In the past two years, stablecoins have become one of the hottest fields in crypto—so hot that one venture capitalist at a16z crypto decided to leave and launch his own stablecoin startup. The former investor, Sam Broner, announced on Tuesday that he and a college friend have raised $10 million for what they call the Better Money Company, which aims to create a stablecoin clearinghouse, or locale that lets customers cheaply exchange different dollar-backed tokens.
Broner’s former employer, a16z crypto, led the seed round, with participation from BoxGroup and Sunflower Capital, along with notable angel investors like Circle cofounder Sean Neville and Charlie Songhurst, a former Microsoft executive. Broner and his cofounder, Adam Zuckerman, declined to say at what valuation they had raised their capital.
