Bitcoin Global News (BGN)
December 11, 2018 -- ADVFN Crypto NewsWire -- Back in 2016, Gunnar
Lovelace and small team garnered $111 million in Series B financing
for their startup, Thrive Market, that curates the best prices for
natural groceries for its’ members in exchange for $60 a year in
membership fees.
More recently, Lovelace and his
team seem to have capitalized on crypto’s rapid growth by moving
their efforts to the blockchain with a different sort of firm. This
October, Coindesk and other industry news outlets announced that
Lovelace was working on a stealth startup with the goal of using
Thrive Market’s existing influencer base to promote crypto to the
masses. At the same, little details were given on the subject
beyond the fact that the company would be called Good Money and it
had the major goal of becoming a mobile banking platform, driven by
the millennial generation. On top of this, since they had
reportedly raised most of their capital conventionally, it appeared
that Good Money would become the first regulated, crypto
banker.
Now, as of yesterday, it was
announced that Good Money raised another $30 million to continue
working on the overall development of its’ banking solution. Two
specific factors stand out as notable, related to this funding
round. First, it was led by a wing of Galaxy Capital that deals
exclusively in projects which aim to be included in the EOS
network’s future app platform. Second, in connection with these
announcements, Good Money also released more details about their
future mobile bank. Reportedly, it will include a large, fee-less
ATM network across the United States, in addition to provisions for
never charging clients overdraft fees and giving clients who open
savings accounts the ability to early 2% in yearly, traditional
interest.
In addition to these announcements,
Lovelace, who acts as Good Money’s CEO, made clear that their bank
aims to free its’ customers from the constraints of the traditional
financial system and offer them an alternative that better serves
them and the world at large.
With all of this in mind, two
crucial questions remain unanswered.
How does Good Money aim to achieve
its’ mission and how exactly will they involve cryptocurrencies in
doing so?
For now, we will have to wait for
the platform’s launch for this to become clear.
By: BGN Editorial Staff