Terra-based startup Kado secures $5.4M in seed funding

Stablecoin payments infrastructure startup Kado announced on March 9 that it has raised $5.4 million in a seed round with Hashed as the lead investor.

Investments also came from Race Capital, Collab+Currency, Circle Ventures, Republic Capital, PrimeBlock Ventures, T&G Ventures, Skyvision Capital, Lunatic Capital, Contango Digital, 0xVentures, TPS Capital, Richard Dai, Smart Stake, and other angel investors.

We’ve raised $5.4m from strategic partners to accelerate our shared vision.

Stablecoins are going to be key to connecting the disparate economies of web3 together.

What stands in the way of mass adoption?

One word: infrastructure .https://t.co/PzojlWEuHA pic.twitter.com/RvMDwiJncD

— Kado (@kado_money) March 8, 2022

Founded during the Terra community hackathon in May last year, Kado provides payments infrastructure for stablecoins and web3, enabling users to spend and use stablecoins with ease.

Kado co-founder Vince Dowdle said in the press release:

“There’s still such a wide gap, in education and tooling, for merchants and businesses looking to benefit from blockchain technology, and specifically DeFi. Conversely, blockchain projects like wallets, NFT marketplaces, games, and other blockchain applications are calling for more simple on-ramp and off-ramp integrations, and easier access to their products.”

With the fresh funding, the company plans to “integrate into new payment rails, drive new stablecoin and blockchain integrations, and launch their B2B2C merchant and business solutions,” the press release read.

The announcement also revealed Kado’s upcoming plans. The company will soon integrate Solana USDC and Phantom wallet with Kado Pay to allow for cross-chain functionality. Launched by Kado in November 2021, Kado Pay is a website where users can shop using their DeFi wallets.

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