Quick take:
- The company will use the funds to launch 1Money Network, a layer-1 blockchain focused on stablecoin payments.
- The company said its L1 network leverages a patent-pending Byzantine Consistent Broadcast design that eliminates delays, surging prices and security issues.
1Money has emerged from stealth with a $20 million seed round backed by F-Prime Capital, Galaxy Ventures, Hack VC, Kraken Ventures, MoonPay Ventures and Bankless Ventures.
The company plans to use the seed round to launch the 1Money network, a layer-1 blockchain “exclusively designed” for stablecoin payments.
According to 1Money, the network leverages a patent-pending Byzantine Consistent Broadcast design that eliminates delays, surging prices and security issues.
The “next-generation payment network engineered to be the fastest, cheapest, and most compliant Layer 1 protocol dedicated solely to stablecoin payments,” the company said in a statement.
It comes as the stablecoin industry continues to grow rapidly, with a current total market cap of $204 billion, according to tokenised real-world asset data tracking platform RWA.xyz.
Tether’s USDT maintains its dominance with over $137 billion, followed by Circle’s USDC, which is second with $44 billion.
Commenting on his company’s participation in the seed round, Hack VC’s Ed Roman said in a statement: “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.”
Brian Shroder, co-founder and CEO of 1Money, commented: “1Money will make stablecoin payments more convenient and practical for everyday use cases, from paying friends to e-commerce shopping and remittances.”
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