According to Thursday a report According to The Wall Street Journal, 1Money, a new company launched by former Binance.US CEO Brian Schroder, has received a total funding of $20 million.

Funding came from Tribe Capital, Galaxy Ventures and other participants.

Schroder led the US arm of the global stock exchange giant in 2021. After two years at the helm, he subsequently parted ways with the exchange in September 2023 amid a legal battle with the US Securities and Exchange Commission.

He then went silent for more than a year with no social media activity before finally announcing the funding earlier Thursday.

The funding will help the startup launch its own stablecoin network. It is expected to go live later this year.

The yet-to-be-launched network is described as the first layer-one protocol designed specifically for fast stablecoin payments. The network will not be offering its native cryptocurrency.

Schroeder told the Wall Street Journal that it was exciting for him to look for new solutions to current payment problems. This eventually inspired him to found a new startup.

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