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Class action lawsuit filed against Wealthsimple, Shakepay over alleged misleading crypto trading fees (BETAKIT)
The lawsuit, which was filed on September 29 in the Superior Court of Québec, is seeking punitive damages of $10 million each from Wealthsimple and Shakepay for misrepresenting the true costs of their cryptocurrency services. The proposed class action suit is currently pending a hearing and has not yet been authorized by the Québec court.
“Certain conditions precedent were not fulfilled by the 30 September 2022 long stop date, and the agreement has terminated automatically in accordance with its terms and, accordingly, the proposed transaction will not be implemented,” Amsterdam-listed Prosus said in a statement Monday without identifying those conditions.
Founded in 2013, Sensibill provides a software platform to small and medium-sized businesses to help them automate and streamline expense management. Q2 is publicly traded on the New York Stock Exchange under the symbol ‘QTWO,’ and works with banks, credit unions, altnertive finance, and FinTech companies to develop digital banking and lending solutions.
The cryptocurrency exchange has been dramatically downsizing its marketing deals and headcount in the wake of crypto winter.
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Speaking with BetaKit, Samantha Estoesta, Manager of Equity in Innovation and Programs at TD Lab, explained the origins of the Equity Resource Hub and its core five-step process any company can use to help build more inclusive products and services.
Binance said a cross-chain bridge linking with its BNB Chain was targeted, enabling hackers to move BNB tokens off the network. In total, hackers withdrew 2 million BNB tokens — about $570 million at current prices — from BNB Chain said in a blog post on Friday.
The value of BNB sank more than 3% Friday morning to $285.36 a coin, according to CoinMarketCap data.
Ledn previously told BetaKit in August that it is actively exploring merger and acquisition opportunities as the turbulent economic conditions hit the crypto market. At one point, Ledn was involved in a group that sought to invest in struggling BlockFi.
The South Korean government has given Kwon 14 days to comply with the new order, it said in a notice on the website Thursday. The order follows Interpol issuing a red notice against the crypto entrepreneur last month, requesting law enforcement agencies worldwide to locate and arrest him.
In partnership with TELUS Online Security, BetaKit is happy to present a live-streamed panel conversation on what Canadians need to know about cybersecurity threats while providing practical solutions for online protection.
Axie Infinity is the most famous—or perhaps infamous—game to come out of the crypto industry. At its peak during last year’s crypto boom, the game boasted 2.7 million daily users and nabbed a massive fundraising round that valued it at $3 billion. Meanwhile, Axie disrupted the labor market in countries like the Philippines as thousands of young people quit their jobs to earn tokens by playing the game.
Among the top three prizes, Vancouver-based smart business card provider Ovou won first place, securing $110,000. By tapping an Ovou card on a smartphone, users can instantly share a curated professional profile and contact information.
Improbable closes in on $100mn in new funding despite biggest loss (FINANCIAL TIMES)
Improbable’s latest funding round, led by blockchain technology company Elrond, would value London-based Improbable at more than $3bn, the company said, an increase from its $2.5bn valuation in 2018.
Numida secures $16.7 million CAD in Serena Ventures-led round to equip more African SMEs with working capital (BETAKIT)
Serena Ventures, the venture fund of four-time Olympic tennis champion Serena Williams’, led the $7.3 million equity portion of the round, with participation from Breega, 4Di Capital, Launch Africa, Soma Capital, Y Combinator, and existing investor MFS Africa, which is following on. Numida also received a $5 million debt facility from Lendable Asset Management.
Swiss Dropout Worth $14 Billion Moves Startup Away From Porn (BNN BLOOMBERG)
Guillaume Pousaz is the founder and chief executive officer of Checkout.com, which this year raised funding at a valuation of $40 billion, making it worth more than British telecoms giant Vodafone Group Plc. But in its formative years, his company also got business from clientele Pousaz doesn’t like to talk about: porn and gambling websites.
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The post F|T: The FinTech Times – Wealthimple, Shakepay face class action allegations first appeared on BetaKit.