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QED seeds $9.9M in Cedar Money, a stablecoin payment platform
Cedar Money, a startup that powers cross-border payment using stablecoins, raises $9.9 million seed led by QED Investors.
The newest generation of startups aiming to solve cross-border payments are focusing on stablecoins — cryptocurrency coins often pegged to actual currencies or other commodities to help them keep stable prices — to build solutions that work faster and often cheaper than classic financial rails. According to him, the real difficulty and where Cedar Money is trying to excel lies in building the compliance rails to accommodate every country’s unique regulatory requirements and banks’ extensive documentation to ensure legitimate transactions. However, despite growing relevance, reaching a $205 billion market cap last year, Feinberg says their collective share of the international payments remains small, so Cedar Money has no direct competition at this stage.
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