1Money announces USD 20 million funding for stablecoin payments

The funding round included contributions from various investors, including F-Prime Capital, Galaxy Ventures, Hack VC, Tribe Capital, Portage, Ethereal Ventures, and Kraken Ventures, among others. Unlike multipurpose blockchain platforms, 1Money is focused solely on stablecoin payments. The network leverages its proprietary Byzantine Consistent Broadcast (BCB) technology to address common challenges such as transaction delays, fluctuating fees, and security vulnerabilities that affect existing stablecoin users. 

According to 1Money officials, stablecoins are central to building a modern financial infrastructure. They emphasised the goal of making stablecoin payments more practical for everyday transactions such as ecommerce, peer-to-peer transfers, and remittances.

Most important network features

Main features of the network include: 

• Instant transaction confirmation: transactions are finalised quickly.
• Low and fixed fees: predictable costs with plans to offer gas-free transactions through partners. 
• Multicurrency support: native compatibility with stablecoins linked to various fiat currencies. 
• Stablecoin-based fees: users pay network fees in the same stablecoin they use for transactions. 
• Integrated compliance: automated controls for sanctions and regulatory compliance. 
• Scalability: designed to handle up to 250,000 transactions per second, with room for growth. 

Officials from Hack VC highlighted the practical advantages of 1Money's approach, citing its ability to provide instant settlement, low fees, and integrated compliance while retaining Web3's benefits.

Simplifying Web3 for mainstream use

1Money’s design eliminates many of the complexities typically associated with blockchain platforms. Users are not required to deal with token-based fees, staking mechanisms, or complex governance models. Instead, the network simplifies stablecoin transactions, aligning with user and enterprise needs. 

In the company press release, representatives from Portage noted that the streamlined experience eliminates barriers such as confusing fees or speculative tokenomics, making stablecoin payments accessible for broader adoption. The company aims to launch the 1Money Network in the second quarter of this year.