F|T: The FinTech Times – Wealthsimple stakes its crypto claim
Plus: WonderFi replaces CEO as company plans stock trading, sports betting hedging.
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Wealthsimple Becomes First Regulated Canadian Crypto Platform to Offer Staking (BETAKIT)
Starting Wednesday, Canadians can officially stake two tokens through Wealthsimple — Solana and Ethereum — to earn crypto rewards for staking their assets, which can be up to four percent in returns.
Andreessen Horowitz went all-in on crypto at the worst possible time (THE WALL STREET JOURNAL)
The big venture capital firm had developed a reputation as Silicon Valley’s biggest crypto bull, largely thanks to a 50-year-old partner named Chris Dixon who was one of the earliest evangelists for how the blockchain technology that powers cryptocurrencies could change business. His entity was one of the most active crypto investors last year, announcing in May a $4.5 billion crypto fund, the largest ever for such investments.
Float quadruples revenue year-on-year despite increased competition, choppy economy (BETAKIT)
Float, as well as its customers, is feeling the crisis in the economy, and several players have entered the Canadian market to meet the consumption needs of businesses.
Despite these challenges and amid choppy waters, Float claims to have quadrupled its revenue and payout volume since its $37 million CAD, Tiger Global-led Series A round last November.
Fintech Platform ConnexPay Nabs $110M to Expand into Europe (CRUNCHBASE)
The Atlanta-based startup integrates incoming user payments with vendor payments into one platform, lowering merchant processing fees and allowing users to instantly access fund payments. Having both customer and supplier payments on one platform makes financial transactions less risky.
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Our programs connect you with coaching, community and capital to streamline your innovation journey and bring transformative technologies to the people who need them today.
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The Crypto Story (BLOOMBERG)
If crypto doesn’t go away, we have to try to understand it. That’s why we asked the best financial writer around, Matt Levine of Bloomberg Opinion, to write a cover-to-cover issue of Bloomberg Businessweek, something a single writer has done only once before in the magazine’s 93-year history.
What follows is his brilliant explanation of what this crazy, often absurd and always fascinating technology means, and where it might go.
WonderFi Replaces CEOs, Plans to Hedge Against Crypto Volatility with Stock Trading and Sports Betting (BETAKIT)
In addition to being named president, Dean Skurka has replaced WonderFi co-founder Ben Samaroo as interim CEO, as the Vancouver-based cryptocurrency company plans an expansion into traditional stocks, sports betting and online gaming amid challenging crypto market conditions.
Apis in talks to back fintech Money View at $1 billion valuation despite market downturn (TECHCRUNCH)
Apis Partners is considering leading a funding round of around $125 million to $150 million in the Bengaluru-headquartered startup at a valuation of around $1 billion, the sources said. The round, a Series E, has not closed, so the terms of the deal could still change, the sources warned, requesting anonymity for non-public information.
Manzil Launches ‘Halal Version of Wealthsimple’ for Muslim Canadians (BETAKIT)
The Toronto-based FinTech startup caters to a sizeable, fast-growing but underbanked demographic that has been largely shut out of the traditional financial system due to a lack of options that satisfy their religious demands. As Manzil co-founder and CEO Mohamad Sawwaf put it, many Muslim Canadians avoid investing their money altogether because they don’t have “peace of mind” that the available options are Halal.
2022 has still already surpassed the previous three years in Alberta venture funding.
Early appointments were nowhere to be found. So what comes next?
Amid uncertain climate, investors favor nurturing existing crops rather than sowing new seeds.
A flurry of headwinds sent Québec’s technology sector into its lowest investment quarter in three years.
Nuri closes the business after not finding a buyer (SIFTED)
The Berlin-based digital bank Nuri’s business has collapsed, having failed to land new investments or find a buyer.
CEO Kristina Walcker-Mayer has announced that the fintech “has not been able to find investors to continue our mission,” in a blog post published on the company’s website this morning.
Why Potloc founder Rodolphe Barrere tries to fire himself every six months (BETAKIT)
Potloc founder Rodolphe Barrere takes a different approach: he tries to fire himself from all other jobs in the company so he can focus solely on being a growth-oriented CEO.
