Canadian Business and PROFIT today ranked SolidTrust Pay No. 187 on the 29th annual PROFIT 500, the definitive ranking of Canada’s Fastest-Growing Companies. Published in the October issue of Maclean’s magazine and at CanadianBusiness.com, the PROFIT 500 ranks Canadian businesses by their five-year revenue growth.
SolidTrust Pay made the 2017 PROFIT 500 list with five-year revenue growth of 344%. That percentage earned us the 9th spot overall among 28 financial services companies on the list.
We’re happy to have made the top 10 in the financial sector, and we plan to continue building on our momentum to reach out into the world and bring more people better services.
About the PROFIT 500
For 29 years, the PROFIT 500 has been Canada’s most respectable and influential ranking of entrepreneurial achievement. Developed by PROFIT and now published in Maclean’s magazine and at CanadianBusiness.com, the PROFIT 500 ranks Canadian companies on five-year revenue growth. For more information on the ranking visit PROFIT500.com or CanadianBusiness.com.
About Canadian Business
Founded in 1928, Canadian Business is the longest-serving and most-trusted business publication in the country. It is the country’s premier media brand for executives and senior business leaders. It fuels the success of Canada’s business elite with a focus on the things that matter most: leadership, innovation, business strategy and management tactics. Learn more at CanadianBusiness.com.
Credit-monitoring company Equifax Inc. suffered a security breach that could affect up to 143 million people in the United States, as well as expose the “limited personal information” of an undisclosed number of Canadian and British Equifax users.
Equifax did not indicate the number of Canadians/British that could be affected or how, and Equifax Canada spokesperson Tom Carroll said the company is not providing any further information on the impact of the hack in Canada.
Based in Atlanta, Equifax is one of three major credit bureaus in the United States. Between May and July of this year, the company stated that cyber-attackers exploited a U.S. website application to access files which contained the personal information sought by the hackers.
“On a scale of 1 to 10, this is a 10 in terms of potential identity theft,” said Gartner security analyst Avivah Litan. “Credit bureaus keep so much data about us that affects almost everything we do.”
Names, addresses, birthdates, social security numbers and drivers license numbers were all among the information obtained. Equifax said its core credit-reporting databases don’t appear to have been breached.
“This is clearly a disappointing event for our company, and one that strikes at the heart of who we are and what we do,” Equifax CEO Richard Smith said in a statement. “I apologize to consumers and our business customers for the concern and frustration this causes.”
For more information, and to find out if you have been personally affected, you can use the website www.equifaxsecurity2017.com, which has been set up by Equifax. The website allows users to verify if their information was potentially affected, and helps them sign up for the free credit-file monitoring and identify-theft protection offered by Equifax in light of the breach.
NOTE: Some people are furious about the site’s functionality, and it includes an arbitration clause, which means that people who use the site waive their rights to a class-action lawsuit.
While SolidTrust Pay was not affected by the attack, events such as these serve as a reminder to always employ best security practices. We suggest that users update passwords and use a password manager, delete old accounts with personal information if you are no longer using them, and follow our 10 steps for better internet safety!
Canadian securities regulators have released a wide-ranging statement on initial coin offerings (ICOs).
The statement from the Canada Securities Administrators (CSA) is focused on “Cryptocurrency Offerings” and provides the clearest indication yet as to how regulatory bodies plan to oversee the emerging funding model.
The notice outlines the requirements for companies involved in the launch and management of ICOs, as well as the exchanges that plan to list those assets for trading. Perhaps most notably, it reveals that “many” of the digital tokens investigated by regulators in Canada fall under the definition of a security, thereby triggering a range of legal requirements.
The notice states:
“We have received numerous inquiries from fintech businesses and their legal counsel relating to ICOs/ITOs. With the offerings that we have reviewed to date, we have in many instances found that the coins/tokens in question constitute securities for the purposes of securities laws, including because they are investment contracts. In arriving at this conclusion, we have considered the relevant case law, which requires an assessment of the economic realities of a transaction and a purposive interpretation with the objective of investor protection in mind.”
The sentiment that such tokens are more likely to fall under the definition of a security is echoed elsewhere in the notice, where staffers point out that some ICO promoters have “[taken] the position that the coins/tokens are not subject to securities laws.”
“However, in many cases, when the totality of the offering or arrangement is considered, the coins/tokens should properly be considered securities,” the CSA wrote. “In assessing whether or not securities laws apply, we will consider substance over form.”
The notice also includes guidance for firms looking to create cryptocurrency investment funds in Canada. It invites firms that are interested in launching an ICO to consider signing up for a so-called regulatory sandbox, through which new financial products can be tested in a limited setting.
“In order to avoid costly regulatory surprises, we encourage businesses with proposed cryptocurrency offerings to contact their local securities regulatory authority to discuss possible approaches to complying with securities laws,” the notice states.
The release comes after regulators in Ontario published an advisory on ICOs in March, and just under a month after the US Securities and Exchange Commission stated that its rules may apply to some token sales.
Did you know that you can buy and sell Bitcoin with SolidTrust Pay? Simply create an account and follow these instructions! You can either buy Bitcoin from your account or convert it to USD and make a withdrawal using the method of your choice. We use a service that tracks the value of Bitcoin and exchanges it at whatever the current rate is.
In addition to Bitcoin, there are several other cryptocurrencies that are gaining recognition and popularity, including Litecoin, Ether and Dogecoin. With SolidTrust Pay, you can turn these “altcoins” into cash by depositing them into your SolidTrust Pay wallet and having them instantly converted to USD.
Navigate to your Deposit Money Area by clicking My Money -> Deposit Funds within your account and choose the “Bitcoin/Altcoins” option.
Enter the amount of money in USD you wish to withdraw from your altcoin wallet, check the Bitcoin Deposit option, enter your secondary password and click Deposit Funds.
Carefully read the details of your transaction, including the fees and total amount you will receive, then press the CONFIRM Transaction button.
Choose the coin you wish to use for your deposit from the dropdown menu (in the examples below, we chose Ether).
Enter your altcoin address, click Pay with Ether and press Continue!
Please note: Paying with altcoins takes a little longer than paying with bitcoins.
Expect a delay of 30-90 seconds before we register your payment.
The following is an up-to-date list of cryptocurrencies that you can use with SolidTrust Pay: