Cedar Money, a cross-border stablecoin payments platform, has successfully secured $9.9 million in a seed funding round, with QED Investors leading the investment. North Island Ventures, Wischoff Ventures, Lattice, and Stella also participated in this funding round.
Founded in 2022, Cedar Money aims to disrupt traditional Swift and correspondent banking networks by utilizing blockchain technology and stablecoins. While business and retail customers primarily transact in fiat currencies, Cedar Money employs stablecoins behind the scenes to facilitate faster, more efficient, and cost-effective cross-border payments.
The company emphasizes a compliance-first approach, effectively bridging fiat and stablecoin ecosystems to ensure secure and regulated global money transfers. This strategy is particularly beneficial for emerging markets.
Gbenga Ajayi, a partner at QED Investors, stated, “By leveraging stablecoin technology while maintaining a fully compliant and fiat-aligned user experience, Cedar Money is uniquely positioned to tackle the inefficiencies of the global financial system.”