Cedro Finance Raises $1.5 Million to Promote Multi-Chain DeFi
Cedro Finance, a startup that provides an Omnichain Liquidity Layer that facilitates lending and borrowing across multiple chains, has raised $1.5 million in a pre-seed funding round. Shima Capital was the lead investor, with participation from Infinity Ventures Crypto (IVC), Mask Network, and Sam Thapaliya.
The mission to simplify multi-chain access to DeFi
Cedro is on a mission to revolutionise borrowing and lending across chains in order to capitalise on the enormous potential of decentralised finance (DeFi). The current system for cross-chain lending and borrowing is time-consuming, potentially risky and prohibitively expensive. In addition, current cross-chain bridges have a cumbersome user experience (UX), requiring users to have multiple dApps and perform around fifty clicks just to make a cross-chain deposit. Cedro’s goal is to make this cross-chain process as simple as possible for users without sacrificing security.
Cedro Finance facilitates lending and borrowing across multiple chains with a single user interface. Rachin Kalakheti, an undergraduate at Stanford, launched the company in June 2022. Also, Testnet users have successfully completed over 159,000 transactions since its launch in December 2022. Although it is currently in development as a protocol for omnichain lending and borrowing, its long-term goal is to become an omnichain financial platform.
The company also intend to integrate liquidity across several DeFi protocols as the principle liquidity layer sitting atop several networks. Since more and more investors are warming up to DeFi, this is becoming increasingly crucial. In addition, several ongoing projects are making strides toward integrating DeFi with traditional finance, which has the potential to radically transform the financial services industry. Cedro will likely have a large users base because it makes DeFi accessible to the masses by removing many of the obstacles and complexities that have historically stood in the way of its adoption.
