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Stablecoin Clearinghouse The Better Money Company completes $10 million seed funding round, led by a16z crypto
Deep Tide TechFlow news. On March 31, according to Fortune, former a16z crypto investor Sam Broner announced that, together with co-founder Adam Zuckerman, they have completed a $10 million seed round, founding The Better Money Company. The company aims to build a stablecoin clearinghouse that allows users to exchange between different USD-backed stablecoins at low cost.
The round was led by a16z crypto, with BoxGroup and Sunflower Capital participating as follow-on investors. Well-known angel investors also took part, including Circle co-founder Sean Neville and former Microsoft executive Charlie Songhurst. The parties did not disclose the valuation for this round.
In terms of partners, the company has already secured commitments from stablecoin issuers such as Paxos, Stripe’s Bridge, and MoonPay to onboard. The clearinghouse plans to support all stablecoins that meet the compliance requirements of the “Genius Act” (the U.S. stablecoin regulatory bill), which means USDT will be excluded, but its U.S. version, USAT, is unaffected.
The product has not been publicly launched yet. The team said it will open access to users within the coming weeks.