A fintech company building what it calls the world’s first blockchain designed for Web3 payments has received key approvals to expand its global operations, including a Class F digital asset licence from the Bermuda Monetary Authority.

1Money Co announced that it has also obtained 34 money transmitter licences across the United States, allowing it to provide regulated payment and stablecoin services in 40 jurisdictions.

With the approvals in place, the company said it can now launch “stablecoin orchestration services” through regulated entities in both the US and Bermuda.

The move positions Bermuda as a hub for the company’s global operations.

The company said its Bermudian-licensed unit, 1Money Bermuda Ltd, can operate as a digital asset exchange and services vendor, provide custodial wallet services and issue, sell and redeem digital assets under the Digital Asset Business Act.

“Securing 34 US MTLs and the Bermuda BMA Class F licence is the linchpin of our commitment to providing secure, compliant, and scalable stablecoin solutions to businesses worldwide,” said Brian Shroder, cofounder and chief executive of 1Money.

“These milestones enable us to orchestrate stablecoin flows across both traditional rails and emerging blockchain infrastructure, bringing a new level of interoperability, trust and compliance to the digital payments landscape.”

The company said it will offer services including digital asset custody, stablecoin payments and remittances, foreign exchange and fiat deposit and withdrawal.

Christopher Lalan, chief legal officer, added: “Our team has worked diligently to build a robust legal and compliant framework that meets the stringent requirements of regulators in the US and Bermuda.

“The US MTLs and the Bermuda Class F licence give partners confidence that 1Money can support them at scale with both compliant operations and advanced technology solutions.”

1Money describes its blockchain platform, the 1Money Network, as “the fastest, cheapest and most compliant Layer 1 for Web3 payments”.

It is designed to support stablecoins and real-world asset issuers by linking digital assets to traditional banking and payment systems.