|Welcome to Navigator’s weekly update “Banking on Blockchain”. Each week, we put together a curated list of the latest news highlights and announcements for blockchain in Canada and around the world.
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Canada in Focus
Major audit and consulting firm Deloitte will help the Institutes RiskBlock™ Alliance blockchain consortium expand into Canada. The US based consortium, which represents 31 risk management and insurance companies, focuses on the application of blockchain technology in the insurance industry. The move is part of the alliance’s international expansion strategy, beginning with collaboration with Canadian-based property-casualty and life insurers.
Canadian-based cryptocurrency trading platform Coinsquare has announced that it has secured an official banking relationship with one of the major Canadian banks. The company has not yet released the details of the relationship, though CEO Cole Diamond says, “this is a tremendous boost not only for Coinsquare but for the entire Canadian cryptocurrency industry.”
While not known for their high-tech industry sector, Medicine Hat, Alberta is facing the high energy demands poised by cryptocurrency mining in their region. As a result, environmentalists and residents have expressed concern about the unprecedented energy usage. The reliance on fossil fuels is a danger identified by environmentalists, though the Toronto-based mining company Hut 8, who are operating in the area, have indicated that renewable energy is not reliable enough to sustain their business.
Canada’s first ever Bitcoin mutual fund, First Block Capital Inc. has said that Canada is a better environment for emerging technologies than the United States. CEO Sean Clark discussed the underlying factors in detail with CCN, indicating that the regulatory bodies understand the benefits of the technology, and are open to innovation more generally. In comparison, Clark says the United States have been less open to embracing this technology.