M1X Global, the company spearheading the Marshall Islands' Universal Basic Income (UBI) initiative, has raised $3 million in an angel funding round. The round was led by notable figures in the crypto industry, including former Coinbase CTO Balaji Srinivasan and Cumberland Labs CEO Tama Churchouse. The funding aims to expand the reach of USDM1, a digital sovereign bond, into institutional markets. USDM1, which launched on the Stellar blockchain in December, has drawn attention from the International Monetary Fund (IMF). The IMF has expressed concerns over fiscal risks and cybersecurity vulnerabilities associated with the bond, cautioning that its potential returns may not justify the risks involved.