Cedar Money, a fintech startup based in the U.S., recently raised $9.9 million to enhance cross-border payment solutions using stablecoins. This innovation aims to solve issues with traditional financial systems, especially in regions like Africa where transaction fees are significantly higher. The startup positions itself as a bridge for businesses and individuals, enabling fiat transactions while utilizing stablecoins in the background. CEO Benjy Feinberg highlights that many fintech opportunities lie in emerging markets where demand for efficient dollar transactions is critical.
If you look at the SWIFT network, fees globally are around 2-3%, but in Africa, they're much higher. It's even more gouging in places where people have less money.
Cedar Money acts as a bridge. Businesses and individuals transact using a fiat-based site, while stablecoin transactions run in the background.
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