Stellar Development Foundation announced another strategic investment in a blockchain startup. The new fund receiver is Airtm that raises $15 million. The new fund is part of an investing program named Enterprise Fund in SDF.
Airtm will use the new funding to improve services in Latin America. The services are mainly focused on cross-border and multi-currency payments. The Mexico-City-based startup is a digital wallet and P2P exchange.
More Money for Cross Border Payment Services
Cross-border payments are among the most famous services that blockchain startups bring to the world. They make it easy for big groups of people to send and receive money in a facilitated way with no worries about sanctions and bank limitations. These kinds of services often partner with traditional banks to be able to offer more regulated easy services. Airtm is one of the startups in this section that focuses on providing services to Latin American citizens. Their international multi-currency service uses blockchain technology as the fundamental layer. Stellar Development Foundation has decided to invest in the startup to help them expand services faster.
The latest $15 Million investment from SDF is their largest investment in the Enterprise Fund program. Its the fifth strategic investment of Enterprise Fund in 2021. The investment is not limited to providing money. Airtm will integrate with Stellar in the coming year and expand services to global citizens.
Latin America is one of the most potential regions in the world for transforming to the digital economy. Most of the payments are still in cash in Mexico and other Latin American countries. Besides, they’re not efficiently connected to international financial services. Startups like Airtm have a lot of potentials to change the concept. They help businesses and individuals connect easier to the global financial system. The latest investment from SDF’s Enterprise Fund surely helps them expand services faster. Ruben Galindo Steckel, CEO of Airtm, said:
“Airtm exists because financial systems throughout the developing world are not aligned with their people’s needs and global aspirations. With this investment, and our integration with the Stellar network, we will continue to advance on our mission of helping consumers and businesses throughout the developing world access stable money that holds its value, is instant to transfer with no fees, compatible with the global economy, and can be withdrawn as local currency whenever, and wherever it’s needed.”
SDF’s Enterprise Fund focuses on startups with the potentials to use Stellar for providing decentralized solutions. The latest investment shows their focus on cross-border payment and international services as growth potential concepts.
Source: Crypto Economy