Cedro Finance announced that they raised $1.5 Million in their Pre-seed funding
Cedro Finance is delighted to announce that they have raised $1.5 million in a pre-seed fundraising round led by Shima Capital. Cedro is an Omnichain Liquidity Platform that lets users lend and borrow across chains seamlessly. Infinity Ventures Crypto (IVC), Mask Network, and Sam Thapaliya also participated in the round.
“We’re thrilled to be leading the pre-seed round for Cedro Finance”
The funds will be used to grow the team and scale development of Cedro’s platform.
“We’re thrilled to be leading the pre-seed round for Cedro Finance,” said Shima Capital founder and Managing General Partner, Yida Gao. “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.”
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“Right now, the cross chain lending and borrowing process is tedious, dangerous, and expensive,” said Cedro founder Rachin Kalakheti. “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 to collateralize the funds in Ethereum to borrow in Solana didn’t feel right. We knew there was a better way.”
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Cedro’s vision is 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 is starting out as an omnichain lending and borrowing protocol, but eventually aim to become an omnichain financial hub, and currently have new products in development.
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