Blockchain
KOHO Raises $25M to Usher in a New Era of Simplified Financial Services
TORONTO, Nov. 28, 2019 (GLOBE NEWSWIRE) — Six months after announcing a Series B round, Toronto-based FinTech KOHO is pleased to close an extension with $25 million of new capital from industry-defining partners. The round was led by U.S.-based venture capital firm Drive Capital, whose portfolio boasts Duolingo, Udacity, and Root Insurance. National Bank of Canada, through its venture capital arm NAventures, also participated in the round.
The capital injection from an international and established player like Drive Capital is a testament to KOHO’s rapid growth. What’s more, it serves as a vote of confidence in the FinTech’s customer-focused product roadmap and further establishes the company as a leader in the democratization of financial services.
The announcement comes as KOHO — only two and a half years in market — welcomed its 175,000th user to its platform, launched a popular Premium offering, and continues to maintain a 4.8/5 star rating in the App Store. The FinTech disruptor currently has a 40,000-person strong waitlist for Canada’s first prepaid metal cards.
“We’re really looking forward to bringing both Drive and National Bank on board. We had more interest in the round than we chose to take, and decided to focus on partners who bring strategic value,” said Daniel Eberhard, Founder and CEO of KOHO. “Our team is world-class and the combination of Drive, National Bank, and Portag3 means we have everything we need to restore balance to Canadians. We couldn’t be more excited for the next stage of KOHO’s journey,” he added.
“When we look across the global FinTech landscape, it is clear that consumers are increasingly choosing newer, mobile-first technology startups that simplify peoples’ financial lives. KOHO is a wonderful example of this,” said Chris Olsen, Partner at Drive Capital.
“Innovation is core to National Bank’s values. That’s why we’re proud to continue to support the Canadian FinTech ecosystem through our investment in KOHO,” mentioned David Furlong, Senior Vice-President, Artificial Intelligence, Venture Capital and Blockchain at National Bank of Canada.
KOHO’s Series B round was led by Portag3 Ventures and included investment from Greyhound Capital.
The additional capital will allow KOHO to continue to deliver and scale the company’s bold mission to bring transparent and intuitive financial products to Canadians.
About KOHO
KOHO offers a smart spending account with no-fees. The full-service account comes with a reloadable Visa card that earns cash back on every purchase, and an integrated app that helps users spend smart and save more. Rooted in the belief that the financial system should be open and intuitive, KOHO aims to remove friction through a more human and transparent approach.
Julia Cooper [email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/208ff1f8-4107-4ae3-ab29-d586e3c06fae
Blockchain
Anticipated Return of $9B Mt. Gox-era Bitcoin May Spur Market Anxiety
The anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to stir anxiety within the cryptocurrency market. This significant influx of Bitcoin, which has been tied up since the collapse of the Mt. Gox exchange in 2014, raises questions about its potential impact on market dynamics and investor sentiment.
The return of these long-dormant Bitcoin holdings may lead to increased volatility and uncertainty in the cryptocurrency market. Market participants are likely to closely monitor the movement of these funds and assess their potential impact on Bitcoin prices and overall market stability.
Additionally, the large-scale return of Bitcoin from the Mt. Gox era may trigger concerns about potential selling pressure and its effect on market liquidity. Investors may anticipate fluctuations in Bitcoin prices as these funds are reintroduced into the market and traded.
Furthermore, the return of these Bitcoin holdings highlights the ongoing legal and regulatory challenges associated with the Mt. Gox saga. The resolution of this long-standing issue could have far-reaching implications for investor confidence and the perception of security within the cryptocurrency ecosystem.
Overall, the anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to evoke anxiety among market participants and prompt heightened scrutiny of market dynamics. As the cryptocurrency market braces for this significant development, it remains to be seen how it will navigate the potential challenges and opportunities presented by the return of these funds.
Source: blockchain.news
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Blockchain
Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration
Binance is currently embroiled in a legal dispute in Canada over allegations of selling cryptocurrency derivative products without proper registration. This lawsuit underscores the regulatory challenges facing the cryptocurrency exchange in various jurisdictions.
The lawsuit accuses Binance of offering crypto derivative products to Canadian investors without obtaining the necessary registration from Canadian securities regulators. This legal action highlights the importance of compliance with regulatory requirements in the cryptocurrency industry, particularly concerning the sale of derivative products.
Binance’s legal woes in Canada reflect broader concerns about regulatory compliance and investor protection within the cryptocurrency sector. As authorities worldwide increase scrutiny of cryptocurrency exchanges and trading platforms, companies like Binance face mounting legal and regulatory challenges.
The outcome of this lawsuit could have significant implications for Binance and the broader cryptocurrency industry in Canada. Depending on the court’s ruling, it could lead to increased regulatory oversight and stricter enforcement measures for cryptocurrency exchanges operating in the country.
In response to the lawsuit, Binance has stated that it is committed to compliance with all applicable laws and regulations in the jurisdictions where it operates. However, the outcome of this legal dispute will likely shape the regulatory landscape for cryptocurrency exchanges in Canada and influence their future operations and compliance efforts.
Source: blockchain.news
The post Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration appeared first on HIPTHER Alerts.
Blockchain
Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development
The Cardano Foundation has announced the launch of Pragma, marking a significant milestone in open-source blockchain development. Pragma aims to revolutionize Cardano by enhancing its infrastructure through innovative open-source projects.
Pragma represents a new chapter in the evolution of Cardano, focusing on improving its underlying infrastructure and expanding its capabilities. The initiative underscores the Cardano Foundation’s commitment to fostering innovation and driving progress within the blockchain ecosystem.
By leveraging open-source projects, Pragma seeks to enhance Cardano’s functionality and scalability, paving the way for broader adoption and increased utility. These efforts are expected to unlock new opportunities for developers and users alike, further cementing Cardano’s position as a leading blockchain platform.
Pragma’s launch highlights the ongoing evolution of Cardano and its commitment to pushing the boundaries of blockchain technology. Through collaborative open-source development, Pragma aims to address key challenges and drive continuous improvement within the Cardano ecosystem.
The Cardano Foundation’s announcement of Pragma signals a significant step forward in its mission to build a decentralized and sustainable blockchain infrastructure. With Pragma, Cardano is poised to embark on a new era of innovation and growth, setting the stage for a future of unprecedented possibilities in blockchain development.
Source: cryptonews.com
The post Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development appeared first on HIPTHER Alerts.
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