Decentralized infrastructure “M^ZERO” raises 2.9 billion yen
M^ZERO, a developer of decentralized financial infrastructure, announced on the 5th that it has raised approximately 2.9 billion yen ($22.5 million) in a seed investment round. Led by Pantera Capital.
Other investors included Road Capital, AirTree, Standard Crypto, The SALT Fund, ParaFi Capital, Distributed Capital, Kraynos Capital, Earlybird and Mouro Capital.
M^ZERO is a platform that aims to connect assets in the global financial system and decentralized applications and enable participants to provide new functions.
M^ZERO explained that the funds raised this time will be used to build infrastructure that can be used by companies and organizations and to continue product development.
This decentralized infrastructure will allow its users to distribute and value assets on the blockchain in a transparent, open-source, composable manner while minimizing counterparty risk. It allows you to make transfers.
Decentralized infrastructure layer on Ethereum
M^ZERO Labs CEO Luca Prosperi explains:
M^ZERO can be thought of as an infrastructure layer on top of Ethereum (ETH) where large providers of assets and liquidity can exchange value and developers can develop solutions.
It is intended to serve regulated financial institutions and will provide shared, on-chain governance and settlement capabilities, he said. It is also envisioned that various institutions will interact with each other on the platform.
He added that M^ZERO’s infrastructure has an open structure and may provide connectivity to several existing DeFi (decentralized finance) platforms. The company aims to launch the platform by the end of 2023. More specific details have yet to be revealed.
Plans to issue governance tokens, etc.
Prosperi also said the platform will issue governance tokens and is looking at institutional users for issuance.
What is governance
A process or mechanism for managing and supervising the management and operation of a group. Many DeFi projects have something called a governance token, a voting right to participate in the governance of a given project. Users provide liquidity in hopes of increasing the value of rewarded governance tokens. As the number of users who provide liquidity increases, the usefulness of the product increases and the value of the project itself increases.
According to the official website, M^ZERO is planning a governance system that can be participated in a simple way, and will also have a utility token $ABC.
It is envisioned that $ABC can be used on-chain, permissionless, and can also be used for staking. The $ABC token will likely be used to exchange and measure value and access M^ZERO’s decentralized architecture.
What is permissionless
In blockchain, it means that anyone can access the network without administrator’s permission (permission). Characteristics of a permissionless mechanism include transparency, data availability, and data interoperability. .