1Money Receives 34 Official Licenses For Global Stablecoin Payments
1Money Receives 34 Official Licenses For Global Stablecoin Payments. Photo By Parrish Freeman On Unsplash.
1Money has revealed to hold 34 approved licenses to operate as a money transmitter in the U.S. and the world, according to the company’s press release.
The company is now the most licensed to foster stablecoin payments in the region, with BVNK and Bridge following behind. This is comprised of MTLs (Money Transmitter Licenses) and a Bermuda Class F DABL (Digital Asset Business License).
Alongside this, 1Money is also in the midst of developing its own layer-1 blockchain called ‘1MoneyNetwork’. There is currently a waitlist, but the team hopes to launch the chain soon after raising over $20M in total funding from investors such as KrakenVentures and HackVC, with a large focus on providing ‘Multi-Currency’ stablecoin and RWA solutions.
Co-founder and CEO Brian Schroder remarked:
"Securing 34 U.S. MTLs and the Bermuda BMA Class F license is the linchpin of our commitment to providing secure, compliant, and scalable stablecoin solutions to businesses worldwide. These milestones enable us to orchestrate stablecoin flows across both traditional and emerging blockchain infrastructure, bringing a new level of interoperability, trust, and compliance to the digital payments landscape."
Both CCO Kristen Hecht and CLO Christopher Lalan concurred with the importance and significance of this achievement for what has quickly grown into a competitive sector. Between new blockchain-native startups and traditional fintechs building out their individual chains, there is now a broader effort to win over individuals and enterprise clients.
Note: This is intended for informational purposes only and does not in any way constitute or solicit financial, professional, or legal advice. Readers should conduct due diligence at all times.
This article has been partly researched and aggregated with the help of AI and does not pertain to be an exclusive story. For specific media and public information referenced, please find it below.
Source(s): https://1moneynetwork.com/blog/regulatory-licenses
