Thursday, May 23, 2024
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Kado payments completes “Initial Capital Raising” to expand access to stablecoins

Kado, a stablecoin payment infrastructure provider, closed its first capital round for $5.4 million on Tuesday, according to the company’s co-founders. Emery Andrew, co-founder and CEO of Kado, says that there has to be more stablecoin availability, ease, and ability to use them.

According to Andrew, the funding will help Kado expand outside of the Terra ecosystem into other stablecoins, multichain worlds, and marketplaces. At the time, there was no public assessment.

The firm was founded in May 2021 during a Terra community hackathon with the objective of helping stablecoin ecosystems like Terra’s UST by developing tools that make it simpler for consumers to spend and utilise their stablecoins. Andrew said that it intends to give support to Circle’s USDC in the near future.

Terra’s market capitalization has surged 1,563 percent in the last year, from $830.88 million on the same day last year to $13.82 billion on Monday. Meanwhile, the market cap of USDC, another popular stablecoin, has increased 487 percent in the last year, rising from $8.93 billion to $52.47 billion.

According to Andrew, the firm handled over $1 million in UST purchases in its first week and has been expanding at a rate of roughly $100,000 per day since. It already has users from over 60 countries. Vince Dowdle, co-founder and chief operating officer, thinks that purchases will expand further as a result of additional payment methods and protocol agreements.

Andrew said that the firm intends to extend into additional ecosystems outside Terra, with an emphasis on cross-chain services such as Solana to USDC and Avalanche to USDC.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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