Stellar Development Fund invests $ 15 million in AirTM trading platform to improve financial services in Latin America
The Stellar Development Foundation (SDF) has invested $ 15 million in AirTM, a digital wallet and peer-to-peer trading platform based in Mexico.
This is the SDF Enterprise Fund’s largest investment to date – which is likely to accelerate the development of the AirTM platform, with integration with the Stellar blockchain network slated for next year. An SDF spokesman said the investment was made in dollars, not Stellar’s native XLM cryptocurrency.
“Overall, the investment in AirTM aims to improve financial services in Latin America and other developing countries, make faster and cheaper payments, while providing access to finance for communities with little banking access,” SDF Das shared with chief executive Denelle Dixon in a statement With.
Citing Latin America’s fragmented banking network, the SDF said the region is still largely cash-based, although the use of payment cards is starting to increase. This offers the opportunity to improve services such as money transfers via the AirTM platform and transactions via the Stellar network.
“With this investment and our integration into the Stellar network, we will continue our mission to help consumers and businesses in developing countries get access to a steady stream of money that stays the same. Its value is free and quick to send, compatible.” with the global economy and can be withdrawn in local currency anytime, anywhere, ”said Ruben Galindo Steckel, CEO of AirTM, in a statement.
SDF’s Enterprise Fund aims to expand the Stellar network by investing in startups that work with its technology. To date, the fund has invested a total of $ 24.5 million in fintech and blockchain companies around the world. The fund has raised $ 33.76 million in investments since inception in fiscal 2020.
According to Coindesk