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A Short Primer To Get A Canadian Commercial Mortgage In The US

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Owning a commercial property in the United States is the dream of almost every Canadian citizen living in the USA. Many of them have no idea of how to obtain a commercial finance or mortgage. Certainly, purchasing a commercial property in the US presents its own challenges, if you are not a US citizen, rather a Canadian. As per a survey by the National Association of Realtors (NAR), more than half of the property transactions are done in cash in the US.

However, commercial mortgage lenders are willing to extend credit to Canadian citizens on attractive terms. Sometimes these lenders even provide credit to them without a credit history in the US. Getting a commercial mortgage depends on the residential status of the Canadian citizen. Canadian borrowers can be categorized into the below categories based on their residential status.

  • Non-permanent residents with a valid Work Visa (G1-G4, E1, E2, H1B, L1, H3, H2B, and H2A)
  • Permanent Residents with a Green Card (form 1-551)
  • Foreign nationals whose residence is not in the US

Paying for mortgage

If you are a Canadian citizen who wants to purchase a commercial property in the US, then be prepared to pay more for your commercial mortgage as US mortgages are compounded monthly as opposed to commercial mortgages in Canada which are computed semi-annually. In addition to this, there may also be tax deductible in the United States for its Permanent Residents. Whereas, there is no such tax deductible available for Canadian citizens interested in purchasing a commercial property in the United States by getting commercial mortgage finance.

How to apply for Canadian citizen mortgage?

Canadians can apply for a commercial loan in the US remotely via Email or phone, if they do not mind a few long distance charges. Most of the lenders and brokers strongly recommend that Canadian citizens should have a US business bank account via a ITIN (individual tax identification number) in order to facilitate the funding of finance and transfer of the down payments for the closing.

Some of the reputed lenders offer secured mortgages of up to 75% of loan-to-value (LTV) at very competitive interest rates. Canadian citizens can avail such finances in all 50 states of US. In order to attain maximum client satisfaction, such transactions are closed in 30-45 days. The closing of Canadian citizen mortgage should be done in person in the United States, preferably at the offices of the commercial loan lenders.

Documents required for processing of the mortgages?

  • Legible copy of valid Canadian passport
  • Copy of Canadian Credit History Report
  • Fully executed legible purchase and sale contract which is signed by all the parties Verification of funds or deposit
  • 3 months bank statements showing that they have enough funds for a purchase
  • Personal Financial Statement stating Assets & Liabilities
  • Professional Reference Letter from CPA & Personal Banker
  • Bio or Resume on the Sponsor outlining previous ownership and experience managing such sizable investment
  • property if more than a $1M.+ investment
  • Real Estate Schedule of Existing Real Estate Owned In The U.S or Canada
  • Copy of U.S Individual Tax Identification Number
  • Copy of Earnest Money Deposit or Escrow Letter
  • Canadian Primary Residence

The final thought

Many commercial loan brokers and mortgage lending companies in the US offer commercial loans to Canadian citizens after verifying their financial track record, residency status and work history.

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Stratis Completes Token Swap, Guns for Enterprise Blockchain Crown

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Stratis

Blockchain technology company Stratis has concluded its latest major update, with STRAX tokens replacing their STRAT predecessors. The swap follows a vote that saw over 97.5% of token-holders green-light the proposal, setting the stage for a revised tokenomic structure, new incentive mechanisms and improved block times.

In total, over 93 million STRAT tokens have been converted 1:1 to STRAX, representing 93% of the circulating supply. The remainder were burned, effectively removing over 6.6 million tokens from existence.

With the deployment of a brand-new blockchain and native token – not to mention the imminent launch of an NFT marketplace, games and the Unity Engine SDK – Stratis is, like fellow sleeping giants Cardano, Tezos and Polkadot, starting to wake up and make good on its promises.

Why Token Swap?

Stratis users who failed to exchange STRAT for STRAX can hardly complain: the platform announced the changeover last October, with token-holders given a whole year to install a STRAX wallet and exchange their old outgoing assets.

The high number of tokens swapped underscored the simplicity of the process, which saw users trade STRAT independently via a trustless on-chain mechanism, transfer their tokens to an exchange that supported the swap (Binance, Bittrex, Bithumb, etc), or manually swap them into STRAX using a tool provided by the platform.

The token swap was part of a raft of changes made to the platform, with block times reduced, block rewards increased, SegWit activated, and the introduction of both cold staking and dynamic membership. The latter enables any user to join the Cirrus sidechain as an acting Masternode – providing, that is, they meet the collateral requirement of 100,000 STRAX.

The management and monitoring of masternodes have also been simplified thanks to a newly-released operator dashboard.

Stratis Enters Shipping Season

Designed to help Microsoft developers develop blockchain solutions in a language they understand and love, Stratis launched in 2016 as an enterprise-focused Blockchain-as-a-Service company. In the years since, the platform has poured an immense amount of resources into enhancing its features and tooling, while onboarding companies from around the world.

2021, though, has been something of a breakout year. Not only is Ethereum interoperability imminent thanks to its InterFlux solution, but Stratis recently launched a Unity Development Kit, enabling the integration of NFTs and decentralized identities into the gaming ecosystem. A number of gaming projects (Dawn of Ships, Trivia Legend) are now busy building on Stratis’ proof-of-stake blockchain, both due to its low-fee environment and 3D SDK.

DeFi is another area of exploration for Stratis, as highlighted by the emergence of decentralized exchange protocols Opdex. Financed by Stratis’ Decentralized Accelerator program, Opdex enables trustless token swaps, liquidity provision, mining, and staking in a non-custodial and gas-efficient manner. Recently released on the Cirrus testnet, the DEX protocols aim to bring much-needed diversity to the booming DeFi sector, which has largely centered on Ethereum.

Founder Tyler Peña believes the fact that Opdex coded in #C means the ecosystem could “drastically increase the adoption rates by developers while also decreasing the frustration of learning new languages, frameworks and tooling.”

Shaping Blockchain Policy

Although DeFi, NFTs and blockchain-based gaming are now very much part of the Stratis universe, the platform remains, at heart, enterprise-focused. As such, it remains committed to pioneering use-cases, onboarding businesses and organizations, and working with governments.

Last month Stratis joined the UK’s All Party Parliamentary Group on Blockchain (APPG Blockchain), which aims to “provide evidence, guidance and recommendations to policy makers on blockchain-related issues.”

By acquiring a seat at the table, Stratis – described by APPG Blockchain secretariat Birgitte Andersen as “one of the UK’s most established and innovative blockchain platforms” – will be in a position to influence and inform the UK government’s decision-making when it comes to blockchain initiatives.

The spoils, of course, are considerable: business investment in blockchain technology is expected to reach almost $16 billion by 2023, up 40% from 2019. And with the wider crypto market currently in rude health, Stratis seems well-positioned to capitalize on the feel-good factor.

 

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Is China Considering Lifting The Bitcoin Mining Ban? The NDRC Runs Public Survey

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Bitcoin mining ban, a hand and a survey

The National Development and Reform Commission is asking the Chinese public for their opinion on the Bitcoin mining ban. Is China’s government playing 4D chess or are they confused and considering backtracking their decision? Can they unring this particular bell or is this a too little too late scenario? Do they really care about what the general public thinks or is this survey just for the optics?

As it usually happens with the Chinese government’s actions, they leave more questions than answers. Nevertheless, let’s unpack the information available and see what Twitter thinks about the situation.

First of all, the official announcement says:

“In accordance with the relevant work arrangements for the rectification of virtual currency “mining” activities, the National Development and Reform Commission and relevant departments have revised the “Industrial Structure Adjustment Guidance Catalog (2019 Edition)”, and now solicit opinions from the public.”

So, they’re considering “rectification of virtual currency “mining” activities,” by which they mean the Bitcoin mining ban. And by “the public,” they mean “Relevant units and people from all walks of life can provide feedback.

BTC price chart for 10/25/2021 on FTX | Source: BTC/USD on TradingView.com

Is China Actually Considering Lifting The Bitcoin Mining Ban?

Opinions differ. However, according to Three Arrows Capital’s Su Zhu, that’s exactly what’s happening.

People in the replies are not convinced. They theorize that the Chinese government is just trying to create a database of people in favor of Bitcoin mining, or that they are just thinking about lifting the Bitcoin mining ban so they can ban it again on the next cycle. Others doubt the miners will return or that new mining operations will pop up. A few, though, think that the Chinese government realized they made a trillion-dollar mistake.

Chinese journalist Colin Wu, however, sees the news from another angle. “It is not un-banning. On the contrary, its content is to write crypto mining into an industry that must be eliminated.”

And he links to a .pdf that says the same thing as the original document, but in a different tone altogether:

“In the “Industrial Structure Adjustment Guidance Catalogue (2019 Edition)”, the elimination category “I. Item 7 is added to “Outdated production technology and equipment” and “(18) Others”, and the content is “virtual quasi-currency’mining’ activity.”

The phrases “Outdated production technology” and “Virtual quasi-currency’mining‘” hit different and tell another story about the Bitcoin mining ban. Wu finishes by saying that “in terms of the current Chinese government’s strong opposition to Bitcoin mining, these comments are likely to be meaningless.

Conclusions And Speculation

Tick-tock next block. China’s Bitcoin mining ban was a blip on the radar. The network kept running as usual and, a few months later, Bitcoin’s hashrate recovered. We at NewsBTC have been trying to figure out the logic behind the Chinese government’s moves regarding Bitcoin. Unsuccessfully. We looked into the new “China Model” and the small hydropower stations question, wondered about the waning of their hashrate dominance, and looked closely into the now-defunct industry.

Even though it seems like a logical theory, we don’t know if the Chinese government is just clearing out the competition for their future CBDC. We are not sure if this whole operation is part of a bigger one that is trying to control all of the Chinese billionaires. Or if they’re just asserting their dominance and showing everyone who’s the boss. We just know that the Bitcoin mining ban might be the biggest mistake of the century. And we’re not even talking about the trillions in fiat currency that the country is losing. 

The Chinese are banning themselves from participation in the winning open network, from interaction with the biggest idea of the century, from owning a piece of the pristine asset that will change the world for the best.

Did they realize all of this and are gearing up for a change of mind?

Featured Image by Andreas Breitling from Pixabay - Charts by TradingView

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Like Ethereum, but Better: Polkadot Could Be the Secure Future of the Blockchain

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Eqonex dot

Polkadot has attracted significant attention since the project’s inception in 2016 is due to its founding team. Polkadot is the brainchild of Dr. Gavin Wood, who is one of the original co-founders of Ethereum and who came up with the idea of the Solidity programming language.

Wood left his position as CTO at Ethereum in 2016, shortly after the platform launched on mainnet. He’d already shared a vision for how Ethereum’s development could pan out, but it seems his co-founders disagreed. So Wood decided to implement his vision as Polkadot, a new project.

Features of Polkadot

Polkadot has several features designed to make it stand out from competitor platforms. One of the most notable is that Polkadot has a kind of sibling network called Kusama, which runs on the same codebase. Kusama serves as a midpoint between Polkadot’s testnets and a full Polkadot implementation. Along with the ability to experiment, Kusama is expected to remain operational as a live environment for lower value applications that don’t require Polkadot’s enterprise-grade security and stability. However, the two platforms are comparable in architecture and operation.

Architecturally, Polkadot draws comparisons with Ethereum 2.0. Both platforms use sharding as a way of increasing processing capacity, each deploying a central chain responsible for maintaining the state and security of the overall blockchain. Polkadot’s central chain is called the Relay Chain, whereas Ethereum has the Beacon chain. In both cases, sharded chains connect to the central chain. Polkadot calls these sharded chains parachains.

Perhaps the biggest difference between Polkadot and Ethereum is that Polkadot is aiming for full interoperability across other blockchain platforms. Some of the parachains connected to Polkadot will operate as so-called bridge parachains, allowing anyone to transact value from an external network into the Polkadot ecosystem and vice versa. Bridge parachains act as witnesses for bridge traffic to ensure that transaction integrity is secured on both sides.

Despite the fact that Gavin Wood was one of the orchestrators of Solidity, Polkadot has shunned Solidity in favor of the Substrate Framework. Rather than coding smart contracts from scratch, Substrate is an open-source framework allowing anyone to create an application-specific blockchain to run on Polkadot or Kusama. Any developer with knowledge of generic programming languages can start using Substrate without learning any new tools.

The DOT token and secure custody

Polkadot has some intriguing economic forces at play around the native DOT token. Like all other platforms, DOT plays a critical role in network consensus and governance. Polkadot runs on a variation of Proof of Stake called Nominated Proof of Stake or NPoS. It’s similar to the Delegated Proof of Stake used by EOS, in that DOT token holders can nominate a validator by delegating their tokens.

However, unlike EOS, a validator can opt to finance their own stake, too—it’s not a requirement to be nominated. Furthermore, while EOS has only 21 validators, Polkadot currently supports close to 300, so it’s far more decentralized.

Polkadot operates another layer of tokenomics around its parachains. Parachains can only connect to the Polkadot network by winning one of a limited number of parachains slots, which are awarded to the highest bidder at parachain auctions. The winning bid receives a lease for a fixed number of months.

Projects bidding for parachain slots can conduct crowd loans, asking supporters to pledge their DOT for the duration of the parachain lease. In return, projects offer their own tokens as rewards. This process creates an additional dynamic to the DOT economics, as holders have the choice to either delegate tokens to secure the network for rewards or loan them to projects in return for project token rewards.

Given the complex characteristics of the Polkadot blockchain protocol, it understandably requires a custodian capable of full warm and cold storage solutions. Digivault, the EQONEX Group’s crypto custodian, was the obvious choice to provide secure custody services for DOT. Digivault is the first custodian registered by the UK’s Financial Conduct Authority (FCA).

DOT is listed on EQONEX

Because of its utility, degree of decentralization, and innovation, you can trade the DOT token on EQONEX. What’s more, all customers of EQONEX who hold DOT will custody their holdings in Digivault by default.

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