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The head of one of Britain’s largest fintechs has ruled out offering cryptocurrency-based loans.
Rishi Khosla, co-founder and CEO of lender OakNorth, downplayed any future involvement in digital currencies.
Asked about crypto loans at the Telegraph’s Technology Intelligence Live conference on Tuesday, Khosla said, “Not any time in the foreseeable future.” The OakNorth chief said he described himself as a “traditionalist” by ruling out such a pivot.
Mr Khosla was speaking to a panel about the role fintechs can play in helping the UK economy recover from the pandemic.
A number of fintechs have embraced cryptocurrencies, including Revolut, which has allowed customers to buy them since 2017.
Fidelity Investments launched a Bitcoin fund over the summer, becoming one of the major companies that still expressed interest in cryptocurrencies. Meanwhile, public companies Square and MicroStrategy have also recently invested in the coin.
The European Central Bank said it will begin experimenting with a digital version of the euro as China continues to step up testing of a digital yuan.
While some countries have begun to express interest in creating digital currencies, there is little evidence to support claims that crypto will replace fiat currencies anytime soon.
Mike Novogratz, founder and CEO of Galaxy Investment Partners, says the token serves as “digital gold” and is a long way from everyday use.
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