Financial technology start-up, 1Money has managed to accumulate a noteworthy $20 million to facilitate the launch of a network specifically designed for stablecoin payments. The funding round was not only successful but also places an emphasis on the increasing demand and adoption of stablecoin as a popular choice in the crypto currency sector.
Stablecoins are a class of cryptocurrency that pegs its market value to some external reference, usually a reserve asset or a pool of assets. They have seen a tremendous growth over the past few years, mainly due to their offer of price stability compared to other crypto assets such as Bitcoin and Ethereum, making them suitable for payments and value storage.
1Money’s network will facilitate the seamless transfer of stablecoins globally, offering users the opportunity to make payments with minimal transaction fees. This new venture by the financial tech start-up is seen as an important step in proliferating the use of stablecoins in everyday transactions, in turn contributing to the mainstream adoption of cryptocurrency.
The $20 million investment in 1Money notably demonstrates investor confidence in the platform and projects future growth, reaffirming the importance of technological innovation in reshaping the global financial landscape.
The success of stablecoins and platforms like 1Money draw attention to the ever-evolving nature of financial systems, demonstrating the potential for cryptocurrencies to become a pivotal part of our day-to-day transactions.
Last modified: January 17, 2025
