M0 raised $40 million in a Series B led by Polychain and Ribbit Capital, with participation from Endeavor Catalyst, Pantera, and Bain Capital Crypto. The financing combined equity and time-locked tokens and brings total capital raised to nearly $100 million. M0 develops infrastructure that connects different stablecoin issuers to enable interoperability and liquidity among tokens. Stablecoins have risen rapidly, with Circle's IPO and the U.S. Genius Act formalizing industry rules. Major technology companies and banks are exploring stablecoin use cases, and venture capitalists continue to invest heavily in stablecoin infrastructure and related fintech.
M0, a company that develops stablecoin infrastructure, announced Thursday that it had raised $40 million in a funding round led by the crypto venture capital firm Polychain and the fintech investor Ribbit Capital. Other participants included the Endeavor Catalyst fund and existing investors like Pantera and Bain Capital Crypto. Luca Prosperi, cofounder and CEO of M0, declined to specify his startup's valuation. The Series B round was for equity and locked stashes of the startup's cryptocurrency, or tokens that can only be sold after a set time period. M0 has raised almost $100 million in capital so far.
M0 is the latest startup to rake in funding from venture capitalists hungry for exposure to one of the buzziest sectors in crypto. Over the past year, the once niche asset, which is a cryptocurrency pegged to underlying holdings like the U.S. dollar, has become one of the shiniest objects in Silicon Valley. In June, Circle, the second largest stablecoin issuer next to Tether, went public in a blockbuster IPO that netted the company a market capitalization of now just over $30 billion.
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