Good Money Bank to Raise $30M

Funds were raised during series A financing round with help of Galaxy Capital; project has interesting concept
11 December 2018   802

Los Angeles-based cryptocurrency startup Good Money announced the closure of a round of funding for Series A, in which it raised $ 30 million.

The round led Mike Novogratz' cryptobank Galaxy Digital through his Galaxy EOS VC Fund.

Other investors in the project were venture capital funds Breyer Capital, Blocktower Capital, Boost VC, Blockchange Ventures, Cross Culture Capital, as well as a number of individual investors.

Good Money calls itself the world's first digital banking platform owned by its customers and aims to democratize the banking industry, using the profits to change the world for the better.

In particular, the startup plans to act as a bank, each client of which owns a certain number of securities. Good Money plans to deploy a network of commission-free ATMs throughout the United States, as well as offering zero overdraft fees and deposits insured by the Federal Deposit Insurance Corporation (FDIC) at 2% per annum.

Fully functioning application, through which the platform will operate, the company plans to release in 2019. The application will support a mobile cryptocurrency wallet, offering additional incentives for attracting friends and direct deposits.

In addition, representatives of a startup say, 50% of all profits will be directed to projects aimed at eliminating social and economic inequalities, protecting the environment, renewable energy sources and philanthropy.

Bakkt to Release Consumer App This Year

The app can be used for a wide range of tasks, e.g., crypto and securities trading, virtual goods purchase, etc
23 January 2020   102

Institutional Investor Platform Bakkt will release an app for retail investors this year, with which users can pay with cryptocurrency.

According to the president of Bakkt Adam White at the World Economic Forum in Davos, the application can be used for a wide range of tasks. In addition to trading cryptocurrencies, it will support various virtual “goods” like points of loyalty programs.

In addition, in the future it is possible to add securities trading, as well as the creation of a portal for shops and merchants. That is, the application will be more like a traditional fintech product like PayPal than a solution from a cryptocurrency exchange.

Although the Bakkt platform was originally created for institutional investors, the new director of Mike Blandina is very serious about entering the retail market. Earlier, he said that the application for retail investors should be released in the first half of 2020.

I do not think we are there yet. What gives me optimism is that we are seeing a lot of developer interest. I am confident that someone is going to find something.

 

Adam White

President of Bakkt

 White added that the cryptocurrency market is still underdeveloped.