Singapore, 6 February 2023: The borderless super wallet Cenoa, which increases access to dollar-based goods in developing areas, reports having secured USD 7 million in seed investment. Robinhood’s early investors, the San Francisco venture capital firm Quiet Capital and the Boston venture capital firm Underscore VC, which specializes in investing in the next generation of iconic businesses at their earliest phases, spearheaded the fundraising. Additional investors include Human Capital, Ulu Ventures, Acrew Capital, and Collective Spark. These companies have invested in well-known, successful neo-bank and fintech startups worldwide, including Chime, Coinbase, Brex, and SoFi.
The money raised will be utilized to expand Cenoa’s operations and reach new markets in Latin America, Africa, Southeast Asia, and Europe, in addition to its primary offering. Within the following 18 months, the product development team at Cenoa wants to introduce rapid money transfers and debit cards denominated in US dollars. For its entirely remote global team, funds will also be utilized to employ personnel across various business activities, from engineering to product development.
A 40-year high in worldwide inflation has led to currency crises for billions of people in developing nations. There are only so many choices left for them other than to keep their investments in stable currencies like the US Dollar. The current banking structure in many nations makes purchasing USD either extraordinarily challenging or extremely costly while providing very few returns. In a world of rising costs, people in developing countries experience declining living conditions and are ignored.
Cenoa proposes a borderless, non-bureaucratic method of earning an inflation-resistant income while having free access to a digital dollar commodity. This contrasts with less than 1% in most conventional banks, which often charge steep costs and frequently demand documentation for straightforward currency swaps. Cenoa’s non-custodial wallet is assisting customers in making their assets devaluation-proof and boosting savings growth at a time when the US Dollar is at its strongest in 20 years. Developing countries are driving the most considerable USD saving demand.
Cenoa’s founder and co-CEO, Seçkin Aln, said:
“Cenoa provides simple access to digital goods with a dollar price tag that is entirely intended for regular users. We think it’s important to use cutting-edge tools like blockchain to give consumers with the greatest need for access—those in developing nations with unstable currencies like Argentina and Nigeria—single-click access to the digital dollar ecosystem. The old banking system has failed to fulfill the need for people in these nations to have simple, affordable access to US dollars and to combat inflation while saving.”
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