Funds Emerge from Stealth Mode, Securing $20 Million for Layer 1 Infrastructure Geared Towards Secure Stablecoin Transactions
The 1Money Network, a new Layer-1 blockchain focused on stablecoin payments, has announced its launch, backed by a $20 million seed round from prominent investors such as F-Prime Capital, Galaxy Ventures, Kraken Ventures, MoonPay Ventures, Bankless Ventures, and Hack VC.
This innovative network aims to revolutionise the stablecoin industry by addressing the challenges of delays, surging fees, and security issues. The 1Money Network achieves this through its patent-pending Byzantine Consistent Broadcast (BCB) design, which ensures fast and secure consensus across the decentralised network. This design enables near-instant settlement of stablecoin transactions without relying on intermediaries or batch processing systems.
The BCB protocol provides constant transaction finality and fault tolerance against malicious actors, ensuring the network can process stablecoin payments 24/7/365 with low latency and predictable costs. This approach overcomes traditional blockchain delays caused by network congestion or complex consensus mechanisms prone to forks or slow block confirmation. The design also maintains strong security guarantees by ensuring that honest nodes reach agreement consistently even if some nodes behave maliciously or fail.
In addition to its efficient consensus, the 1Money Network supports programmable money flows, enabling complex payment logic via smart contracts. This programmable layer, together with the efficient consensus, drastically cuts transaction costs and time, addressing surging prices during peak demand. The network also facilitates global reach without correspondent banking, supporting seamless and auditable stablecoin payments around the clock.
With a total market cap of $204 billion, according to RWA.xyz, the stablecoin industry presents a significant opportunity for the 1Money Network. The network's co-founder and CEO, Brian Shroder, believes that the 1Money Network will make stablecoin payments more convenient and practical for everyday use cases, including paying friends, e-commerce shopping, and remittances.
Ed Roman, a partner at Hack VC, which also participated in the seed round, praised the 1Money Network's purpose-built solution, stating that it delivers instant settlement, low and predictable fees, robust security, and seamless compliance while maintaining the core benefits of web3 technology.
The 1Money Network aspires to be the fastest, cheapest, and most compliant Layer 1 protocol dedicated solely to stablecoin payments, positioning itself uniquely to solve the key challenges of speed, cost, and security for the stablecoin industry. With Circle's USDC having a market cap of $44 billion and Tether's USDT leading with a market cap of over $137 billion, the stage is set for the 1Money Network to make a significant impact in the stablecoin landscape.
- The 1Money Network, with its innovative design and support for programmable money flows, aims to disrupt the fintech industry by offering faster, cheaper, and more secure stablecoin payments, positioning itself as a formidable competitor to established players like Circle's USDC and Tether's USDT in the news.
- The BCB protocol employed by the 1Money Network ensures constant transaction finality and fault tolerance, addressing the delays, surging fees, and security issues that have long plagued the finance industry, particularly in the stablecoin sector.
- The successful seed round from investors like F-Prime Capital, Galaxy Ventures, and Hack VC underscores the industry's confidence in the 1Money Network's potential to revolutionise the web3 finance and investing landscapes, making stablecoin transactions more practical for everyday use cases.
