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Stellar Development Foundation Sets Aside $30 Million To Support Startups

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The Stellar Development Foundation (SDF) has announced that it has made $30 million available for fintech start-up companies that are building on its blockchain platform.

According to the announcement, the fund is part of SDF’s venture capital arm, Enterprise Fund, with plans to provide up to $500,000 for each investment plan. The idea is to increase funding for start-up companies in areas that could gain a lot from blockchain-powered solutions.

Stellar Uses Its Investment Arm To Expand Blockchain

Senior Director of Investments at SDF, Andrea Lo, stated that the Stellar ecosystem addresses issues such as affordable remittances, inflation, and the high cost of capital. “We’re investing in solutions to these problems through the Matching Fund,” he said.

The early investments are already providing funds for these platforms, with the Matching Fund Portfolio having several funding areas. These include Fanvestor, a crowd fund-model NFT platform; Afriex, a payments app that leverages blockchain to provide free payments across Africa; Bitwage, a blockchain-based payroll service in Latin America; and Trace Finance,  a cross-border payments platform that uses stablecoin to connect Latin American startups.

Supports Cross-Border And NFT Solutions

The venture arm of SDF has initially shown commitments to fund solutions for emerging markets. Last year, it invested $15 million in Airtm, a crypto exchange and digital wallet based in Mexico. The investment was the largest it has made on any startup to date. SDF further invested in four other Latin American-based startups after its deal with Airtm.

SDF said the main target for the fund is for the markets where the venture ecosystem is under-developed. Also, the fund has already made four investments to enable firms working in the remittance and payroll markets globally. The investment also supported cross-border and NFT solutions.

The Stellar Development Foundation will also want to ensure more innovation in the blockchain space. It hopes to make more funds available to assist more startups in the future.

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