1Money, a company developing the world’s first purpose-built Layer 1 exclusively designed for stablecoins payments, emerged from stealth and announced over $20 million in funding. This seed funding round includes participation from 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.
The seed capital funding 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.
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.
Some of the key features of the 1Money Network that set it apart from existing payment solutions include:
- Instant Transaction Confirmation – Users can send and receive stablecoins in under a second.
- Fixed and low-cost fees – The network offers industry-low transaction fees, with plans for free “gasless” transactions through ecosystem partners.
- Native Multicurrency Support – Designed to accommodate multiple stablecoin tokens across various fiat currencies, paving the way for a truly global network.
- Stablecoin-based Network Fees – Transaction fees on the network are charged in the same stablecoin used, eliminating the need for users to hold multiple tokens.
- Built-in Compliance – First Layer 1 protocol to feature native, embedded compliance mechanisms that automate sanctions controls, establishing a new standard for compliance innovation and network integrity.
- Scalability – With the capacity to handle over 250,000 transactions per second (TPS) and the potential for unlimited growth, 1Money is prepared to meet global demand.
The 1Money Network’s architecture was designed to support multiple stablecoins tied to various fiat currencies natively. And 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.
KEY QUOTES:
“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. 1Money will make stablecoin payments more accessible and practical for everyday use cases – from paying friends to making e-commerce purchases and sending remittances.”
“We’re witnessing a historic moment where stablecoins have become more than just a niche application. They’re rapidly transforming how global money flows, and 1Money is prepared to lead that transformation through our dedicated stablecoin payments network, which can achieve unlimited transaction capacity and near-infinite scalability, allowing us to seamlessly serve billions of users.”
- Brian Shroder, Co-Founder and Chief Executive Officer of 1Money
“1Money is building a groundbreaking network that revolutionizes global payments by harnessing the power of stablecoins. 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.”
- Ed Roman at Hack VC
“1Money is committed to making stablecoin payments accessible and user-friendly. 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.”
- Steph Choo at Portage
“1Money’s innovative approach to stablecoin payments could be the catalyst that drives mainstream adoption of digital currencies. Their focus on speed, cost, security, ease-of-use, and compliance addresses the key concerns that have held back widespread use of stablecoins in everyday transactions.”
- Will Nuelle at Galaxy Ventures
