M^0, a Zug, Switzerland-based decentralized infrastructure layer for the issuance of cryptodollar assets, raised $35M in Series A funding.
The round was led by Bain Capital Crypto. Other investors included Galaxy Ventures, Wintermute Ventures, GSR, Caladan and SCB 10X.
The company intends to use the funds to expand operations and its development efforts.
M^0 is a decentralized, on-chain protocol, as well as a corresponding set of off-chain standards and APIs, that empowers a federation of cryptodollar issuers. With it, any number of independent institutions can tap on middleware to become the minter of a fungible cryptodollar asset. The platform allows multiple entities to mint a single, fungible cryptodollar called M. Minter entities bring their own standardized, high-quality collateral, and once permissioned by governance, connect to its decentralized protocol to mint M. Independent entities called Validators can connect to standard M^0 offchain software in order to continuously verify the presence of collateral and adherence to standards.
M^0 previously raised $22.5M in seed funding led by Pantera Capital in early 2023.
FinSMEs
05/06/2024