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Canadian Tech in 100 Words

Cryptocurrency

Canadian Company Conned Crypto from Customers, Commission Concludes

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A B.C. Securities Commission panel found that a Canadian crypto trading platform committed fraud by lying to its customers and diverting roughly $13 million of their assets to gambling endeavours. The company informed customers that their crypto assets were held in “cold storage.” But the panel found that one-third of crypto assets customers deposited between 2016 and 2019 were diverted to gambling sites or the founder’s personal accounts.

The BCSC hired a forensic data analytics firm to determine what happened. After investigating, the firm determined over 900 bitcoins and more than 150 ethers were transferred to personal accounts and gambling websites.

Want to know more? Check out the source code on Techcouver.

Crypto Titan Coinbase is ‘Making Critical Progress’ in Canada

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Coinbase reported quarterly earnings report this week. The crypto titan also reiterated its desire to establish “regulatory clarity” within major markets such as Canada. The fintech launched Stand With Crypto last year with an aim to disrupt America’s traditional financial system by encouraging the adoption and legitimacy of crypto assets as legal currencies and investments. Recently, the campaign expanded north to Canada, a nation with an estimated five million holders of crypto assets.

“We continue making critical progress towards driving regulatory clarity in Canada,” stated Lucas Matheson, chief executive of Coinbase Canada. “We believe that Coinbase is uniquely positioned to capitalize from regulatory clarity and help Canada be a leader in the industry.”

Want to know more? Check out the source code on Fintech.ca.

WonderFi Labs Looks to Ride ‘On-Chain’ Tech Wave into Crypto Future

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WonderFi Technologies has unveiled WonderFi Labs, a new innovation and development arm focused on building decentralized applications. This initiative aims to expand WonderFi’s offerings beyond trading platforms. Initial products include WonderFi L2, a Layer 2 blockchain built on Ethereum, and WonderFi Wallet, an EVM-compatible non-custodial wallet.

CEO Dean Skurka emphasized the importance of on-chain solutions for the future of crypto, positioning WonderFi at the industry’s forefront. Led by VP of Engineering Kartik Bajaj, WonderFi Labs will drive innovation and international expansion, leveraging the company’s $1.5B in assets under custody to develop cutting-edge technologies.

Want to know more? Check out the source code on Fintech.ca.

AI Emerges as Revenue Opportunity for Crypto Miners Amid Currency Slump

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Despite Bitcoin’s dip in Q2, Bitcoin miners with Canadian operations like Hut 8 and Bitfarms saw their shares rise—due to their AI potential, not their crypto holdings, a report suggests. These companies are leveraging the computing power of their data centres for applications of AI, a move attracting investor interest.

Hut 8’s stock jumped 39% and Bitfarms’ increased by 14%. Polymarket, a crypto prediction market, also gained traction amid U.S. presidential election speculation. Vancouver-based Hive Digital Technology didn’t perform as well over the same time period, but still did manage to outperform Bitcoin. While digital currency mining remains the bulk of Hive’s revenue, the company is building out a newly established AI business line.

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Coinbase Targets Five Million Canadians Through ‘Stand with Crypto’ Campaign

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Coinbase, the world’s largest crypto custodian, is bringing its “Stand with Crypto” campaign to Canada. Launched last year in the US, the campaign now seeks to rally Canada’s five million crypto holders, aiming to promote crypto adoption and regulation in the country.

Canada, ranked the third-most crypto-aware nation, has a vibrant tech ecosystem, making it a prime target for Coinbase, which employs 200 Canadians, invests in local startups, and sees Canada as a key player in the global crypto economy.

Want to know more? Check out the source code on Fintech.ca.

Digital Loonie ‘Likely’ Needed to Maintain Monetary Sovereignty, Argues BoC

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As cash declines and digital payments rise, a new Bank of Canada report argues a digital currency might be essential for maintaining monetary sovereignty and financial stability. The paper suggests that without cash, banks could hike fees and reduce service quality.

A central bank digital currency (CBDC) could offer competition, ensuring Canadians can withdraw money digitally. Although the Bank of Canada hasn’t officially adopted this stance, the report marks its strongest support yet for a CBDC to safeguard public money.

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