe looks to enter the credit space

A hand holding four payment cards in a fan fashion.
Plus: OSC advisory panel backs stronger crypto regulation.

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OSC advisory panel backs stronger regulation of crypto platforms (BETAKIT)

In its 2022 annual report, the OSC’s Investor Advisory Panel said that it continues to believe crypto assets constitute a growing risk for financial consumers.

Apple Customers Say It’s Hard to Get Money Out of Goldman Sachs Savings Accounts (THE WALL STREET JOURNAL)

Apple’s savings account, a partnership with Goldman Sachs, launched in April to great fanfare. Some customers say it has been hard to get their money out.

Sometimes, their money appeared to have simply vanished, not showing up in their Apple account or in the account they were trying to move it to.

Over $1 million in cash available for Canadian startups in FinTech, sciences, and more (BETAKIT)

There is $1.6 million up for grabs in cash prizes and grants available to Canadian startups in several industries, including FinTech, applied sciences, and more through Momentum, Innovate BC, and Platform Calgary.

Fintech giant Stripe is getting into the credit game (TECHCRUNCH)

Previously, Stripe-issued cards could only be used to spend money from a prefunded account. Its expansion into charge cards will give companies the ability to create and distribute virtual or physical charge cards that allow their customers to spend on credit rather than using the funds in their accounts.

Ex-Panache, ScaleUp partners team up to launch new early-stage VC fund CMD Capital (BETAKIT)

Long-time Canadian technology startup investors Matt Roberts and David Dufresne have teamed up to launch their own early-stage VC firm, CMD Capital.

CMD Capital aims to raise up to $75 million CAD for startups that use artificial intelligence to solve problems across the B2B and enterprise sectors.

A survey of the challenges women founders face when fundraising (and how to overcome them) (BETAKIT)

40 women founders from 25 different countries share their views for other women entrepreneurs fundraising.

MakerDAO Votes to Ditch $500M in Paxos Dollar Stablecoin From Reserve Assets (COINDESK)

Decentralized finance lending protocol MakerDAO’s community has voted to ditch $500 million Paxos Dollar stablecoin from its reserves, impacting half of the token’s supply.

The decision has a significant impact on embattled stablecoin issuer Paxos, as Maker’s treasury holds roughly half of USDP’s $1 billion supply.

Report: 2021 VC boom in Canada was short-lived as market resets to pre-pandemic levels (BETAKIT)

A recent report published by BDC Capital, the investment arm of the Business Development Bank of Canada, found that the number of VC deals in 2022 dropped by 12 percent year-over-year, while the total amount invested declined by 34 percent.

NomuPay, formed from pieces of failed fintech Wirecard, says it’s raised $53.6M for cross-border payments (TECHCRUNCH)

NomuPay — a unified payments business formed by VC Finch Capital out of its 2021 acquisitions of Wirecard assets, says that it has now raised $53.6 million, funding that it is using to continue expanding its operations, and building more integrations and other functionality into its API.

Collision nears a one-year Toronto extension, efforts mount for a West Coast alternative (BETAKIT)

With Collision’s long-term future in Toronto still uncertain, efforts are mounting for a British Columbia alternative, as multiple Vancouver organizations have begun exploring the idea of luring Collision to the city.

Multichain team says it can't contact CEO amid protocol problems (THE BLOCK)

Multichain, the cross-chain protocol, confirmed Wednesday that the team is unable to contact its chief executive amid ongoing technology problems.

"The team has done everything possible to maintain the protocol running, but we are currently unable to contact CEO Zhaojun and obtain the necessary server access for maintenance," Multichain said in a Twitter statement.

With regulatory approval, Hiive launches VC secondary trading platform in Canada (BETAKIT)

Vancouver-based FinTech startup Hiive has rolled out its venture capital secondary marketplace to Canadians after announcing it has received registration across Canada as an exempt market dealer.

Biggest Crypto Stablecoin Recovers All Value Lost in 2022 Crash

Tether Holdings Ltd.’s stablecoin has recovered all of the roughly $20 billion in market value it lost following the collapse of algorithmic rival TerraUSD a little over a year ago.

USDT’s recovery is a testament to the dominant role it plays in crypto as a means for conducting transactions and storing value.

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Alex Riehl

Alex Riehl

Alex Riehl is a staff writer and newsletter curator at BetaKit with a Bachelor of Journalism from Carleton University. He's interested in tech, gaming, and sports. You can find out more about him at alexriehl.com or @RiehlAlex99 on Twitter.

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