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The merchant bank focused on the cryptocurrency Galaxy Digital and Block.One conducted a series of $ 30 million investments in the US-based bank Good Money. The news was confirmed by a press release on December 10th.
With the objective of balancing users' property with a partial donation of profits and equity, Good Money offers banking services and a handful of financial instruments associated with them.
The investment came mainly through Galaxy and the Galaxy EOS VC joint fund of Block.One, one of the numerous umbrella funds Block.One.
"The modern banking system is the main engine of many problems we face as a society – from economic inequality, to institutional racism, to environmental destruction to political corruption," commented Good Money founder Gunnar Lovelace in the press release.
The neo-banking market is rapidly gaining ground compared to traditional suppliers both inside and outside the United States.
As reported by Cointelegraph, European entities like Revolut have tried to combine blockchain and cryptocurrency offerings with banking services, aiming at high bank transfer fees to convince users to leave their comfort zone.
Good Money follows a similar ethos, abandoning ATM commissions and providing each user with company equity. In view of its launch, it is not known whether the last financial contribution creates space for cryptocurrency support.
Galaxy itself has meanwhile faced a difficult year. It was found that the company lost $ 136 million in the third quarter because the fall in cryptocurrency prices has taken its toll. The CEO Michael Novogratz remains optimistic about Bitcoin (BTC) coming back into vogue, telling the mainstream media that an influx of institutional investors should produce results by the second quarter of 2019.
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