Platform allows you to save digital dollars from your app
The co-founders of Zulu, Jaime Varlea, Estaban Villegas, and Julian Delgado
With the application created by Zulu users can buy and hold USDC and spend it via local currencies in Latam countries. USDC is one of the main stablecoins or cryptocurrencies backed by US dollars.
Cause for Celebration
The founders of Zulu Jaime Varela (CCO), Esteban Villegas (CEO) and Julian Delgado (COO) have cause to celebrate as they have successfully raised $5 million in a new seed round that was participated by Cadenza Ventures, Nexo, CMT Digital, Simplex, Coin DCX,and Gaingels. The new round brings the total amount of resources from various investors to $6.2 million. The team is focused on building their platform that was originally Android-only but now has come to IOS as well.
The project has caught a lot of attention especially as the devaluation of currencies in the region has triggered a jump in interest in stablecoins. Angel investors, themselves founders of startups have also participated in the funding round of Zulu. Those investors were Carolina Garcia and Oscar Sarria de Chiper, Caterine Castillo de Neivor, Jose Jair Bonilla, Man Hei Lou of Thirty, Former COO of Paxos Andrew Chang, and others.
The team has expanded the reach of their platform which was originally only available in Colombia and Venezuela. The platform is now available for use in Mexico and Peru with the team seeking to build more and gain ground in the market for digital remittances between the countries mentioned.
Esteban Villegas made a statement to the press stating that with the milestone inflow of funding his company plans to close 2022 by launching operations in Mexico and Peru. He further described how Zulu clients are already using the application to “preserve their wealth and send low-cost remittances between different countries and Venezuela”. Mr. Villegas stated the company is laser-focused on “giving simple and safe options to the millions of people who do not have financial connectivity in Latin America.”
Max Shapiro, managing partner of Cadenza Ventures spoke on the investment into Zulu and made the following statement.
“This investment in Zulu ratifies our interest in Latin America and the importance we find in expanding these technologies around the world.”
Not the only player
Zulu joins other platforms that are working hard to protect the people of Latin America from the devaluation of their local currencies. Being able to use the blockchain to save dollars is a method that is being used by other platforms such as Littio, Reserve,and Airtm. The platforms are in addition to other platforms such as Binance which also allow users to buy stablecoins.
.Zulu has surpassed the 100,000 user barrier and hopes to reach 500,000 before the end of the year