1Money, which is developing the world’s first purpose-built Layer 1 exclusively designed for stablecoins payments, emerged from stealth announcing over $20 million in funding.
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The seed capital will power the launch of the 1Money Network, a next-generation payment network engineered to be the fastest, cheapest, and most compliant Layer 1 protocol dedicated solely to stablecoin payments.
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The seed funding round includes participation from prominent financial institutions, venture capital firms and strategic investors including: F-Prime Capital, Galaxy Ventures, Hack VC, Tribe Capital, Portage, Ethereal Ventures, CMT Digital, Kraken Ventures, KuCoin Ventures, BitGo Ventures, Bing Ventures, MoonPay Ventures, CoinFlip, Bankless Ventures, Perry Creek Capital, A100x Ventures, VARIV, Anagram, Generative Ventures, Lvna Capital, Ambush Capital, Borderless Capital, Pharsalus Capital, Protagonist, gumi Cryptos Capital, Hexa Capital, Karman Ventures, and R3D3 Ventures.
Unlike existing blockchain protocols that attempt to serve multiple purposes, 1Money’s sole focus on stablecoin payments positions it as a game-changer in the rapidly evolving world of digital payments. Through the protocol’s patent-pending Byzantine Consistent Broadcast (BCB) design, 1Money has created a transformative network that eliminates the long delays, volatile “surge pricing” fees, security vulnerabilities, and compliance issues that continue to plague stablecoin users on existing blockchains.
“Stablecoins are poised to be the foundation for a new, modernized global financial system and the 1Money Network will help bridge the gap between current Web3 technology and mainstream adoption,” said Brian Shroder, Co-Founder and Chief Executive Officer of 1Money. “1Money will make stablecoin payments more accessible and practical for everyday use cases – from paying friends to making e-commerce purchases and sending remittances.”
“1Money is building a groundbreaking network that revolutionizes global payments by harnessing the power of stablecoins,” said Ed Roman at Hack VC. “The company’s purpose-built solution delivers what businesses and users actually need: instant settlement, low and predictable fees, robust security, and seamless compliance – all while maintaining the core benefits of Web3 technology.”
The 1Money Network’s architecture is uniquely designed to natively support multiple stablecoins tied to a variety of different fiat currencies. For users, this means that their network transaction fees will be paid directly in the stablecoin they are using, eliminating the need to hold or manage speculative ‘gas’ tokens seen across the industry.
“1Money is committed to making stablecoin payments accessible and user-friendly,” said Steph Choo at Portage. “With a simplified Web3 user experience – no confusing fees, no “tokenomics,” no complex governance layers, no staking, no slashing, no proof-of-work – we believe 1Money’s approach to stablecoin payments paves the way for mainstream user and enterprise adoption.”
About 1Money
1Money is building the world’s first Layer 1 payments network exclusively for stablecoins, designed to deliver the fastest, cheapest, and most secure transactions globally. Backed by leading investors and built on cutting-edge technology, 1Money aims to revolutionize global finance by providing a superior stablecoin payment experience for users worldwide.
Purpose-built for stablecoin payments, the 1Money Network ensures instant confirmations, industry-low fixed fees, world-class security, and native compliance features. Supporting multiple stablecoins across various fiat currencies, the platform eliminates the need for speculative assets or complex “tokenomics,” with network fees paid directly in the stablecoin being transacted.
