TLDR:
- 1Money has raised over $20 million in seed funding to develop a stablecoin payments network.
- The network aims to offer instant transaction confirmation, low-cost fees, multicurrency support, compliance mechanisms, and scalability.
1Money, a company focused on developing the world’s first Layer 1 exclusively designed for stablecoin payments, recently emerged from stealth mode with over $20 million in funding. The seed funding round included participation from various financial institutions, venture capital firms, and strategic investors such as F-Prime Capital, Galaxy Ventures, Hack VC, and more. This funding will power the launch of the 1Money Network, a next-generation payment network engineered to be fast, cost-effective, and compliant, solely dedicated to stablecoin payments.
Some of the key features of the 1Money Network include instant transaction confirmation, low-cost and fixed fees, native multicurrency support, stablecoin-based network fees, built-in compliance mechanisms, and scalability. It aims to offer industry-low transaction fees with plans for free “gasless” transactions through ecosystem partners, providing a truly global network that can handle over 250,000 transactions per second with potential for unlimited growth.
The network’s architecture was designed to support multiple stablecoins tied to various fiat currencies natively, allowing users to pay their network transaction fees directly in the stablecoin they are using. This eliminates the need for managing speculative tokens seen across the industry, making stablecoin payments more accessible and practical for everyday use cases.
Key quotes from Brian Shroder, Co-Founder and CEO of 1Money, Ed Roman at Hack VC, and Steph Choo at Portage highlight the company’s dedication to revolutionizing global payments by harnessing the power of stablecoins, providing an innovative approach to stablecoin payments that could drive mainstream adoption of digital currencies.