$30 Million for Social-Crypto startup by Good Money

$30 Million for Social-Crypto startup by Good Money

Good Money, the digital banking platform, has just raised $30 million dollars in a Series A funding round to answer the build what the company says in its website: “The future of money is Good”.

So, the startup is developing a social banking platform where the community owns the bank.

California-based startup Good Money raised $30 million dollars from a Series A funding series led by Galaxy Digital and followed by Breyer Capital, Blocktower Capital, Boost VC, Ken Howery, Blockchange Ventures, and Cross Culture Ventures among others.

The company is developing solutions that include “FDIC insured savings accounts that will generate a 2% yield, free ATMs nationally, no-overdraft fees and the lowest consumer loan rates in the country to help Americans get out of debt,” as the press release says.

The startup aims to be a modern bank that will be an antagonist from the current banking system where people pay hundreds of dollars to banks for low-quality services and where “banks return practically zero on deposits but leverage those deposits on a 10x ration,” as Good Money Founder and CEO, Gunnar Lovelace, said.

The platform is currently accepting customers into a waiting list for a platform that is expected to be launched on January 2019. “Good Money will launch a waitlist in January 2019 that will reward users with equity for securing their spot in anticipation of the full platform release later in the year.”

Calgary launches its own digital currency

Canadian city Calgary launched its own digital currency to promote local economic activity as Global News reported earlier on Monday.

Alberta Finance Minister Joe Ceci launched Calgary Digital Dollar last week in an event that made Calgary as the first city in Canada with an official digital currency. Ceci launched the cryptocurrency in an effort to boost the local economy.

“Every dollar spent locally goes a lot farther in our community than spending it at businesses, sending it outside,” Ceci said. So, the solution has been a local cryptocurrency with the Alberta government supporting “the work of Calgary dollar in every way.”

First pro-blockchain voices in the UK Parliament

Conservatives member of UK parliament Eddie Hughes raised a pro-bitcoin voice this week as he said that more members believe in cryptocurrencies and it is time for them to raise the voice.

According to a report published by Express UK, Hughes said that everybody is talking about cryptocurrencies and Blockchain and the United Kingdom should take the lead on that. “It just feels like it gets talked about a lot, wherever you go in the UK, and as MPs, we have a duty to understand it.”

Hughes advocates also to allow taxpayers to pay their taxes with cryptocurrencies and to do other business, always under the United Kingdom supervision. “We are at a crossroads and we are about to determine our future – one in which taking the lead in this field could prove very beneficial.”

The conservative lawmaker recalled Ohio’s decision to allow companies to pay taxes using cryptocurrencies. He also talked about RNLI organisation that is now accepting charitable donations through cryptocurrency.

“If we can do that, what’s to stop us being able to pay council tax and other bills with bitcoin?”

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