Plus: Revolut has yet to make a US banking license application.
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Web3 startup LayerZero Labs fighting $21.3-million lawsuit from FTX (BETAKIT)
The CEO and co-founder of Vancouver-based Web3 startup LayerZero Labs is vigorously defending the startup against a lawsuit FTX has filed against LayerZero.
The case in question revolves around bankrupt crypto exchange FTX suing LayerZero Labs to try and recover more than $21.3 million in cryptocurrency deposits made in 2022.
Binance US CEO Departs as Crypto Platform Cuts Third of Staff
(BNN BLOOMBERG)
Binance.US Chief Executive Officer Brian Shroder has left the crypto trading platform and been replaced on an interim basis by Chief Legal Officer Norman Reed, according to a company spokesperson.
The departure comes as the company controlled by embattled digital entrepreneur Changpeng “CZ” Zhao is eliminating about one third of its workforce, or more than 100 positions, as a regulatory crackdown erodes its business.
Inovia announces $34-million CAD Discovery Fund for early-stage VCs (BETAKIT)
Montréal-based Inovia Capital has launched its first Discovery Fund, closing $34 million CAD ($25 million USD) to invest in emerging North American venture capital (VC) fund managers focused on pre-seed and seed-stage startups.
The Discovery Fund formalizes Inovia’s existing efforts to invest in emerging VC firms as many face difficulties fundraising.
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Revolut yet to file formal US banking licence application, over two years after saying it was submitting a draft application (TECH.EU)
Revolut has yet to file a final application for a US banking licence, over two years after saying it was submitting a draft application for a US banking licence.
The UK-headquartered neobank, which is one of the UK’s most valuable fintechs, said in 2021 that it had submitted a draft application for a US banking licence with the FDIC and California’s DFPI.
The FDIC told Tech.eu that it has no application on file from Revolut while the DFPI said it “never received a de novo bank charter application from Revolut.”
CCI calls for Parliamentary Technology and Science Officer to help get AI regulation right (BETAKIT)
A new report on the artificial intelligence (AI) sector warns that while Canada is well-positioned with personnel and leading research in the area, Canadian companies face significant barriers as they scale up.
The Council of Canadian Innovators (CCI) contends that a lack of Canadian companies scaling up is leading to many of the benefits created from public investment in research and training in AI flowing to firms outside of Canada.
Perfios raises $229 million for its real-time credit underwriting solutions (TECHCRUNCH)
Perfios, an Indian fintech that provides real-time credit underwriting solutions to banks and non-banking financial institutions, has raised $229 million in a new funding round as it looks to deepen its expansion in North America and Europe.
How CIOs can prepare for the “tectonic change” of generative AI (BETAKIT)
Nearly every company leader in the world is thinking about the potential opportunity—and risk—of generative AI for their business and customers.
In an interview with BetaKit, Coveo CEO Louis Têtu shared takeaways from his world tour, the growth in AI-enabled experiences, and how CIOs can prepare for the “tectonic change” of generative AI.
Canadian SPACs still hope for deals as investors pull cash (THE LOGIC)
Investors in Canadian-backed SPACs are pulling their money, as the blank-cheque companies face deadlines to close merger deals. Some Canadian SPACs have simply liquidated and delisted from public stock exchanges.
Perhaps the highest-profile Canadian SPAC, the Nasdaq-traded Portage Fintech Acquisition Corp.—founded by Montreal-based Sagard Holdings, the alternative-investment arm of Desmarais family-controlled Power Corporation—was set to wind down on July 23, after failing to find a company to merge with.
Elevate gears up for 2023 tech festival, unveils full schedule and list of speakers (BETAKIT)
Elevate Festival, which is set to return to Toronto in two weeks for its fifth annual event, has unveiled its full schedule and speaker list.
Elevate 2023 headliners include Canadian deputy prime minister and minister of finance Chrystia Freeland, former CTV National News chief anchor Lisa LaFlamme, Sweet July founder and CEO Ayesha Curry (spouse to NBA star Stephen Curry), and retired astronaut and Elevate co-chair Chris Hadfield.
The Paradigm Shift in Crypto That Wasn’t (THE INFORMATION)
The high-profile crypto venture firm Paradigm has had a rough 12 months, including an FTX investment that went to zero and a website makeover that caused an uproar. But co-founder Matt Huang said in an interview that its commitment to crypto remains unwavering.
Clay Financial raises $1.7 million CAD to develop its home-equity sharing agreement platform (BETAKIT)
Toronto-based Clay Financial has raised a $1.7-million CAD pre-seed round to develop its digital platform for home-equity sharing agreements (HESA).
As an alternative to reverse mortgages and home- equity lines of credit, HESAs are designed to allow homeowners to convert some of their equity into cash, in exchange for a share of their home’s future appreciation.
What makes HESA different from the other two options is that there is no monthly interest payment, Clay said.
JPMorgan Chase to offer online payroll services as it steps up fight with Square, PayPal (CNBC)
JPMorgan Chase is stepping up its appeal to small business customers by planning to offer digital payroll processing, CNBC has learned.
JPMorgan, the biggest U.S. bank by assets, has poured billions of dollars into technology in recent years. It’s part of a larger battle for the loyalty of American retail and business customers as fintech players including PayPal and Square morph into do-everything providers that threaten traditional banks.
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