Two companies, Rain and M0, have secured close to $100 million in venture funding as interest grows in programmable money, a type of digital currency that follows built-in rules governing its use.
Rain, based in the United States, recently raised $58 million in a Series B round led by Sapphire Ventures, with support from Dragonfly, Galaxy Ventures, and Samsung Next.
The startup develops tools that allow banks to issue digital dollars with built-in compliance features. Its software supports regulated payroll payments and spending controls that can be applied across borders and blockchains.
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Rain’s system already works with Toku, which helps companies send compliant salaries in over 100 countries. The company is also expanding its reach to include Solana
M0, a Swiss startup founded in 2023, closed a $40 million Series B led by Polychain Capital and Ribbit Capital.
M0 helps developers launch stablecoins with preset features, including token distribution, eligibility criteria for holders, and liquidity. These tokens are made for specific apps or services.
One of M0’s early use cases is with Playtron, which has built a “Game dollar” directly into its gaming device. The token is designed to work exclusively within M0’s system. M0 is also collaborating with MetaMask to integrate its programmable stablecoins into crypto platforms.
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