We are thrilled to announce our $1.5M Pre-seed round.
Cedro Finance, which is an Omnichain Liquidity Platform that lets users lend and borrow across chains seamlessly, raised the fund in a round led by Shima Capital. Infinity Ventures Crypto and Mask Network also participated in the round.
This raised funds will be used to scale and continue the development works of Cedro, according to a statement from the founder Rachin Kalakheti.
“Right now, the cross chain lending and borrowing process is tedious, dangerous, and expensive. A user needs to use multiple dApps and ~50 clicks just to deposit in a cross-chain manner,” said Kalakheti referring to the UX of current cross-chain bridges.
“Last year, protocols were offering insane yields. I wanted to take advantage of a yield program in Solana, but I had my fund in Ethereum. The hassle while collateralizing my funds in Ethereum to borrow in Solana didn’t feel right to me. I knew we could do better,” he explained the origin of Cedro Finance.
“Our goal is to provide a seamless user experience for this process without compromising on security. For the same action that took ~50 clicks, you can do it in ~5 clicks. We are starting out as an omnichain lending and borrowing protocol, but eventually, we aim to become an omnichain financial hub with other products currently in development,” he continued explaining the vision and the future of Cedro Finance.
Bay Area based Cedro Finance was founded in June last year by a Stanford undergraduate Rachin Kalakheti.
Cedro Finance has been live on testnet since December last year and has processed 156,000+ transactions at the time of writing this. You can check it out at: https://app.cedro.finance/
