1Money, which is developing a purpose-built Layer 1 exclusively designed for stablecoin payments, this week emerged from stealth with more than $20 million in funding. The seed capital will power the launch of the 1Money Network, a payment network engineered to be a Layer 1 protocol dedicated solely to stablecoin payments.
The seed funding round includes participation from 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.
1Money said its sole focus on stablecoin payments uniquely positions it in digital payments. Through the protocol’s patent-pending Byzantine Consistent Broadcast (BCB) design, 1Money said it has created a 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 1Money co-founder and CEO Brian Shroder. “1Money will make stablecoin payments more accessible and practical for everyday use cases – from paying friends to making e-commerce purchases and sending remittances.”
Key features of the 1Money Network include:
Instant transaction confirmation: Users can send and receive stablecoins in less than one second.
Fixed, 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: Native, embedded compliance mechanisms that automate sanctions controls.
Scalability: The capacity to handle more than 250,000 transactions per second and the potential for additional growth.
“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 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.”
“1Money’s innovative approach to stablecoin payments could be the catalyst that drives mainstream adoption of digital currencies,” said Will Nuelle at Galaxy Ventures. “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.”
“We’re witnessing a historic moment where stablecoins have become more than just a niche application,” Shroder said. “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.”
1Money plans to launch in Q2 of this year.