Former Binance.US Boss Secures $20 Million for New Company
01/17/2025 01:43
Brian Shroder has raised $20 million for his new stablecoin startup
Brian Shroder has raised $20 million for his new stablecoin startup
According to a Thursday report by the Wall Street Journal, 1Money, a new company launched by former Binance.US CEO Brian Shroder, has secured a total of $20 million in funding.
The funding came from Tribe Capital, Galaxy Ventures, and other participants.
Shroder spearheaded the U.S. arm of the global exchange giant back in 2021. After two years at the helm, he then parted ways with the exchange back in September 2023 amid a legal fight with the U.S. Securities and Exchange Commission.
He then went silent for more than a year with no social media activity before eventually announcing the funding earlier this Thursday.
Related
The funding will help the startup to launch its own stablecoin network. It is expected to go live later this year.
The yet-to-be-launched network has been touted as the first layer-1 protocol that has been specifically designed for fast stablecoin payments. The network will not roll out its own native cryptocurrency.
Shroder told the WSJ that it was exciting for him to look for new solutions to existing payment problems. This inspired him to eventually found a new startup.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].
Related articles
