Colombia-based crypto platform Zulu raises $5 million seed round

Bogota, Colombia-based crypto wallet app Zulu has raised $5 million in a seed round as it seeks to expand its user base in Latin America. 

Early-stage venture capital firm Cadenza Ventures led the round. Firms including web3-focused fund Nexo Ventures also participated, as well as several individual investors.

Zulu focuses on using stablecoins to help Latin America-based residents more efficiently save, in light of currency devaluations — as well as send cross-border payments to friends and family back home. The app supports the dollar-pegged stablecoin USD Coin.

"Zulu is a 100% decentralized wallet that functions on the Polygon Blockchain and allows users to purchase, hold and sell USDC," Zulu CEO and co-founder Esteban Villegas told The Block.

Zulu has processed more than $1.5 million in the past four months, Villegas said. The platform launched in March.

Zulu serves users in Colombia, Venezuela, Peru and Mexico. The company hopes to expand its app to the U.S., as well as other countries, next year.

"By providing simple, secure, and low-cost options to the millions of Latin Americans who do not have established financial relationships, we are filling a huge and vital gap," Villegas said.