- Cedar Cash has raised $9.9 million in Seed funding.
- The spherical was led by QED Traders, with participation from North Island Ventures, Wischoff Ventures, Lattice, and Stellar.
- Cedar Cash leverages stablecoins as an alternative of SWIFT to supply sooner, extra dependable, and cost-effective worldwide cash transfers, notably in areas the place conventional methods are inefficient or inaccessible.
Cross-border stablecoin funds firm Cedar Cash introduced this week that it has raised $9.9 million in Seed funding. This preliminary funding spherical was led by QED Traders. North Island Ventures, Wischoff Ventures, Lattice, and Stellar additionally participated.
The Israel-based firm was based in 2022 to allow environment friendly business-to-business cash transfers throughout geographies. As a result of it leverages stablecoins, the corporate doesn’t depend on outdated SWIFT and correspondent banking rails and is ready to ship sooner, extra dependable, and cost-effective cross-border funds between developed and rising markets.
Cedar Cash will use in the present day’s funds to speed up its mission of reworking worldwide cash flows by means of blockchain funds. “The funding underscores the urgency for modern fee options in a world the place companies face vital boundaries in transferring cash throughout borders,” stated Cedar Cash CEO Benjy Feinberg. “We’re proud to accomplice with forward-thinking buyers like QED who share our imaginative and prescient of making a very world and inclusive monetary ecosystem.”
By integrating blockchain know-how with a user-friendly, fiat-based interface, Cedar Cash is ready to provide a compliant fee answer that works for companies throughout the globe. The corporate’s know-how has had a notable influence in areas the place conventional fee methods are cumbersome, expensive, or inaccessible.
Should you’ve been listening to fintech information previously three months, you’re seemingly conscious that Cedar Cash’s announcement comes amid a growth for cryptocurrencies, and particularly stablecoins. Stripe’s acquisition of stablecoin-focused fintech Bridge set off an avalanche of stablecoin pleasure, bringing to gentle the chances of utilizing stablecoins, particularly in cross-border transactions. The current administration change within the U.S. has additionally elevated the stablecoin pleasure by promising a crypto-positive regulatory setting.
“Cedar Cash’s method aligns completely with the constructive momentum within the digital asset ecosystem, as companies and governments alike acknowledge the transformative potential of stablecoins in enhancing cross-border cash flows,” added Feinberg.
Photograph by ROMAN ODINTSOV
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