Business · Companies · 6 hrs ago
Koho rejects prediction markets as it nears bid for Canadian bank licence
Koho is a Canadian financial technology company that is working to become a bank.
It is nearing the end of a five-year effort to secure a Schedule 1 banking licence.
CEO Daniel Eberhard says the licence could help Koho offer Canadians better rates on savings and loans.
Earlier this year, the company raised $130 million CAD as part of its push to become a bank.
Koho does not plan to offer prediction markets, which let people bet on the outcome of events.
Eberhard says they amount to gambling and could have harmful effects on society.
Koho’s next step is to complete its licensing effort.
Koho is nearing the end of a five-year effort to secure a Canadian Schedule 1 banking licence.
CEO Daniel Eberhard says the licence could help Koho offer more competitive lending and savings rates.
Eberhard said Koho does not plan to launch prediction markets, which he described as gambling presented as technology.
Koho raised $130 million CAD earlier this year as it pursued the licence.
- Who
- Koho and its CEO, Daniel Eberhard.
- What
- Koho is nearing a bid for a Canadian Schedule 1 banking licence and does not plan to launch prediction markets.
- When
- The licence effort is nearing the end of a five-year journey; Koho raised $130 million CAD earlier this year.
- Where
- Canada.
- Why
- Eberhard says the licence could help Koho offer more competitive lending and savings rates. He views prediction markets as gambling with potential negative social effects.
This story does not have two clearly opposing sides.
Koho raised $130 million CAD as part of its effort to become a bank.
Koho’s effort to secure a Schedule 1 banking licence is nearing its end.
- Funding
- $130 million CAD
- Licence
- Schedule 1 banking licence
- Licence effort
- Five years
- CEO
- Daniel Eberhard
What people are saying
I think that we will look back on prediction markets the same way we look back on altcoins and … NFTs.
Sources
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