Funds Appear Undercover, Securing $20 Million for Layer-1 Structure Focused on Stablecoin Transactions
The 1Money Network, a new player in the blockchain and digital currency space, has announced the launch of its layer-1 blockchain exclusively designed for stablecoin payments. The project has secured a $20 million seed round from investors including F-Prime Capital, Galaxy Ventures, Hack VC, Kraken Ventures, MoonPay Ventures, and Bankless Ventures [1].
According to Ed Roman of Hack VC, the 1Money Network's purpose-built solution delivers instant settlement, low and predictable fees, robust security, and seamless compliance while maintaining the core benefits of web3 technology [1]. The network's focus is on speed, cost-effectiveness, and security, which could potentially revolutionize the way stablecoins are used for transactions.
The 1Money Network boasts several unique features. It offers 24/7/365 settlement, programmable money flows via smart contracts, global reach without correspondent banking, and transparent, auditable transaction history [1]. This allows for instant, reliable, and automated stablecoin transactions worldwide, bypassing traditional banking inefficiencies and complexities.
The network leverages a patent-pending Byzantine Consistent Broadcast design to eliminate delays, surging prices, and security issues [1]. This design aims to improve transaction speed, reduce costs, and enhance security, setting the 1Money Network apart from other stablecoin networks.
The stablecoin market is currently experiencing rapid growth, with a total market cap of $204 billion, as per RWA.xyz. Tether's USDT maintains its dominance with over $137 billion, followed by Circle's USDC with $44 billion [2]. The 1Money Network's launch is a significant development in this context, as it aims to make stablecoin payments more convenient and practical for everyday use cases, including paying friends, e-commerce shopping, and remittances [1].
The success of the 1Money Network could potentially revolutionize the way stablecoins are used for transactions, given its focus on speed, cost-effectiveness, and security. By offering a dedicated layer-1 blockchain optimized for stablecoin payments, 1Money Network could provide superior integration of compliance and payment functions, setting a new standard in the stablecoin industry.
[1] 1Money Network Press Release, https://1money.network/press-release
[2] CoinMarketCap, https://coinmarketcap.com/
The 1Money Network's innovation in web3 technology might pave the way for news in financial news, as it introduces a dedicated layer-1 blockchain, designed to simplify stablecoin investing and improve stability, speed, and security in transactions. Leveraging technology, the network strives to revolutionize remittances, e-commerce, and everyday transactions with its unique features, such as 24/7/365 settlement, programmable money flows, global reach, and transparent, auditable transaction history. [1]
The 1Money Network's potential success could significantly impact the stablecoin market, particularly given the current growth of the market, with a total market cap of $204 billion. By offering seamless compliance and payment functions, 1Money Network might create a new standard in the industry, challenging the dominance of existing stablecoins like Tether's USDT with a market cap of over $137 billion and Circle's USDC with $44 billion. [1, 2]
