1Money, a network for stablecoin transactions at the base layer, has secured over $20 million in initial funding rounds to enhance its digital payment system’s underlying framework.
The announcement on January 16th revealed that over two dozen venture capital firms took part in the seed round. Among these were F-Prime Capital, Galaxy Ventures, Hack VC, Tribe Capital, Kraken Ventures, KuCoin Ventures, BitGo Ventures, Bankless Ventures, MoonPay Ventures, Portage, and Ethereal Ventures.
Money declared that the underlying technology for transactions is specifically designed for secure stablecoin transfers, utilizing an innovative, patent-pending system for consensus across networks.
In simpler terms, the CEO of the company, Brian Shroder, views stablecoins as the cornerstone for a fresh, updated worldwide financial structure. This system is expected to connect Web3 technology with regular users by filling the existing gap.
Prior to establishing 1Money, Shroder held the positions of president and CEO at Binance.US from August 2021 up until September 2023.
When completely established, the 1Money Network asserts that it will deliver immediate transfers, consistent fees, and compatibility with several stable digital currencies.
As a researcher, I’d express that by implementing multicurrency support, users can effortlessly execute transactions with no need to handle gas tokens. Instead, the transaction fees are seamlessly settled in the stablecoin of their choice.
Stablecoin market growth
While Bitcoin (BTC) paved the way for a revolutionary approach to decentralized transactions, it’s centralized stablecoins that have become one of the most significant applications in the blockchain sector.
As reported by CoinGecko, the overall worth of the stablecoin market presently stands at a staggering $214 billion. Interestingly, more than 85% of this massive figure is attributable to Tether’s USDt (USDT) and USD Coin (USDC).
According to CryptoMoon’s report, established players in the stablecoin market might face increasing rivalry from financial technology titans like PayPal, Revolut, and Robinhood. These companies are eager to tap into the expanding stablecoin market.
This year, the worth of that pie might surge beyond $300 billion, as per Guy Young, the creator of Ethena – a decentralized stablecoin protocol, given the ongoing intensification of the crypto market.
Regarding payments, Visa, a significant player in fintech, anticipates that the use of stablecoins will bring about a contemporary upgrade to worldwide payment systems.
According to Visa’s crypto chief, Cuy Sheffield, if the year 2024 saw a resurgence in demand for stablecoins, then the year 2025 presents a significant chance: the emergence of cards linked to stablecoins.
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2025-01-16 21:25