Marshall Islands' digital sovereign bonds endorsed by crypto giants

M1X Global, behind the UBI program in the Marshall Islands, has completed a $3 million angel round of financing, with investors including former Coinbase CTO Balaji Srinivasan and Cumberland Labs CEO Tama Churchouse, among other figures in the crypto industry. The funds will be used to promote the expansion of the USDM1 digital sovereign bond into the institutional market.

USDM1 was launched on the Stellar blockchain last December, but the IMF has warned that the project carries financial risks and cybersecurity vulnerabilities, believing that its returns are not proportional to its risks.