The Stellar Development Foundation (SDF), a nonprofit that supports the Stellar Network for blockchain payments, announced a $ 15 million investment in the Mexico-based digital wallet platform Airtm. This is the largest funding from SDF and the Foundation’s fifth investment this year.
Airtm’s digital wallet is a peer-to-peer exchange platform. It enables consumers and companies in developing countries to exchange potentially depreciating currencies at market rates for other forms of money such as US dollars or cryptocurrencies. It also has its own stablecoin, AirUSD, which is pegged to the dollar.
The platform targets hyperinflationary countries like Venezuela. Complicated currency exchange methods discourage people from exchanging cash. Airtm simplifies the process and makes it reliable for businesses and consumers. The company’s aim is to promote a single economic region in Latin America. This year alone, 165,000 users completed over 2.5 million transactions and processed over $ 200 million on the platform.
The investment serves to integrate Airtm into the Stellar network, the blockchain-based payment network founded by Jed McCaleb, co-founder of Ripple. The integration will improve Airtm’s platform and make transactions safer, more efficient and less expensive.
“Airtm exists because the financial systems in developing countries are not aligned with the needs and global aspirations of their people,” said Ruben Galindo Steckel, CEP at Airtm. “With this investment and our integration into the Stellar network, we will continue to advance our mission of helping consumers and businesses in developing countries access stable money that retains its value, instantly transferred free of charge and is compatible with the global economy and can be withdrawn as local currency anytime and anywhere. “
Meanwhile, Stellar is working with the Ukrainian Ministry of Digital Transformation on a digital central bank currency, stablecoin and virtual asset infrastructure. The German bank Bankhaus von der Heydt also has a stablecoin on Stellar’s blockchain.
Stellar’s largest corporate project was IBM World Wire for cross-border payments. However, he died quietly after his IBM evangelist Jesse Lund abruptly left IBM two years ago.