According to TheBlock, 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 told The Block.