# Mountain Protocol

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/mountain-protocol

- Industry: Financial Services
- Headquarters: Pembroke, Bermuda
- Website: www.mountainprotocol.com
- Total disclosed funding: $8M
- Latest round: Series A (Jun 6, 2024)
- Investors on record: 9

## About

Based in Pembroke, Bermuda, and founded in 2023 by  Co founder Martín Carrica, and Matías Caricato, Mountain Protocol Limited operates as a financial technology company that can issue, sell, and redeem the digital stablecoin USDM. In May,2025, Anchorage Digital, a portfolio company of Delta Blockchain Fund, Kraken Ventures, Alameda Research Ventures, Innovius Capital, PayPal Ventures, Senator Investment Group, GoldenTree Asset Management, Standard Investments, BlackRock, Goldman Sachs Asset Management, Wellington Management, Apollo Global Management, Thoma Bravo, KKR, Indico Capital, Lux Capital, GIC, Blockchain Capital, Visa Inc., SciFi VC, Polychain Capital, SV Angel, Andreessen Horowitz, Khosla Ventures, and Principal Invest, agreed to acquire Mountain Protocol Limited from Borderless Capital, Bankless Ventures, Castle Island Ventures, The Venture Dept, Coinbase Ventures, Daedalus, New Form, Aptos Foundation and Multicoin Capital.
Mountain Protocol is a corporation that provides USDM, an institutional-grade stablecoin with a focus on safety and compliance. USDM has a 5.00% APY and rapid liquidity, letting users to swiftly and smoothly trade it for other assets on appropriate decentralized exchanges or liquidity protocols. The company is dedicated to developing digital dollar solutions that are permissionless, regulated, composable, transparent, and safe. The company generates revenue through managing its USDM stablecoin backed by U.S. Treasuries and related stablecoin services. The acquisition supports Mountain Protocol by integrating its stablecoin expertise, infrastructure, and regulatory framework into a larger platform, enabling broader global stablecoin expansion and long-term institutional use.

## Funding rounds

- Series A, Jun 6, 2024, $8M — Multicoin Capital, Coinbase Ventures, Castle Island Ventures, Borderless Capital, Bankless Ventures, The Venture Dept, Aptos Foundation
- Seed, Sep 11, 2023 — Coinbase Ventures, Castle Island Ventures, New Form, Daedalus

## Investors

- Coinbase Ventures (https://capitalatlas.ai/funds/coinbase-ventures) — Seed, Series A
- Castle Island Ventures (https://capitalatlas.ai/funds/castle-island-ventures) — Seed, Series A
- New Form (https://capitalatlas.ai/funds/new-form) — Seed
- Daedalus (https://capitalatlas.ai/funds/daedalus) — Seed
- Multicoin Capital (https://capitalatlas.ai/funds/multicoin-capital) — Series A
- Borderless Capital (https://capitalatlas.ai/funds/borderless-capital) — Series A
- Bankless Ventures (https://capitalatlas.ai/funds/bankless-ventures) — Series A
- The Venture Dept (https://capitalatlas.ai/funds/the-venture-dept) — Series A
- Aptos Foundation — Series A