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   917

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.

Cobalt & Lithium Supplies to be Tracked With DLT

The platform will be created by the Everledger together with Circulor using Hyperledger Fabric
26 March 2020   829

Everledger, a British startup, has partnered with Circulor to develop a platform based on the Hyperledger Fabric blockchain to track supply chains of cobalt and lithium.

Everledger specializes in using blockchain to combat counterfeiting of precious stones, in particular diamonds. The company’s management said it intends to expand its business using blockchain to control the supply of rare minerals used in the production of batteries.

Well-known carmaker Mercedes Benz is already using Circulor technology to track its supply of cobalt and its carbon footprint. Circulor and Everledger share a similar concept - with the help of the blockchain they control the observance of social and environmental standards in mining. Therefore, startups decided to develop a joint product.

Everledger co-founder Leanne Kemp and Circulor CEO Doug Johnson-Poensgen said their solution will work on the Hyperledger Fabric blockchain. The possibility of interacting with IBM is also being discussed.

Poensgen added that the platform will be used not only to track cobalt production in the Democratic Republic of Congo, but in different regions of the world. For example, lithium mining in the Atacama desert leads to water pollution, so the solution on the blockchain is aimed at preventing environmental disasters.