Stellar Development Foundation (SDF), which is behind the development of the blockchain of the same name, through its venture division invested $ 15M in the Mexican cryptocurrency exchange Airtm.
According to the press release, Airtm is going to use the funds raised to develop its technology platform. The investment also includes integration with Stellar in 2022.
SDF noted that this is the largest deal for its venture capital wing. In 2021, the fund made five strategic investments totaling $ 24.5 million. Since its launch in fiscal 2020, Enterprise Fund has invested $ 33.76 million in fintech and blockchain firms.
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Airtm is a P2P cryptocurrency trading platform and digital wallet operator that allows users to connect bank accounts. The company is also the issuer of the USD-pegged stablecoin AirUSD.
According to SDF, 165,000 consumers and businesses used Airtm in 2021, and its platform processed more than 2.5M transactions worth over $ 200 million.
In August 2020, Venezuelan authorities restricted access to Airtm. The opposition planned to distribute the $ 18 million seized from incumbent President Nicolas Maduro to healthcare workers through the exchange.