1Money Network, a stablecoin infrastructure provider, announced in a Jan. 16 blog post that it has secured $20 million in a seed funding round to develop crypto’s first purpose-built Layer 1 exclusively for stablecoin payments. While many blockchains are built to support many use cases, 1Money Network will focus solely on stablecoin payments and will seek to position itself as the premier provider of these services. The chain includes features like instant transaction confirmations, gasless transactions, and multicurrency stablecoin support. The platform’s seed funding round included participation from crypto venture firms like F-Prime Capital, Galaxy Ventures, Hack VC, and Tribe Capital, as well as venture firms of crypto exchanges like Kraken and Kucoin. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
