Galaxy Digital and Block.One Lead $30 Million Funding Round for US Disruptor Bank

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Cryptocurrency-focused merchant bank Galaxy Digital and
Block.One have led a $30 million Series A investment round in
U.S. neo-banking platform Good Money. The news was confirmed
by a press release Dec. 10.

Aiming to balance user ownership with part donation of profits and
equity, Good Money provides banking services and a handful of
associated financial instruments to U.S. account holders.
The investment came mostly via Galaxy and Block.One’s joint
Galaxy EOS VC fund, one of several funds under the Block.One
umbrella.

“Modern banking is a primary driver of so many issues we face as
a society - from economic inequality, institutional racism,
environmental destruction to political corruption,” Good Money
founder Gunnar Lovelace commented in the press release.
The neo-banking market is quickly gaining ground over traditional
providers both within and outside the U.S.

As Cointelegraph reported, European entities such as Revolut have
sought to combine blockchain and cryptocurrency offerings with
banking services, targeting banks’ high transfer fees to woo users
out of their comfort zone.
Good Money follows a similar ethos, abandoning ATM fees and
offering each user equity in the company. Ahead of its launch, it
remains unknown whether the latest funding input creates room for
cryptocurrency support.

Galaxy itself meanwhile has faced a tough year. It has emerged
that the company lost $136 million through Q3 as the drop in
cryptocurrency prices took its toll. CEO Michael Novogratz
remains buoyant on Bitcoin (BTC ) making a comeback, telling
mainstream media an institutional investor influx should produce
results by Q2, 2019.

Source : https://cointelegraph.com/news/