The DeFi (Decentralized Finance) space is witnessing a growing trend in cross-chain financial services, as users seek to take advantage of the many yield opportunities available on different blockchain networks. However, the current cross-chain lending and borrowing process ‘is often tedious, dangerous, and expensive’.
To address this, innovative solutions such as Cedro Finance are emerging, with a goal to provide seamless, secure, and user-friendly cross-chain financial services to the DeFi community.
Cedro founder Rachin Kalakheti noted that the cross chain lending and borrowing process is tedious, dangerous, and expensive.
“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,” Rachin added.
“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 Finance is a cross-chain liquidity layer that allows users to lend and borrow funds across multiple chains with a simple and user-friendly interface.
Cedro aims to provide a seamless cross-chain experience for users without compromising on security.
Cedro Finance has raised $1.5 million in a pre-seed funding round led by Shima Capital, with participation from Infinity Ventures Crypto, Mask Network, and Sam Thapaliya.
The funds will be used to expand the team and scale development of Cedro’s platform.
Shima Capital founder Yida Gao said that they believe Cedro Finance is poised to become the primary liquidity layer across multiple DeFi protocols.
Cedro Finance was founded in June 2022 by Rachin Kalakheti, a Stanford undergraduate. Cedro’s vision is to become an omnichain financial hub, with multiple products in development. The platform has been live on the testnet since December 2022 and has processed over 159,000 transactions.
Cedro Finance aims to provide a much simpler cross-chain experience for users. Previously, the process of collateralizing funds across chains took around 50 clicks, but with Cedro’s platform, the same action can now be done in just 5 clicks. Cedro wants to become a one-stop-shop for all cross-chain financial services in the DeFi space.
Read Also: Spool Launches A New Tool For Simplifying Risk-managed Yield Portfolio Creation
