F|T: The FinTech Times – Open Banking Working Group Fails to Address Critical Issues
Plus: Dapper Labs is backing blockchain gaming company Revolving Games through a $13.2 million USD round.
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Open Banking Working Group Failing to Address Critical Governance Standards Issues (BETAKIT)
Working group participants from the FinTech community and those familiar with the talks expressed concern that delaying governance decisions could bog down the system, leaving Canadians without recourse if their data or accounts are compromised. FinTech participants are also concerned that they will be left without recourse in disputes with other financial institutions.
In response, two FinTech trade associations have moved to address these concerns by developing or submitting their own reports on future governance options, BetaKit has learned.
Revolution under pressure from auditors after UK regulators find fault (FINANCIAL TIMES)
Revolut is under pressure from its auditors to improve internal controls after UK regulators highlighted significant deficiencies in the audit of its accounts, including an “unacceptably high” risk of “material misstatement”. The $33 billion FinTech firm is also currently in the midst of a major cost-cutting review codenamed “Project Prism.”
FreshBooks Appoints Wayne Jackson as CFO to Support Global Expansion, M&A Plans (BETAKIT)
The appointment of Wayne Jackson comes as FreshBooks has turned its sights on international growth and M&A opportunities. FreshBooks CEO Don Epperson said Jackson’s experience “leading global companies through periods of hyper-growth, including acquisitions and entering the public markets, will be a great asset as we continue to execute our global expansion strategy.”
SEC Chair Wants to Police Crypto, But Asks for Cooperation (AXIOS)
While the industry has long called for more guidance on how to comply with the existing regulatory structure, Securities and Exchange Commission Chairman Gary Gensler said more guidance is not forthcoming. Enough has already been given, he said, pointing to previous reports and punitive actions.
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WonderFi Acquires Blockchain Foundry in an Equity Deal (BETAKIT)
WonderFi said it expects about 26.2 million of its common shares to be issued to shareholders of BCF as consideration, representing approximately 13.4 percent of the issued and outstanding shares of WonderFi. A spokesperson for WonderFi told BetaKit that BCF’s acquisition is worth about $12.6 million CAD.
Exclusive: After laying off 180 employees, Rupeek lays off 50 more employees (INC42)
In a statement, the fintech startup confirmed the development with Inc42. “Taking into account the subdued macroeconomic environment, we accelerated our efforts in recent months to achieve profitability. As further clarity emerged, we strengthened our strategy to become profitable over the next 12-18 months and align us the rapidly developing market conditions, the statement says.
Mysten Labs, creator of the Sui blockchain, closes a $300M raise led by FTX Ventures (THE BLOCK)
The startup’s co-founder and CEO Evan Cheng, who was head of research and development at Meta’s crypto wallet Novi Financial until last September, told The Block in an interview that Mysten aims “to get consumer adoption — mass adoption.”
“We’re focusing a lot on designing an architecture that’s completely different that allows us to scale the capacity of the blockchain horizontally,” he said.
Clearco leaves overseas operations to Outfund to focus on the North American market (BETAKIT)
Clearco told BetaKit that the partnership with Outfund does not include any of Clearco’s employees, technology, intellectual property, infrastructure or operations. Under the terms of this partnership, Clearco will receive a commission for referring its international clients to Outfund.
Investors Sue Treasury Department For Blacklisting Crypto Platform (THE NEW YORK TIMES)
The lawsuit, filed in federal court in the Western District of Texas, is funded by cryptocurrency exchange Coinbase, which has clashed with the federal government over its increasingly strict regulation of digital assets. The suit alleges that the Treasury Department exceeded its legal authority by banning Tornado Cash.
Thoughtwire, Finaeo makes layoffs as Canadian tech continues to face economic headwinds (BETAKIT)
Thoughtwire and Finaeo are among the latest Canadian startups to lay off in recent weeks as companies adjust to a tighter investment landscape and economy. Both companies remain mum on the number of employees cut.
At the Bank of Canada, a small team is working hard on digital currency technology (THE LOGIC)
After years of research into central bank digital currencies (CBDCs), the Bank of Canada now has a team of about 15 people developing the potential technology behind a digital shit.
Dapper Labs Backs Blockchain Gaming Firm Revolving Games Through $13.2 Million USD Round (VENTUREBEAT)
San Francisco-based Revolving Games plans to use the fresh capital to develop new games. According to The Logic, this marks NBA Top Shot creator Dapper Labs’ 28th deal of 2022, and 13th since May, indicating that the crypto crash hasn’t slowed the Vancouver Web3 startup’s investment efforts.
