Former a16z crypto investor raises $10 million to launch stablecoin clearinghouse Better Money

According to Odaily, former a16z crypto investor Sam Broner has announced the co-founding of The Better Money Company along with his college friend Adam Zuckerman, and the completion of a $10 million seed round. The round was led by a16z crypto, with participation from BoxGroup and Sunflower Capital, as well as angel investors including Circle co-founder Sean Neville and former Microsoft executive Charlie Songhurst. The company aims to establish a stablecoin clearinghouse, providing customers with low-cost services for exchanging different US dollar-pegged tokens.

Broner previously worked at a16z crypto for over two years, focusing on stablecoin investments. Zuckerman previously worked at the law firm Latham & Watkins and later served as chief legal officer at Eigen Labs. The two founded the company in November last year, and have already secured commitments from issuers including Paxos, Bridge (a Stripe subsidiary), and MoonPay. The platform plans to support all tokens compliant with the enacted Genius Act, but not USDT; the US version, USAT, is unaffected. The product has not yet been publicly launched and is expected to open to customers in the coming weeks.