1Money Raises $20 Million to Build Stablecoin Payments Network

1Money Network, a stablecoin infrastructure provider, announced in a Jan. 16 blog post that it has secured $20 million in a seed funding round to develop crypto’s first purpose-built Layer 1 exclusively for stablecoin payments.

While many blockchains are built to support many use cases, 1Money Network will focus solely on stablecoin payments and will seek to position itself as the premier provider of these services. The chain includes features like instant transaction confirmations, gasless transactions, and multicurrency stablecoin support.

The platform’s seed funding round included participation from crypto venture firms like F-Prime Capital, Galaxy Ventures, Hack VC, and Tribe Capital, as well as venture firms of crypto exchanges like Kraken and Kucoin.

“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 in the blog post.

“1Money will make stablecoin payments more accessible and practical for everyday use cases - from paying friends to making e-commerce purchases and sending remittances.”

Shroder served as President and CEO of Binance U.S. from Aug 2021 to Sep 2023 before founding 1Money. He has served as the company’s co-founder and CEO since Jan 2024.