Award-winning Fintech Pynk are poised to pay $100K to their community

London, UK, 21 May 2021, ZEXPRWIRE, Founded in 2018, Pynk made something of a splash when they exploded onto the Fintech scene with their quirky, hybrid version of community powered investing and education, but things have been quiet on the home front as the Coronavirus pandemic hit, but it seems like that is just about to change… 

WHAT IS PYNK?

  • At its heart, Pynk is a gamified predictions platform. By making daily price predictions on assets such as Bitcoin, gold and NASDAQ, users are rewarded in their native Wisdom Points (WPs).
  • Once a user has gathered enough Wisdom Points, they can redeem those points as a cash value.
  • Pynk has created a fun space to ‘collaborate, innovate, learn and discuss for the growing retail market’, via their community forum.
  • They also have a range of other features, such as their Fantasy Fund Manager, Instagram style action feed, and regular competitions and prizes for their top contributors.

The issue has been that, primarily due to UK regulations, the ability to redeem WPs has been locked, Until now…

BACK WITH A BANG

At the time of writing, with the UK emerging, bleary-eyed from a 3rd lockdown, Pynk are once again getting ready to bring some noise – something they have become quite synonymous within the Fintech scene (think an army of Pink Jackets and LED flashing backpacks parading through the streets of Portugal’s Pink district). This time, they are set to release a jaw-dropping $100K to their beloved community of price predictors.

WAIT…WHAT?

Sources close to the Pynk camp have reliably informed one user of $100K divided out amongst their prediction community, with the most rewards going to the hardest working, longest serving ‘Pynksters’. That’s not even the end! With an average of $15K paid out every quarter, Pynk would seem to be a legitimate way to make a few extra bucks in any participant’s spare time (It’s better than filling out surveys, right?). With a global community from far-flung regions of the globe, and with features such as trading signals due to market this year, Pynk would seem to be working hard towards their goal of ‘Democratising Finance’, regardless of geographic location or economic background.

Lofty goals indeed!

If you’d like to try Pynk for yourself, head on over to pynk.io and complete the simple registration process. Registration is free and open to people from any part of the world. 

FinTech expert Jason Simon discusses the different approaches to cryptocurrency purchases

With gold or cash, there is a fear of dilution.  However, this isn’t true of cryptocurrency.  For example, if someone holds $10 million in cash, it will definitively lose 99% of its value in 100 years; for gold, that timeframe is reduced by 15 years. However, cryptocurrency can never lose its intrinsic value, regardless of how much time has passed.

When the first cryptocurrency, Bitcoin, was introduced, it was designed as a peer-to-peer currency that cut out the middleman, namely, banks.  The idea was to give consumers control over their money and provide a means to allow the world’s unbanked population to gain access to financial instruments.  The cryptocurrency ecosystem has morphed somewhat since then, but still holds a place as an alternative to fiat.  Jason Simon, a FinTech and eCommerce expert who closely follows developments in the cryptocurrency space, discusses the different ways cryptocurrency is now being viewed by institutions.

In August of last year, business software and cloud-based services firm MicroStrategy announced that it had purchased $250 million in Bitcoin (BTC).  While investments were not a main target of the company’s portfolio, the purchase was a strategic move to diversify the firm’s capital allocation. At the time, one BTC was worth around $12,000, which means MicroStrategy purchased somewhere in the vicinity of 21 BTC. 
Today, that investment is worth approximately $1.16 billion.

Despite the substantial gains, the company isn’t going to cash out.  MicroStrategy CEO Michael Saylor said late last year that the goal was to hold the BTC, possibly for as many as 100 years.  He explained that the purchase wasn’t meant to be a hedge, but, rather, a “corporate strategy to adopt the Bitcoin Standard.”  That was a reference to the stability digital currency is expected to offer the global financial system.

Explains Simon, “With gold or cash, there is a fear of dilution.  However, this isn’t true of cryptocurrency.  For example, if someone holds $10 million in cash, it will definitively lose 99% of its value in 100 years; for gold, that timeframe is reduced by 15 years. However, cryptocurrency can never lose its intrinsic value, regardless of how much time has passed.”

While certain cryptocurrencies, like BTC, are immune to the degradation in value, not all of them are. This is where there has been a great deal of confusion regarding the true value of cryptocurrency as a fiat alternative.  Ethereum, for example, is more centralized than BTC and doesn’t have a functional architecture in place, which means that it is not yet developed enough to be considered a solid option in the digital currency space.

Additionally, fiat holdings, especially in large amounts, are subjected to more taxes and fees than cryptocurrency holdings.  This is another reason why moving cash assets to digital currency makes sense.  Adds Simon, “Cryptocurrency continues to get stronger and faster all the time, which says a lot about its growth and its potential. 

It has only been around for approximately ten years, but has already made huge strides in its functionality because it is being developed by a global network of experts.  It isn’t tied to a central organization that controls its movements; rather, the entire ecosystem plays a role in its development.”

When BTC saw its massive breakout in 2017, going from around $100 to as much as $20,000, cryptocurrency suddenly became a target for its investment potential.  While the main idea of digital currency has always been the logical evolution of monetary systems, there was a metamorphosis of sorts that saw it shift to become an investment vehicle, not a form of currency. However, in spite of that, the attention the ecosystem has garnered has been substantial enough to bring cryptocurrency to the front lines and give it the attention it needed on a regulatory level to become a valid alternative to fiat.  

Concludes Simon, “Cryptocurrency was never designed to be a replacement to the dollar or the euro. It was meant to work in tandem with existing fiat alternatives to expand the financial capabilities around the world. Digital currency has advanced more in the past ten years than the US dollar has in 100, and the reality is that cryptocurrency is now a legitimate and viable option that can be used in place of fiat, or as an investment opportunity.  As an investment, cryptocurrencies like BTC are offering massively greater returns than any other investment vehicle.”

About Jason Simon

Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced.  He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism. When he’s not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.

 

FinTech and cryptocurrency expert Jason Simon discusses how Canada is addressing digital currency

Canada has already created laws regarding how digital currency should be taxed, although it has not yet defined cryptocurrency as legal tender. This is seen in most countries that are working on the legalization of digital currency, and which are still not ready to put it on the same level as accepted fiat.

Around the world, many countries are actively pursuing laws and regulations to provide a legal framework for cryptocurrency. Many are providing a positive path toward acceptance, although a few have still not come to terms with the role digital currency plays in the larger financial ecosystem. Jason Simon, a FinTech and cryptocurrency expert, recently shared his insight on the state of regulations around the globe and now provides details on how Canada is addressing cryptocurrency.

Canada is one of many countries that is working on the development of guidance to introduce a legitimate and legal path for the use of cryptocurrency. Explains Simon, “Canada has already created laws regarding how digital currency should be taxed, although it has not yet defined cryptocurrency as legal tender. This is seen in most countries that are working on the legalization of digital currency, and which are still not ready to put it on the same level as accepted fiat.”

The Financial Consumer Agency of Canada states that digital currencies can be used to buy goods and services on the Internet, as well as in physical stores where accepted. It also explains that digital currency can be bought and sold on open exchanges, with the Canada Revenue Agency adding that, for tax purposes, cryptocurrency is a commodity and not a government-issued form of money. Currently, only bank notes issued by the Bank of Canada or coins issued under the Royal Canadian Mint Act can be considered legal tender.

Canada was one of the first to establish regulations for the use of cryptocurrency. In 2014, the Governor General of Canada approved a bill, Bill C-31, that amended the country’s Proceeds of Crime (Money Laundering) and Terrorist Financing Act. As a result, cryptocurrencies are viewed as “money service businesses as they pertain to anti-money-laundering laws. This was the first time any nation established a law on digital currencies and is recognized as the world’s first legal acceptance of digital currency as it pertains to financial transactions.

Canada has continued to update its cryptocurrency laws since then, including how it is defined as it pertains to security laws. Simon adds, “In August 2017, the Canadian Securities Administrators provided an update on how securities law requirements apply to things like initial coin offerings (ICO), initial token offerings, cryptocurrency investment funds and more. 

This established clear-cut guidance for how initiatives like an ICO could be conducted and what an issuer’s responsibilities are in terms of the law. The update has gone a long way to protect consumers, even though there have still been some isolated abuse, such as that involving the failed Quadriga cryptocurrency exchange two years ago.”

As the cryptocurrency industry has evolved, Canada has continued to support it, being the first to approve a blockchain exchange-traded fund (ETF). That came in February 2018, when the Ontario Securities Commission gave a green light to the Blockchain Technologies ETF, and more investment funds have emerged since then. In the middle of last month, the Ontario Securities Commission approved another ETF, this one from Evolve Funds. It is listed on the Toronto Stock Exchange under the ticker symbol EBIT, and was seen as a potential catalyst for the introduction of cryptocurrency ETFs in the US.

In another example of Canada’s positive reaction to digital currency, a new stablecoin is being introduced by VersaBank. Simon states, “The VCAD stablecoin is being introduced by VersaBank, a bank located in Canada. VCAD will be backed by Canadian dollars, making it the first digital currency issued and backed by deposits through a bank in North America. This is another example of the constantly evolving role digital currency has in the financial ecosystem, and the next couple of years will see even more progress made.”

About Jason Simon

Jason Simon is a FinTech and digital payments expert who became involved in cryptocurrencies when they were first introduced. He enthusiastically follows what is happening in the evolving world of finance, excited about the prospects digital currencies offer global consumerism. When he’s not involved in helping advance the digital payments space, he enjoys spending time with his family and improving his community.

 

New Perspectives of Expansion for Konzortia’s Inclusive Approach

The COVID19 has forced economies to adapt to the new conditions of social distancing, and to quickly react to the problems which effects have been exacerbated by the pandemic, such as the lack of financial inclusion. This has led governments around the world to adhere themselves to the trend of adopting new and innovative financial technologies as an integral part of their systems. While countries like China, Canada and Australia had already taken a step in this direction in the last few years, in 2020, a lot more have begun experimenting with distributed ledger technologies (DLT) for various purposes and intents.

This landscape poses yet another opportunity for Konzortia Capital to expand. The Konzortia Capital Distributed Ledger (KDLC) is designed with inclusivity in mind, to cater to the necessities of all financial actors, from individual consumers and investors to companies of all sizes, industries and jurisdictions, as well as banks, governments and regulators. It is the perfect technological framework for countries looking to expand and innovate upon their financial systems.

The launch of the MVP of SBank could mean a step towards a future in which financial technologies becomes a normal part of everyday financial transactions, not just for savvy individual users but for large institutions as well. SBank’s main feature relies in granting its users the ability to carry out money transfers in real time, in any currency, from and to any country in the world. This is possible thanks to the use of cutting-edge distributed ledger technologies which enable the automation of processes like transaction settlements and verifications, potentially making financial systems much more efficient with highly liquid assets.

Konzortia Capital has many exciting new prospects for the near future, especially with how fast the world is moving towards a shift in the dynamics of financial systems and institutions. In mere months, the users of the SBank platform will be able to enjoy faster, easier and feeless global transactions with many complementary features including contactless payments, digital debit and credit cards, a chat functionality and much more. We encourage those who may be interested in becoming a part of this exciting project to visit www.konzortiacapital.com for more information. Follow our newsletter for the latest news about the company and the industry.