Banking on New Ventures
Why It Matters
The world of impact will need to understand the potential of cryptocurrency, from fundraising professionals in charities, to entrepreneurs raising money. Impak, which launched a cryptocurrency about a year ago focused on the impact economy, reflects on what they learned and why we should prepare for a new finance era.
In late 2016, a startup called impak Finance launched with an ambitious mission: to create Canada’s first socially responsible bank. Impak raised more than $1M in a novel equity crowdfunding campaign, offering actual shares in its ownership to anyone who believed in the possibility of a new social economy.
Their vision was to turn the traditional functions of a bank—to take in deposits and investments, and lend out to borrowers—into one that factors in social, environmental, and financial returns.
For a few hundred dollars, I joined hundreds of others and became a shareholder in this new venture.
One year la
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