1Money Network Secures $20M for Stablecoin Payments Revolution
1Money Network, a New York-based company, has emerged from stealth mode after securing over $20 million in funding. This significant investment will be used to launch the 1Money Network, a pioneering Layer 1 payments network designed exclusively for stablecoin transactions. The funding round was supported by a diverse group of prominent 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.
The 1Money Network is engineered to be the fastest, cheapest, and most compliant Layer 1 protocol dedicated solely to stablecoin payments. 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. The network’s architecture is uniquely designed to natively support multiple stablecoins tied to a variety of different fiat currencies. This means that users’ 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.
Key features of the 1Money Network include instant transaction confirmations, fixed low-cost fees, native multicurrency support, and built-in compliance. The network is designed to handle over 250,000 transactions per second (TPS) and has the potential for unlimited growth, making it well-prepared to meet global demand. The 1Money Network ensures world-class security and native compliance features, supporting multiple stablecoins across various fiat currencies. This eliminates the need for speculative assets or complex ‘tokenomics,’ with network fees paid directly in the stablecoin being transacted.
The company aims to revolutionize global finance by providing a superior stablecoin payment experience for users worldwide. 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. The 1Money Network plans to launch in Q2 of this year, marking a significant step towards transforming how global money flows.
The 1Money Network’s transformative approach addresses some of the most pressing challenges facing traditional digital payment systems, such as transaction delays, high fees, and limited scalability. With its focus on speed, cost, security, ease-of-use, and compliance, 1Money is poised to drive mainstream adoption of digital currencies. The network’s ability to support multiple currencies will cater to the growing global demand for multi-currency payment systems, making it a critical component in the future of global finance.
1Money’s innovative approach to stablecoin payments could be the catalyst that drives mainstream adoption of digital currencies. By providing a simplified Web3 user experience with no confusing fees, no ‘tokenomics,’ no complex governance layers, no staking, no slashing, and no proof-of-work, 1Money believes its approach to stablecoin payments paves the way for mainstream user and enterprise adoption. The company is committed to making stablecoin payments accessible and user-friendly, aiming to bridge the gap between current Web3 technology and mainstream adoption.
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