The Stellar Development Foundation (SDF) has invested USD 15 million in AirTM, a digital wallet and peer-to-peer exchange platform based in Mexico.
SDF’s Enterprise Fund looks to expand the Stellar network by investing in startups that work with its technology. Therefore, the Enterprise Fund investment aims to support development of AirTM’s platform, with an integration with the Stellar blockchain network planned for 2022, according to CoinDesk. Furthermore, the investment in the digital wallet aims to improve financial services across Latin America and other developing nations, by opening up financial access to underbanked communities.
Latin America remains largely a cash-based region, though payment card use is starting to pick up. This provides an opportunity to help improve services such as remittances via AirTM’s platform and transactions over the Stellar network, the firms said.
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