Category Archive : Canada

Why is Alchemy Pay (ACH) crypto soaring today?

The price and volume of Alchemy Pay (ACH) crypto have been rising in the past day as the cryptocurrency market recorded a slight gain worldwide. In the last 24 hours, the global crypto market cap surged 0.4% to US$ 1.27 trillion.

At the time of writing, Bitcoin’s dominance had increased by 0.4% to 44.69 per cent. It was trading at US$ 29,750.58 per token after 1.4 per cent over the previous day, according to CoinMarketCap data.

The price of ACH crypto was up by 12.3 per cent over the previous day to US$ 0.02435 per token. Meanwhile, the volume of Alchemy Pay soared over 227% to US$ 190.6 million at 3 AM EST.

What is Alchemy Pay?

As per the whitepaper, Alchemy Pay was built to fill the gap between the fiat and crypto worlds. It was founded in Singapore in 2018 as a payment solutions provider.

The network connects fiat and crypto economies for institutions, developers, global consumers, and merchants. According to CoinMarketCap, Alchemy Pay is supported in more than 70 countries and has touchpoints with over two million merchants through partnerships with QFPay, Binance, and Shopify.

Also Read: What is LockPay and is it a pump and dump scheme?

The ACH crypto is the native token of Alchemy Pay, and it is an ERC-20 token. The network was designed to promote the adoption of cryptocurrencies and support the virtual currency’s mission to provide financial freedom.

Alchemy Pay integrates technology and traditional finance to drive mainstream adoption of cryptocurrencies. The ACH crypto is listed on cryptocurrency exchanges like DigiFinex, Binance, Bybit, and Hotcoin Global.

Bottom line

The ACH crypto could be gaining investors’ attention as Alchemy Pay announced on Twitter that it has partnered with Binance to enable Binance Pay crypto payments for Instpower, allowing users to rent a power bank.

The facility of crypto payments will be available at 14,000 locations in countries like Austria, Canada, Mexico, Japan, and Germany.

The total supply of the ACH crypto is 10 billion, and the circulating supply is 4.49 billion. Notably, the cryptocurrency market is going through tough times as the global market cap has declined massively from the US$ 2 trillion mark.

Investing in cryptocurrencies is risky, and it is important to assess the risk capacity before trying to earn profit from the virtual currencies.

Also Read: What is AgeOfGods (AOG) crypto and why its volume soared 1200%?

Risk Disclosure: Trading…

Read more at kalkinemedia.com

Bringing ‘Offshore’ Digital Asset Transaction Information Onshore: The OECD’s Proposed Crypto Asset Reporting Framework – Fin Tech


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The rapid rise and mainstream adoption of crypto-assets has
created opportunities for intrepid entrepreneurs and investors to
create a new vision for money, markets and the internet at-large
that is decentralized, democratized and trustless. However, as with
any period of significant disruption, the legal landscape has
trailed the pace of innovation, creating significant risks for
abuse and illicit activity. When it comes to crypto-assets, one
area of particular concern for governments is the difficulty in
ensuring that all applicable taxes with respect to crypto-asset
transactions are being correctly reported (and paid) due to the
inherent decentralized design of blockchain technology.

Current tax reporting regimes, such as the Common Reporting
Standard (CRS), do not generally apply to most participants in the
digital asset industry. Thus, intermediaries in the digital asset
industry, such as cryptocurrency exchanges, are generally not
required to report on their customers’ digital asset holdings
or transactions. To address these shortcomings, the Organization
for Economic Cooperation and Development (OECD) released a public consultation document [PDF] on
March 22, 2022 concerning the Crypto-Asset Reporting Framework
(CARF), a proposed new global tax transparency framework that is
intended to provide for the reporting and exchange of information
with respect to crypto-assets. The public consultation document
also discusses proposed amendments to the Common Reporting Standard
(CRS) for the automatic exchange of financial information between
countries.

The proposed measures would, among other things, exponentially
increase the visibility that a country’s tax authorities have
over its residents’ transactions on foreign cryptocurrency
exchanges. While the United States has recently adopted its own
measures requiring tax information reporting by businesses that
receive over US$10,000 in digital assets, the powerful
jurisdictional reach of U.S. law does have limits. In contrast, the
CARF would be expected to be adopted by most, if not all, of the
more than 100 countries that currently participate in CRS. 
   

Crypto-Asset Reporting Framework (CARF)

The OECD’s public consultation document contains rules and
commentary relating to the collection of information from resident
crypto-asset…

Read more at www.mondaq.com

Are young investors ready to face their possible first major downturn?

When Canada was last hit by a major recession in 2008, today’s youngest class of investors were just starting elementary school. Now in their late teens and early 20s, Gen Z could soon face the first prolonged economic downturn of their investor lives.

With equity and crypto markets down, interest rates and inflation rising and global events continuing to disrupt supply chains, some analysts are predicting further economic decline.

Although there is yet no consensus over whether Canada is headed toward a recession in the short term, these transitory periods – characterized by a drop in gross domestic product, consumer confidence and employment – are an inevitable part of the business cycle. Recessions can also be accompanied by acute market turbulence, but young investors are divided on how to approach such volatility.

Some are following the classic advice: Don’t panic. Tristan Walker, a recent university graduate and sustainable energy engineer in Pincher Creek, Alta., said his plan is to stay the course, possibly investing in some exchange-traded funds.

“I’m trying to use the wisdom of people that were before me. Just hold long term and you will see value,” Mr. Walker said. “Your willingness to ride out these waves is more tied to your psychology than how old you are.“

Mr. Walker’s approach follows the advice given by most financial planners – don’t sell when stocks tumble, because they will most likely rebound. Jessica Sarrazin, an independent representative from Carte Wealth Management Inc., said young investors should remember their long time horizon: “The worst thing they can do is massively sell their portfolio because things are low.”

Yet, research show that young people are more likely to do just that.

Investment data collected from Scandinavian countries between 1997 and 2015 show that novice investors tend to sell more readily in a downturn compared with their older counterparts, said Sebastien Betermier, a finance professor at McGill University’s Desautels Faculty of Management, who has been studying the data.

“Their high risk aversion kicks in, it’s precisely that type of action that generates opportunities for the more experienced investors,” Prof. Betermier said.

HELOCs have us complacent and greedy about debt. They’re now a defining Canadian characteristic

How to control your emotions – and stick to your plan – as markets tumble

Case in point: In a 2021 study of the data, Prof. Betermier said that following…

Read more at www.theglobeandmail.com

RevoluGROUP Canada Inc. Corporate Update, Card Issuer, DFSA, DCE, DA Forex

Vancouver, BC, May 24, 2022 (GLOBE NEWSWIRE) — RevoluGROUP Canada Inc. (TSX-V: REVO), (Frankfurt: IJA2) (the “Company”) is pleased to announce a corporate update.

  • Top Tier Card Issuer Approval
  • DFSA 4th Financial License
  • Cryptocurrency Trading Registration
  • DA – Prominent Canadian Online Foreign Exchange
  • MD&A Clarification

Top Tier Card Issuer Approval

Shareholders were informed on the 1st April 2022 that the Company expected the granting of affiliate membership status to occur quickly. Subsequent to said news release the Company and card issuer have concluded all pending matters and can today advise that affiliate membership status is expected to be granted in the coming days. Shareholders will remain closely informed as to when the final status is granted via an upcoming news release. The partner is one of the top 4 worldwide card issuers boasting 50% of all credit cards in circulation in the U.S. and over 50% in Europe.

Dubai Financial Services Authority (DFSA) Financial License

In pursuit of the Company’s 4th international financial license, shareholders were informed on 1st April 2022 that the petition to the Dubai Financial Services Authority (DFSA) was nearing fruition. On the 30th of March 2022 the UAE authorities received replies to two minor queries. The Company received a further recommendation from DFSA resulting in the rectified final license petition having been filed on the 23rd May 2022. The Company awaits expedited final granting of the UAE Payment Service Provider (“PSP”) license. The underlying benefits of the said license granting will allow the Company to launch its Consumer Finance subsidiary RevoluFIN Inc. Other notable aspects include a geographically favorable hub in the MEASA region at the Dubai International Financial Centre (“DIFC”) as outlined to shareholders on the 4th of December 2020.

Central Bank Cryptocurrency Trading Registration

As per the news releases dated the 1st April 2022, the Company replied concisely to the Central Bank’s supplementary petition on the 25th of March concerning two (2) additional points. External legal counsel reached out to the Central Bank on the 18th of May 2022 for a progress report. As a result of this call, based upon legal statutory response times, legal counsel has informed management that a final response from the Central Bank should be received on or before the 25th June 2022. Upon granting of said Central Bank approval, the Company expects to rapidly launch its white-label…

Read more at www.crypto-reporter.com

Security key to choosing a crypto exchange

“Where an exchange does not require 2FA by default, they often restrict the account functionality so that funds cannot be transferred out without 2FA being configured. Digital Surge, for example, operates in this way. Exchanges also use machine learning and artificial intelligence to detect anomalous or fraudulent activity.

“They all do essentially the same thing. But for Aussies looking to buy larger amounts of crypto or invest in crypto for their self-managed superannuation fund, dealing with a local exchange is particularly reassuring for both credibility, security, and customer service.

We recommend a two-step verification process for any fiat or digital currency withdrawal.

Jess Renden, Cointree

“It’s quite common now for custodial exchanges to hold a large percentage of crypto assets in cold storage. In some jurisdictions, particularly Canada, it’s commonplace for exchanges to have insurance on crypto assets held in custody. This is not the case in Australia, yet.”

Jess Renden, chief operating officer of Australian crypto exchange Cointree, says the security of the platform should be a key priority for investors.

“We recommend a two-step verification process for any fiat or digital currency withdrawal, that application credentials are kept separate from the database and codebase to mitigate the damage of a security breach, and all website traffic must run over an encrypted Secure Sockets Layer [SSL],” she says.

“Investors must also check any reporting on the exchange domestically and in the exchange’s home market to determine if they have been involved in past allegations or if there have been any investors on the platform that have been burned and gone public. This is a good sign that the exchange is not putting the interests of its investors first.”

Boyd sees a strong preference on Finty.com for local crypto exchanges among Australians despite all the major international exchanges – Binance, Coinbase, Gemini – being active in the market.

Tax implications

Local exchange Swyftx is often compared to the world’s biggest exchange, Binance. According to Finty, both are popular and both provide reliable services to Australian investors and traders.

But the overall verdict from Finty is that Swyftx “offers low trading fees, robust trading features, and an excellent mobile application”.

With live chat and an integrated licence and tax system, Swyftx is ideal for Australians who want to trade without giving up too much in fees and…

Read more at www.afr.com

Coffee Briefing May 24, 2022 – Register now for ITWC Digital Tranformation Conference; Converge to acquire Technology Integration Group; Apple’s privacy ad campaign; and more

Coffee Briefings are timely deliveries of the latest ITWC headlines, interviews, and podcasts. Today’s Coffee Briefing is delivered by IT World Canada’s editorial team!

Missed last week’s Coffee Briefing? We’ve got you covered.

What’s new this week

ITWC’s Digital Transformation Conference starts tomorrow!

Have you secured your seat at the Digital Transformation Awards and Conference? This two-day event will bring together Canada’s leaders in IT and technology to share their experiences and answer your questions while networking through the DX-TV platform. 

Here are some of the sessions to look forward to at the hybrid event:

  • Cindy Xiong, assistant professor, College of Information and Computer Sciences, University of Massachusetts, Amherst offers new insights into how to turn data and analytics into a compelling narrative that will help drive change during her presentation titled ‘Telling Your Digital Story Effectively’.
  • Franco Chirichella, president, chief executive officer, and chief digital officer, Innovapost joins Jim Love, chief information officer, ITWC in a Fireside Chat where they will discuss the ‘Top Priorities and Challenges for Digital Transformation’.
  • Koleya Karringten, executive director Canadian Blockchain Consortium, joins Rick Huijbregts, Global Lead, Smart Cities, Stantec and Jonathan Anderson, Aviso, Aviso Wealth to tackle this controversial topic during their panel discussion ‘From Diverse to Metaverse, From NFT to Cryptocurrency – What Impact Will Emerging and Growing Technologies Have on Your Business in Canada?’

These discussions and many more await at the Digital Transformation Conference from May 25-26, 11:00 AM – 3:00 PM ET. The conference will also witness the announcement of the Digital Transformation Awards and the CIO of the Year Awards. Register Now!

Fortinet introduces self-learning AI capabilities in new network detection and response offering

Machine Learning and AI within the Fortinet Security Fabric

Global broad, integrated and automated cybersecurity solutions provider Fortinet today announced the launch of FortiNDR, a new network detection and response offering that uses artificial intelligence (AI) and pragmatic analytics to enable faster incident detection and accelerated threat response. This new offering rounds out Fortinet’s existing portfolio of detection and response solutions, including managed detection and response (MDR), endpoint detection and response (EDR), and…

Read more at www.itworldcanada.com

2 Cheap Canadian Stocks (Under $5) to Buy Today

Image source: Getty Images.

Stocks in Canada continue to slide for the second consecutive month in May 2022. After losing more than 5% of its value in April, the TSX Composite Index is currently trading with 2.7% month-to-date losses. A big tech sector meltdown started taking a toll on investors’ sentiments at the start of the year. Recently emerged signs about high inflation hurting corporate earnings have once again fueled the debate about more aggressive monetary policy action this month, driving stocks even lower.

Buy these cheap Canadian stocks now

While the ongoing market volatility could keep stocks highly volatile in the near term, most fundamentally strong stocks, like Hut 8 Mining (TSX:HUT)(NASDAQ:HUT) and Corus Entertainment (TSX:CJR.B) have the potential to showcase a sharp recovery in the medium to long term. That’s why buying such seemingly undervalued stocks now could help investors boost the returns on their investments. Let me explain why I find these cheap Canadian stocks worth buying today.

Hut 8 Mining stock

Hut 8 Mining is a Toronto-based cryptocurrency mining company with a market cap of $557 million. This cheap Canadian stock currently trades at $3.19 per share after losing nearly 81% of its value in the last six months — mainly due to the recent cryptocurrency market-wide crash.

After mining 2,786 Bitcoin in 2021, Hut 8 continues to focus on expanding its digital assets mining capacity. This tech company mined 242 Bitcoin in the first quarter of 2022. In addition, it installed over 9,500 new miners, including MicroBT M30S, M30S+, and M31S+, at its facilities in Alberta during the quarter. After these new installations, the company’s operating capacity increased to 2.54 exahash per second — up 27% from its capacity at the end of 2021.

While the Bitcoin prices have seen a massive collection this year, it shouldn’t surprise investors, as the crypto market has always been extremely volatile. Moreover, the rising acceptability of cryptocurrencies across the world could help Bitcoin prices recover and trigger a massive rally in HUT stock in the medium to long term. Given this upside potential, I find Hut 8 stock really cheap and attractive for investors who want exposure to the cryptocurrency market without directly buying a crypto coin.

Corus Entertainment stock

Canadian investors could also consider buying Corus Entertainment stock right now, as it looks undervalued based on its long-term growth outlook. Its handsome…

Read more at www.fool.ca

Is Lightspeed (TSX:LSPD) Still A Buy After Its Huge Q4 Loss?

Image source: Getty Images

The tech sector in Canada is experiencing a brutal bearish phase right now. But if you look at the individual stocks or even tech stocks from the same categories, you might find very different patterns. Some stocks have only experienced a modest fall, while others, like e-commerce and crypto companies, are being ravaged by the market.

And even within the e-commerce market segment, Lightspeed Commerce (TSX:LSPD)(NYSE:LSPD) stock stands out for its “discount,” and now, there is even more reason for investors to bail out this e-commerce company.

Lightspeed Q4 results

Lightspeed Commerce recently announced its Q4 earnings, and they have been quite discouraging. The company posted a loss of US$114.5 million for the quarter — a massive shift from the loss of US$42 million same quarter last year. The yearly loss and adjusted EBITDA (for the fiscal year 2022) have been almost double what it was in 2021.

The loss is quite substantial, but it’s not exactly unexpected. The e-commerce activity slowed down quite a bit, especially compared to the boom of 2021. Lightspeed wasn’t the only company that suffered from it. Shopify, with its different e-commerce exposure and a massive comparative reach, is experiencing the same issues.

Should you buy Lightspeed?

That depends on whether or not you believe the company and the stock will recover, given enough time. The company is quite optimistic about the fiscal year 2023, and for management, it’s business as usual. Lightspeed is taking new initiatives, some of which might pay off well and result in significantly more business for the e-commerce company.

It already has an impressive user base, and the current count for its restaurant and other clients is 163,000. If the number keeps increasing, the losses might start turning into profits, giving Lightspeed’s potential a solid financial footing.

It’s also targeting two tourist-rich markets, Australia and New Zealand, with its omni-channel solutions that roll loyalty and marketing into one.

The bottom line is that the core strengths of Lightspeed are still the same. It’s an e-commerce-oriented solution provider specifically targeting SMBs in specific market segments. It has already built a decent market base, and the client pool is well spread out. If it keeps growing the number of clients at a decent enough pace, it will turn around its finances for the better, and the stock might soon follow.

And the chances of Lightspeed taking…

Read more at www.fool.ca

Crypto exchange FTX quietly shops for brokerage start-ups amid move into stock trading, sources say – LendIt Fintech News

Crypto exchange FTX quietly shops for brokerage start-ups amid move into stock trading, sources say  LendIt Fintech News

Read more at www.lendacademy.com

Coinbase-Led Travel Rule Group Grows Members, Expands to Canada and Singapore

The current full list of TRUST members includes: Amber Group, Anchorage, Balance, Binance US, BitGo, bitFlyer, Bittrex, BlockFi, BlocPal, Cake DeFi, Circle, Coinbase, Coinhako, Coinsmart, Coinsquare, Crypto.com, Custodia, Fidelity Digital AssetsSM, Gemini, Kraken, Netcoins, Nexo, Paxos, Robinhood, sFOX, Shakepay, Standard Custody & Trust, Symbridge, Tetra Trust, TradeStation, Unbanked, VirgoCX, Voyager, Wealthsimple, Zero Hash and Zodia Custody.

Read more at www.coindesk.com