Fundz

Mountain Protocol raises $8 million in Series A round led by Multicoin Capital to expand USDM stablecoin use cases and grow supply

Jun 06, 2024

Amount Raised

$8 Million

Round Type

Series A

PembrokeFinancial ServicesFintechBlockchainCryptocurrency

Investors

Coinbase VenturesCastle Island VenturesMulticoin Capital

Description

Mountain Protocol, the issuer of the yield-bearing USDM stablecoin, has completed a Series A funding round raising $8 million. The round was led by Multicoin Capital, with participation from Castle Island Ventures, Coinbase Ventures, and other investors. The funding will be used to expand the use cases of USDM stablecoin and grow its supply by integrating it into more DeFi protocols, supporting new blockchains, and partnering with fintech firms, crypto exchanges, and market makers.

Quick answer

Mountain Protocol raised $8 Million in a Series A round, dated June 6, 2024. Investors: Coinbase Ventures, Castle Island Ventures and Multicoin Capital. Mountain Protocol is based in Pembroke, Hamilton, Bermuda.

How much did Mountain Protocol raise?
Mountain Protocol raised $8 Million in a Series A round on June 6, 2024.
Who invested in Mountain Protocol?
Coinbase Ventures, Castle Island Ventures and Multicoin Capital are named as investors in this round.
What does Mountain Protocol do?
Mountain Protocol is the issuer of USDM, a yield-bearing stablecoin backed entirely by U.S. Treasuries.
Where is Mountain Protocol based and how big is it?
Mountain Protocol is based in Pembroke, Hamilton, Bermuda. Fundz records about 629 employees.
Who are the decision-makers at Mountain Protocol?
Fundz holds 1 contact at Mountain Protocol. Names and contact details are shown to Fundz members.

Source: Fundz verified event record.

Who else raised in Financial Services and Fintech around the same time

Companies in the same sectors as Mountain Protocol that raised within 45 days of this round, from Fundz verified event records.

  • Partior raised $60M (Series B) on July 12, 2024.
  • Tokinvest raised $500K (Pre-Seed) on July 9, 2024.
  • FreeBnk raised $3M on July 4, 2024.
  • Forward raised $16M (Seed) on May 31, 2024.
  • Aperture Finance raised $12M (Series A) on May 29, 2024.
  • Tread.fi raised $3.5M (Pre-Seed) on July 10, 2024.

Who to call at Mountain Protocol, and when

A new round usually means Mountain Protocol is about to hire and buy. The teams that reach out first get the meeting.

  • An alert the day Mountain Protocol raises, hires an executive or expands, scored against what you sell
  • The decision-makers there, with verified emails
  • Who you already know at Mountain Protocol, from your own LinkedIn network

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Company Information

Company

Mountain Protocol

Location

Pembroke, Hamilton, Bermuda

About

Mountain Protocol is the issuer of USDM, a yield-bearing stablecoin backed entirely by U.S. Treasuries. The company is regulated by the Bermuda Monetary Authority and keeps USDM reserves in bankruptcy-remote accounts. USDM is a rebasing ERC-20 token, backed one-to-one with the U.S. dollar, and currently provides about a 5% yield. Mountain Protocol plans to grow USDM issuance by expanding support to new blockchains, integrating it into more DeFi protocols, and partnering with fintech firms, crypto exchanges, and market makers to grow the stablecoin's supply.

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Funding Insights

What this usually means
Typical timeline to Series B
Series A companies typically raise their next round in 10-18 months

Mountain Protocol raised. Fundz records a round at a median of 3.6 minutes from the SEC filing, with the decision-maker attached.

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