The startup itself has been kept below the media radar for months. Good Money’s name has been heard only at strategic events.
Good Money’s target is millennials because they believe in influencers and internet celebrities more than in banks and other financial institutions.
“Good Money is a mobile-first banking tool for millennials. It incorporates fiat-crypto compatibility, and gives new generation people a more equal and transparent banking process”, Good Money’s CEO stated in an interview.
Until now, Good Money has raised more than $22 million, making it one of the fastest-growing Austin-based startups in history.
Good Money will essentially be a crypto-wallet, but with added banking functions, payment method options, and an investment tool. The app will also give users the ability to decide where the profit of the company will go – a cause, NGO, or initiative.
This may seem like an Initial Coin Offering (ICO), but Good Money has something that differentiates it from others – its marketing focus. The company plans to raise $80 million in the form of GDMY security tokens. Good Money’s budget also suggests marketing will be a top priority, setting aside $15-30 million for marketing, around $10 million for bank connections, and $8 million for tech improvements and implementation.
Marketing plans include partnerships with many internet celebrities, like Zoe Saldana, Wellness Mama, Mike Geary, Nick Ortner, and Michelle Tam. They have been involved as investors in Thrive, and will probably support Lovelace’s new project.
One-third of Good Money’s earnings reserve, if the GDMY token keeps its price, will be given to influencers and content creators. The model has been depleted successfully in Thrive.
In technical terms, Good Money didn’t give much information, except that the company will utilize a two-token system. Apart from GDMY, Good Money plans to release a stable coin called GOODS. Each GOODS will be priced at exactly $1 and connected to the US dollar.
Good Money’s 100 billion total GDMY tokens will be divided into two identical pools – one for founders, team, advisors, and investors, the other – publicly available.
The second pool will be released within a 16-year time frame. This, if GDMY tokens keep their price, will eliminate banking fees. By utilizing NEO’s, blockchain security will also be improved.