F|T: FinTech Times – Canadian crypto leaders want ‘consequences’ after FTX fall

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

“This has probably set crypto back at least three years,” said Koleya Karringen, CEO of the Canadian Blockchain Consortium. “Institutional investors are going to have a very difficult time being willing to explore the industry. They’re not going to see this as an isolated incident … all of them [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 to fine Ant Group over $1 billion, signaling renewal nearing end sources (REUTERS)

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

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 technology, starting with its recently launched online Instant Mortgage Pre-Approval product for new mortgages, refinances and renewals.

Pipe’s founding team steps down as search for ‘veteran’ CEO begins (TECHCRUNCH)

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

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Legal tech startup Clio steps up its FinTech game with payments product launch in Canada (BETAKIT)

Jack Newton, Clio’s CEO and founder, previously told BetaKit that outdated paper invoices and payment processes caused difficulties for lawyers when it came to invoicing and getting paid.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

Amid FTX Fallout, Canadian Companies Keep Faith in Gemini, Crypto Custodian (THE LOGIC)

Gemini, a licensed and regulated New York-based crypto manager, is caught in the contagion from the collapse of FTX. It holds digital assets for Wealthsimple and Coinberry, which say they have faith that those assets will not 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 a turning point, while founders hold back fundraising at reduced valuations,” said CVCA CEO Kim Furlong.

How Electrifying Transportation Could Boost Ontario’s Economy (BETAKIT)

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

Binance’s Crypto Rescue Plan Fails to Allay All Fears of Post-FTX Contagion (BNN BLOOMBERG)

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

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

Singh founded Acuva in 2014 with a mission to enable clean drinking water through technology, and so far has secured $8.4 million in growth funding to do so.

Speaking with BetaKit, Singh shared Acuva’s growth story, how he prioritizes 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 significant amount of assets have either been stolen or are missing,” James Bromley, a partner at the law firm Sullivan & Cromwell representing FTX, said during a bankruptcy hearing in federal court in Delaware.

Yield Exchange Achieves $110,000 After Winning Both SAAS NORTH 2022 Pitch Competitions (BETAKIT)

Yield Exchange was named the winner of the AWS PitchFest, beating the other finalists Happly, LearnExperts and Epipresto. The Yield Exchange was selected from a group of top 10 finalists who applied for 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 their IPO of 2,150 ($26.3). The company, which was valued at $16 billion in a private round in 2016, currently has a market value of $3.8 billion. Paytm raised more than $6 billion through 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 awards for the People’s Choice Award, Alumni’s Choice Award and Alex Raczenko Pitch Award, respectively.