The Stellar Development Foundation (SDF) announced today that its venture arm, the SDF Enterprise Fund, has invested $ 15 million in Airtm, a Mexico-based digital wallet and crypto-exchange startup.
This $ 15 million investment in Airtm is the SDF’s largest investment ever. Looking towards fiscal 2021, Airtm is Stellar’s third investment in Latin America and fifth overall.
Stellar had previously invested $ 3 million in the Argentina-based company Process network in December 2020 and $ 3 million in the US Tribal credit on April 21st, both with the intention of expanding cross-border payments in Latin America. This new Airtm investment is set to do the same, in addition to streamlining payment systems and digitizing Latin America’s largely cash-based financial system.
“With this investment and our integration into the Stellar network, we will continue our mission to provide consumers and businesses in the developing world with access to stable money that retains its value and is instantly compatible with the global network with no fees and can be withdrawn as local currency anytime, anywhere, ”said Ruben Galindo Steckel, CEO of Airtm, in a statement.
Stellar’s additional investments in fiscal 2021 include providing $ 5 million to the blockchain payment company Wyre and $ 750,000 towards Cowrie shell, a Nigeria-focused company aiming to strengthen payment systems across Africa.