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Cedro Finance announced that they raised $1.5 Million in their Pre-seed funding.
STANFORD, Calif.–(BUSINESS WIRE)–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.
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.”
“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.”
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.
Cedro Finance has been live on testnet since December 2022 and has since processed over 159,000 transactions. You can check learn more and try it for yourself at: https://app.cedro.finance/
About Cedro Finance
Cedro Finance is an Omnichain Liquidity Layer. Users are able to lend and borrow across multiple chains within a few clicks with excellent UX. Our innovative architecture and features provide the highest capital efficiency. Multiple products on top of Cedro are being planned. Bay Area based Cedro Finance was founded in June last year by a Stanford undergraduate Rachin Kalakheti.
About Shima Capital
Shima Capital is a leading early stage VC firm, founded by Yida Gao in 2021, investing in disruptive blockchain companies. The fund is deeply focused on taking a hands-on approach and working closely with its portfolio companies to provide the most sweat equity per dollar invested. As teams in Web3 push the frontier of innovation, Shima helps hire talent, build community, amplify narratives, and foster the acceleration of technical research and development. Shima is composed of seasoned investors, accomplished operators, and former founders who align on a mission to support all-star teams with building and scaling generational companies. For more https://shima.capital/