Five FinTech startups will compete for Canada’s inaugural FinTech Cup on June 15 in Calgary at the 2016 Payments Panorama Conference.
The Canadian Payments Association and the Digital Finance Institute announced the five finalists, with one of them being bitcoin startup The Social Wallet. A representative from each Canadian fintech startup will have five minutes to make their pitch to win $20,000 and Canada’s first FinTech Cup.
The Social Wallet is a new bitcoin wallet that will allow users to send, receive, and store bitcoin. The main feature of the wallet is identity. User accounts will be tied to social networks, for example users can login with Facebook, and select a friend to send money to using the wallet, removing the use of bitcoin addresses for example.
Kyle Kemper, co-founder & CEO of The Social Wallet, described the wallet’s main benefit in a Medium post by saying,
“By leveraging the power of the Blockchain, mobile technology, and global internet access the Social Wallet is poised to give all people (including the 2.5 Billion adults worldwide who don’t have bank accounts) a fee-free alternative that makes transferring money as easy as sending a text message.”
More than likely this means that The Social Wallet will utilize off-chain transactions to allow users to send bitcoin to each other instantly at no cost. They will then have to reconcile the transactions later using on-chain transactions in batches in order to get the funds on the blockchain. It’s not clear yet how those fees will be processed and by whom.
Kemper also went on to say that the wallet will have an API to connect the wallet to third-party applications to have users add digital cards to their wallet, filling it with their digital assets like loyalty cards.
The fintech competition will get underway on June 15th at 2:15pm at the Metropolitan Conference Center, Calgary with the first ($20,000), second ($3,000) and third ($2,000) place winners announced at the conference reception that evening.