Galaxy Digital, a merchant bank focused on cryptocurrency along with Block.One led a $30 million Series A investment round in U.S. based Good Money, a neo-banking platform as per the press release from December 10.
With plans to balance user ownership with contribution through donation of equity and profit, Good Money provides with banking services to many financial instruments to account owners in U.S.
A large part of the investment came mostly through Block.One and Galaxy’s joint EOS VC Fund, one of many funds from Block.One.
Gunnar Lovelace, the founder of Good Money said, “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.”
The market share for neo-banking platforms is spreading rapidly over the traditional service providers both in and outside of the U.S.
Following a trending market course Good Money is abandoning ATM fees and offering its users with equity in the company. And just ahead of its launch it remains vague whether this funding input will create room for the support of cryptocurrency.
Meanwhile Galaxy itself faced a rough year as it lost $136 million through Q3 as cryptocurrency market dropped low. Michael Novogratz, it’s CEO remains confident about Bitcoin (BTC) gaining its market share again.