California, USA-based Omnichain Liquidity Layer, Cedro Finance raised USD 1.5 million in pre-seed funding. The pre-seed round took place on February 7, 2023. Shima Capital led the financing for the firm. Meanwhile, Infinity Ventures Crypto (IVC), Mask Network, and Sam Thapaliya joined in the pre-seed funding.
Purpose of funding for Cedro Finance
With the latest injection, Cedro Finance seeks to grow its team.
Meanwhile, the company also has plans to scale the development of Cedro’s platform.
What the Cedro Finance official has to say
Cedro founder Rachin Kalakheti said, “Right now, the cross-chain lending and borrowing process is tedious, dangerous, and expensive. Operating under the UX of existing cross-chain bridges, a user needs to use multiple dApps and ~50 clicks just to deposit in a cross-chain manner. Last year, DeFi protocols were offering insanely high yields. At one point, we wanted to take advantage of a yield program in Solana, but our funds were in Ethereum. The hassle of collateralizing the funds in Ethereum to borrow in Solana didn’t feel right. We knew there was a better way.”
What the investors have to add
Shima Capital founder and Managing General Partner, Yida Gao said, “We’re thrilled to be leading the pre-seed round for Cedro Finance. We believe Cedro is poised to become the primary liquidity layer that sits on top of multiple networks for unifying liquidity across diverse DeFi protocols.”
Yida Gao launched Shima Capital in 2021. The company is a leading early-stage VC firm investing in impeccable blockchain technologies.
About the company
Stanford undergraduate Rachin Kalakheti launched the company in June 2022. The company operates as an omnichain Liquidity Platform. It enables users to lend and borrow across multiple chains without compromising on security. The solution has been live on testnet since December 2022. Since then, the company has processed more than 159,000 transactions. Multiple products on top of Cedro are being planned.
The company has the vision to provide a seamless user experience for this cross-chain process without compromising on security. For the same action that took ~50 clicks, a user can now do it in ~5 clicks.
Cedro’s architecture and features provide the highest capital efficiency. Besides, the company has plans to start out as an omnichain lending and borrowing protocol. However, it eventually aims to become an omnichain financial hub and currently has new products in development.
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