Company Unveils Revolutionary Layer 1 Protocol Purpose-Built and Optimized for Stablecoin Payments
Funding Round Includes Participation from F-Prime Capital, Galaxy Ventures, Hack VC, Tribe Capital, Portage, Ethereal Ventures, CMT Digital and Other Prominent Global Investors
NEW YORK--(BUSINESS WIRE)--1Money Co. (“1Money”), which is developing the world's first purpose-built Layer 1 exclusively designed for stablecoins payments, today emerged from stealth announcing over $20 million in funding. 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.
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.”
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, 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.
- Unparalleled Scalability: With the capacity to handle over 250,000 transactions per second (TPS) and potential for unlimited growth, 1Money is prepared to meet global demand.
“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.”
“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.”
Shroder concluded, “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.”
1Money plans to launch in Q2 of this year. For more information about the 1Money Network and to be amongst the first to learn about early access and exclusive launch promotions, visit https://1moneynetwork.com.
About 1Money
1Money Co. 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. By simplifying the Web3 experience through its revolutionary technology, 1Money aims to accelerate the mainstream adoption of stablecoins as a foundation for the future of global finance.
To learn more about 1Money and join the waitlist, please visit https://1moneynetwork.com.
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