Former Binance.US chief raises $20M for stablecoin network
1Money has raised over $20 million in seed funding to enhance its digital payments infrastructure, with participation from over two dozen venture capital firms. The network focuses on stablecoin payments using a patent-pending Byzantine consistent broadcast design. CEO Brian Shroder emphasizes stablecoins as essential for a modern global financial system, bridging Web3 technology and mainstream users. The 1Money Network aims to provide instant transactions, fixed costs, and support for multiple stablecoins, allowing users to pay transaction fees directly in their chosen stablecoin. The stablecoin market is valued at $214 billion, with Tether's USDt and USD Coin making up over 85% of this value. Competition is expected from fintech companies like PayPal and Revolut, with projections suggesting the market could exceed $300 billion this year. Visa anticipates that stablecoin adoption will modernize payment systems, with significant developments expected by 2025.
