Stablecoin cross-border payments platform Cedar Money has raised $9.9m in its seed funding round, which was led by QED Investors.
The round saw participation from North Island Ventures, Wischoff Ventures, Lattice, and Stellar.
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Cedar Money stated that the proceeds from the round will be used to expedite its goal of “transforming” international money flows by leveraging its payment infrastructure.
The company stated that its platform addresses the inefficiencies of the traditional correspondent banking network, which has been in place since the 1970s and is considered to have “slow, expensive, and complex processes” that create hinderances for businesses.
Cedar Money’s platform utilises stablecoins to offer cross-border payments between developed and emerging markets.
By integrating blockchain technology on the backend with a fiat-based interface, the company provides businesses with a compliant and seamless payment option.
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By GlobalDataThe tools offered by Cedar Money are claimed to be designed for regions where traditional payment systems are either limited or expensive.
Cedar Money facilitates the movement of funds between fiat and stablecoin currencies, ensuring regulatory compliance in global transactions.
The company has stated favourable sentiment and regulatory clarity as key drivers for the expansion of stablecoin use in the market.
Cedar Money CEO Benjy Feinberg said: “We’re proud to partner with forward-thinking investors like QED who share our vision of creating a truly global and inclusive financial ecosystem.
“Cedar Money’s approach aligns perfectly with the positive momentum in the digital asset ecosystem, as businesses and governments alike recognise the transformative potential of stablecoins in enhancing cross-border money flows.”
QED Investors partner Gbenga Ajayi added: “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.”
