1Money is claimed to enable instant transaction confirmations, with users able to send and receive stablecoins. Credit: Panchenko Vladimir/ Shutterstock.

US-based 1Money, the developer of a Layer 1 protocol network tailored for stablecoin payments, has secured over $20m in seed funding.  

The funding round saw contributions from F-Prime Capital, Galaxy Ventures, Hack VC, Tribe Capital, and Portage, among others.  

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1Money’s network is designed to address transaction delays, fluctuating “surge pricing”, security risks, and compliance hurdles.  

The network’s patent-pending Byzantine Consistent Broadcast (BCB) design is said to transform stablecoin transactions by providing a secure payment protocol. 

The 1Money Network is also said to be cost-effective and eliminates the need for speculative ‘gas’ tokens.  

It supports multiple stablecoins pegged to various fiat currencies, allowing users to pay network transaction fees in the stablecoin they transact with.  

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Scheduled to launch in the second quarter of the year, 1Money is claimed to enable instant transaction confirmations, with users able to send and receive stablecoins. 

Moreover, 1Money will stand out as the first Layer 1 protocol to incorporate native compliance tools that automatically enforce sanctions controls.  

The network can handle over 250,000 transactions per second (TPS) capacity. 

1Money CEO and co-founder Brian Shroder said: “1Money will make stablecoin payments more accessible and practical for everyday use cases – from paying friends to making e-commerce purchases and sending remittances. 

“We’re witnessing a historic moment where stablecoins have become more than just a niche application. They’re rapidly transforming how global money flows, and 1Money is prepared to lead that transformation through our dedicated stablecoin payments network which can achieve unlimited transaction capacity and near-infinite scalability, allowing us to seamlessly serve billions of users.”