Startup 1Money Secures $20 Million in Seed Funding

1Money announced on Wednesday that it has secured $20 million in seed funding aimed at developing a Layer 1 blockchain specifically designed for stablecoin payments.

The seed capital will facilitate the launch of the 1Money Network, a cutting-edge payment network built to be the fastest, most affordable, and most compliant Layer 1 protocol dedicated solely to stablecoin transactions, according to a company statement.

This funding round attracted more than a dozen investors, including F-Prime Capital, Galaxy Ventures, Hack VC, Kraken Ventures, MoonPay Ventures, CMT Digital, and Bankless Ventures.

Co-founder and CEO Brian Shroder emphasized that 1Money aims to make stablecoin payments more accessible and practical for various everyday transactions, ranging from paying friends to e-commerce purchases and remittances.

As adoption of stablecoins surges, both emerging startups and established entities are eager to enter the market. The supply of U.S. dollar-pegged stablecoins has significantly increased, exceeding $215 billion, with Tether’s USDT leading the market. Analysts from Bernstein predict the global stablecoin market will surpass $500 billion by 2025.

Patent-Pending Technology

1Money employs a patent-pending Byzantine Consistent Broadcast (BCB) design aimed at eliminating delays, high fees, and security concerns.

The firm asserts that its custom-made solution meets the essential needs of businesses and users: instant settlement, low and predictable fees, robust security, and seamless compliance—all while preserving the core advantages of web3 technology, according to Ed Roman from Hack VC.