Another stablecoin startup has raised serious cash. 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.
“We cannot have 1,000 different Tethers and Circles,” Prosperi told Fortune, referring to the two largest issuers of stablecoins. “So what we did is create a layer where different issuers can come and connect and just ensure interoperability, liquidity among themselves.”
“Stablecoins are proliferating,” Josh Rosenthal, a general partner at Polychain, told Fortune. “This is one of the hotter areas within the market—within all of fintech, frankly,”
Proponents hope that the tokens will become the base layer of financial infrastructure and usher in cheaper, faster payments than bank wires or the international transfer system SWIFT.
That ambition is partly why Prosperi called his startup, which aims to build what he calls the “layer zero of money,” M0. (That’s not to mention that anything to the power of zero is one—just like the dollar value of one stablecoin, he said.)
“My mandate as a CEO in the next two to five years is to scale this network as much as possible,” said Prosperi. “This is the obsession.”
