M^0 Snags $35 Million in Series A Funding to Boost its Stablecoin Issuance Platform
Summary:
M^0, a decentralized infrastructure provider, has secured $35 million in a Series A funding round for its stablecoin issuing platform. Backed by investors including Bain Capital Crypto and Galaxy Ventures, M^0 enables institutional clients to mint stablecoins based on assets such as US Treasurys. With the stablecoin market predicted to grow to trillions over the next decade, M^0 hopes to advance this technology in decentralized finance applications like asset tokenization.
M^0, a provider of decentralized infrastructure, has raised $35 million in a Series A funding round for its platform dedicated to issuing stablecoins. The round was led by Bain Capital Crypto, with contributions from existing investors and partners including Galaxy Ventures, Wintermute Ventures, GSR, Caladan, and SCB 10X. As per the announcement, M^0's core protocol along with its on-chain governance mechanism was launched on the Ethereum mainnet on June 4. The firm enables its institutional clients to produce stablecoins backed by high-quality assets such as US Treasurys, a process similar to asset tokenization that allows institutional investors to turn assets into digital tokens, specifically, a stablecoin. Similar to this, MakerDAO's stablecoin, Dai (DAI), utilizes a similar approach, but it employs crypto assets instead of traditional ones, which are tied up in smart contracts and used to mint DAI. The M^0 protocol's team includes former members from MakerDAO and Circle. “Stablecoins represent the fastest-growing and largest asset for settling transactions on public blockchains nowadays. We see potential for this market to surge and reach the trillion-dollar mark in the coming decade,” stated Stefan Cohen, a partner at Bain Capital Crypto. Forecast for the adoption of stablecoins paints a promising picture, especially in the realm of decentralized finance (DeFi) applications like asset tokenization and remittance. As per DefiLlama, the total market cap of all stablecoins is $160 billion at present.“Despite the growth in the stablecoin sector, most of the solutions we see are still [version 1], which are usually additional layers piled on top of aging and superfluous financial infrastructure,” notes M^0 Foundation president Luca Prosperi. "Our aim is to take this technology a step further so it can serve as the cutting-edge backend for fintech frontends.” M^0 secured $22.5 million previously in a seed around led by Pantera Capital in early 2023, with the funds being used to get the platform off the ground. “We are moving away from an outdated financial framework controlled by large, centralized entities, towards an advanced, federated system for issuing cryptodollars,” Prosperi added.
Magazine: A sudden disagreement over crypto has emerged among Democrats months before the election.
Published At
6/5/2024 5:00:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.