Galaxy Digital Backs New Layer 1 Blockchain For Stablecoins

The battle for stablecoin dominance is well underway. And now, Galaxy Digital is betting on a company building the world’s first blockchains exclusively for stablecoin transactions.

‍What’s happening:‍

• Galaxy Digital (TSX: GLXY) has invested into stablecoin payment network startup 1Money as part of their new $20M USD financing round
  

Why it matters:‍

• 1Money is aiming to build the world’s first Layer 1 blockchain for stablecoins which is aiming to enable users to successfully send stablecoins in under one second and support multiple different types of stablecoins for global adoption
  

Going deeper:‍

• Multiple other notable venture capital funds focused on digital assets also participated in 1Money’s latest funding round, including F-Prime Capital, Kraken Ventures, KuCoin Ventures, Bankless Ventures and others
  
• Galaxy Digital has been making multiple bets on the future of stablecoins, including joining Robinhood (NASDAQ: HOOD) as an early partner in the new global stablecoin network launched by Paxos as well as just recently collaborating with Agora on their first ever over-the-counter transaction for their stablecoin known as AUSD

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