Former a16z Crypto Investor Raises $10 Million to Establish Stablecoin Clearinghouse Better Money

Odaily News Former a16z crypto investor Sam Broner announced the co-founding of The Better Money Company with his college friend Adam Zuckerman, completing a $10 million seed funding round. a16z crypto led the round, with participation from BoxGroup and Sunflower Capital, and angel investors including Circle co-founder Sean Neville and former Microsoft executive Charlie Songhurst. The company aims to establish a stablecoin clearinghouse, providing clients with low-cost exchange services for different USD-pegged tokens.

Broner previously worked at a16z crypto for over two years, focusing on investments in the stablecoin sector. Zuckerman worked at the law firm Latham & Watkins before serving as General Counsel at Eigen Labs. The two founded the company last November and have already secured commitments from multiple issuers including Paxos, Bridge (owned by Stripe), and MoonPay. The company plans to support all tokens compliant with the signed and enacted Genius Act, excluding USDT, though its US version USAT is unaffected. The product has not yet been publicly launched and is expected to open to customers in the coming weeks.