Startup 1Money has secured US$20 million in seed funding to establish a Layer 1 blockchain network for stablecoin payments.

The funding round included participation from several investors, such as F-Prime Capital, Galaxy Ventures, Hack VC, Kraken Ventures, MoonPay Ventures, CMT Digital, and Bankless Ventures.

1Money plans to implement a “patent-pending Byzantine Consistent Broadcast (BCB) design” to address issues like delays and security concerns.