Payment Builder Kado completes the first capital procurement to expand access to stable coins

Payment Builder Kado completes the first capital procurement to expand access to stable coins

KADO, a provider of stablecoin payment infrastructures, completed its first capital increase of $ 5.4 million on Tuesday, the co-founder of the block works said exclusively.

It must be better access to stablecoins, simplicity and the opportunity to use them, Emery Andrew, co -founder and CEO of Kado, told Blockworks.

The Seed round was conducted by the risk fund Hashed with the participation of Race Capital, Circle Ventures, Collab+Currency, Republic Capital, Primlock Ventures, 0xventures, T & G Ventures, Skyvision Capital, Lunatic Capital, Contango Digital, TPS Capital and some fishing companies, including Blockwork co-founder Jason Yanowitz.

Financing will help Kado to grow from the Terra ecosystem to other stable coins, multicit worlds and markets, said Andrew. There is currently no public valuation.

The company was founded during a Terra Community hackathon in May 2021. Its goal is to support stablecoin ecosystems such as Terras VAT by developing products that make it easier for users to output and use their stable coins. It is planned to provide support for the Circle USDC in the near future, said Andrew.

"After all, we introduced Kado Pay in our first six months, the opportunity to issue your stable coins at Amazon, not native for it, but about our application," said Andrew. "You can come to our website and output stablecoin directly, and very soon you will also be able to spend USDC."

The demand for stablecoins has risen in the past 12 months, the market capitalization of Terra rose by $ 1,563 % from $ 830.88 million in the previous year to $ 13.82 billion on Monday. Meanwhile, the market capitalization for USDC, another popular stable coin, rose by 487 % from USD $ 52.47 billion from $ 8.93 billion last year.

"The biggest problem in the Terra ecosystem is access to VAT, you have to jump through all these hurdles ... there are so many friction," said Vince Dowdle, co-founder and chief operating officer. That is why the company launched Kado Ramp last month, an application with which users can switch between dollars and stable coins within minutes.

"People who do not understand the complexity of crypto can simply connect their bank account directly on board this log," said Dowdle.

In the first week of the company, it processed over $ 1 million in VAT purchases and has increased by around $ 100,000 since then, said Andrew. To date, it has users from over 60 countries and expects their purchases to continue to increase through new payment methods and protocol partnerships, said Dowdle.

In the future, the company plans to expand into other ecosystems beyond Terra, with the focus on cross -chain services such as Solana to USDC and Avalanche to USDC, Andrew.

"Ultimately, we would like to make sure that experience is easy for the dealer," said Andrew.

. .

The Payment Builder Kado contribution completes the first capital procurement to expand access to stable coins is not a financial advice.