Brian Shroder, the former CEO of Binance.US, has successfully raised over $20 million in seed funding for his new project, 1Money, a layer-1 stablecoin payments network. The funding aims to accelerate the development of a digital payments platform designed exclusively for stablecoin transactions.
Key Investors in 1Money’s Seed Round
The seed funding round, announced on January 16, 2025, attracted investments from more than 20 venture capital firms, including:
- F-Prime Capital
- Galaxy Ventures
- Hack VC
- Tribe Capital
- Kraken Ventures
- KuCoin Ventures
- BitGo Ventures
- Bankless Ventures
- MoonPay Ventures
- Portage
- Ethereal Ventures
This diverse group of backers reflects the growing interest in stablecoin-focused financial technology.
Innovative Features of 1Money
1Money is pioneering a stablecoin payments protocol using a patent-pending Byzantine consistent broadcast design. The network promises:
- Instant Transactions: Faster and seamless payments for users.
- Fixed Costs: Transparent and predictable fees.
- Multicurrency Support: Users can pay transaction fees directly in the stablecoin they use, eliminating the need to manage gas tokens.
Shroder, now the CEO and co-founder of 1Money, describes stablecoins as “the foundation for a new, modernized global financial system.” His goal is to create a platform that bridges the gap between Web3 technologies and mainstream financial users.
The Growing Stablecoin Market
Stablecoins, pegged to fiat currencies like the US dollar, have become a cornerstone of the blockchain industry. The market is currently valued at $214 billion, with Tether’s USDT dominating over 85% of the total market share, according to CoinGecko.
Key trends in the stablecoin market include:
- Increased Competition: Fintech giants like PayPal, Revolut, and Robinhood are entering the stablecoin space, potentially challenging established players such as Tether and Circle (USDC).
- Market Growth: Experts, including Ethena founder Guy Young, predict the stablecoin market could surpass $300 billion as crypto adoption accelerates.
- Payment Innovations: Visa anticipates that stablecoins will revolutionize global payment systems. According to Visa’s crypto head, Cuy Sheffield, 2025 could see the rise of stablecoin-linked payment cards.
With strong backing and a focus on innovation, 1Money aims to position itself as a key player in the growing stablecoin ecosystem. As the demand for stablecoin solutions expands, 1Money’s network could play a significant role in modernizing global payment systems.
