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Canadian Tech in 100 Words

 

Crypto Exchange Kraken Hits $2B in Canadian Assets

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Kraken’s Canadian operations have surpassed CAD $2 billion in client assets and cash under custody, cementing its position as one of the country’s largest cryptocurrency trading platforms. General Manager Alex Mehrdad credited Kraken’s focus on user experience and innovative products for the milestone.

In 2024, Kraken doubled its Canadian presence and worked to close the knowledge gap surrounding cryptocurrency, with 54% of Canadians now able to define crypto, according to the Ontario Securities Commission. Mehrdad reaffirmed Kraken’s commitment to fostering adoption and reducing barriers to entry for Canadians.

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

Intact Acquires Jiffy, Expanding Home Maintenance Services

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Intact has acquired Jiffy, Canada’s leading home maintenance app, to enhance its digital offerings and support climate resilience efforts. Jiffy connects homeowners with pre-vetted service professionals for same-day or scheduled jobs, such as roof repairs and sump pump installations.

Since 2015, Jiffy has completed over 450,000 jobs with a 96% five-star rating. Intact’s Senior VP Imen Zitouni called the acquisition a step towards innovative, customer-first solutions. Co-founder Paul Arlin highlighted the partnership’s potential to expand Jiffy’s reach across Canada, delivering accessible and reliable services to homeowners.

Want to know more? Check out the source code here.

Bluesky Surges to 21M Users Amid Social Media Shift

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Bluesky is nearing 21 million users, with daily active users now matching Meta’s Threads in the U.S., according to Similarweb. A post-election surge and features like Starter Packs, which simplify finding relevant content, have driven higher engagement. Bluesky also benefits from discontent with X over data scraping and Elon Musk’s politics.

The app monetizes via custom domains and licensing its AT Protocol, avoiding ads for now. Premium memberships are in the works, but Bluesky vows not to sell user data for AI training. As Threads mimics its features, the race to dominate posting culture intensifies.

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

Lightstrike Targets Enterprise Risks with $1.1M Boost

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Calgary-based Lightstrike has raised $1.1M in seed funding, led by Sprout Fund II with support from a U.S. angel syndicate, Alberta family offices, and Weave VC. The startup specializes in application dependency management, using AI to identify hidden risks and prevent cascading failures in enterprise systems.

CEO Vernon Briggs emphasized Lightstrike’s mission to provide businesses with control over complex dependencies. Partner Kristina Milke praised Lightstrike’s innovative solutions, describing its platform as essential for modern enterprise risk management. The funds will fuel North American expansion and customer acquisition, solidifying Lightstrike’s position in this emerging sector.

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

NEO Battery Joins $20M Recycled Silicon Project

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Toronto-based NEO Battery Materials has been named a consortium partner in a $20M recycled silicon battery project funded by South Korea’s Ministry of Trade, Industry, and Energy. The initiative, led by Hansol Chemical, focuses on repurposing silicon scrap from semiconductor and photovoltaic production to create high-content silicon anodes for next-generation lithium-ion batteries.

NEO will optimize recycled silicon inputs and collaborate to develop longer-lasting, rapid-charging batteries. CEO Spencer Huh emphasized the project’s role in material circularity and cost-effective battery advancements, aligning with NEO’s strategic goals. The initiative marks a major milestone for sustainable battery innovation.

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

Payfare Launches Pronto for On-Demand Wage Access

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Earned wage access company Payfare has launched Pronto, a product offering Canadian hourly workers on-demand access to their earned wages. Built on Payfare’s payout platform, Pronto enables employees to access wages as they earn, bypassing traditional pay cycles. CEO Marco Margiotta highlighted Pronto’s benefits, including improved employee satisfaction, retention, and productivity.

Despite a recent strategic review following a customer loss, Payfare remains profitable and committed to innovation. Pronto reflects Payfare’s ongoing focus on financial wellness solutions for workforces, with a strong pipeline of opportunities in the gig economy and earned wage access markets.

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

Vancouver Startup Arca Revolutionizes Carbon Mineralization

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Vancouver-based Arca is piloting its innovative air-to-rock carbon mineralization technology at BHP’s Mt Keith Nickel West Mine in Australia, supported by a $1.2M investment from the B.C. Centre for Innovation and Clean Energy (CICE). Using machine learning and advanced surface manipulation, Arca accelerates carbon capture in mine tailings, producing verifiable carbon dioxide removal credits.

Named BC Cleantech Awards’ Startup of the Year and a top 20 finalist in the XPRIZE Carbon Removal competition, Arca is scaling its technology to support mining decarbonization and the global clean energy transition. CICE’s COO calls Arca a cleantech pioneer.

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

Sanctuary AI CEO Geordie Rose Forced Out Amid Layoffs

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Sanctuary AI’s board has removed co-founder Geordie Rose as CEO, setting off significant personnel changes. Interim CEO James Wells replaces Rose, while chief marketing officer Benedict Reed resigned, and 30 employees were laid off. The robotics startup, known for its Phoenix humanoid robot, has raised $140 million from investors like Magna and Microsoft.

However, investor concerns loom over Sanctuary’s ability to secure future funding in the competitive robotics sector. Sanctuary competes with global leaders like Tesla and Figure AI, which raised $675M this year. A leadership search is underway as Sanctuary navigates these challenges.

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

Noble Raises $15M to Expand Stablecoin Ecosystem

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Toronto-based blockchain startup Noble has raised $15 million in a Series A round led by Paradigm, with participation from Foresight, Wintermute Ventures, and Informal Systems. The funds will fuel hiring and product development, focusing on stablecoin adoption within the Cosmos network.

Co-founder Jelena Djuric founded Noble after the 2022 Terra collapse, which heavily impacted Cosmos. To date, Noble has issued $450M in stablecoins and assets, facilitating over $5B in transactions. The company plans to launch its own stablecoin, the Noble Dollar, as part of its mission to bolster Cosmos’ blockchain ecosystem.

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

UCalgary Researcher Wins Award for Mine Safety Innovation

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University of Calgary researcher Dr. Susanne Ouellet has won the Mitacs Innovation Award for Outstanding Innovation for her work improving tailings dam safety. Using distributed acoustic sensing (DAS) technology, Ouellet transforms fibre optic cables into real-time sensors to detect strain, temperature, and seismic changes within dam structures.

This early warning system aims to prevent disasters like the recent Philippine dam collapse. Backed by Mitacs and Alberta, Ouellet launched Lumidas, a cleantech startup developing software to enhance the system’s usability. Industry partners and a critical dataset from the British Geological Survey further advanced her groundbreaking research.

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