Stellar Development Foundation announced a new investment focused on improving cross-border payments using cryptocurrencies. The foundation has invested up to $3 million in Settle Network. Its the largest digital assets settlement network across LATAM. The investment was paid in lumens to show the capabilities of cryptocurrencies in the investment sector.
Cryptocurrency-Based Investment Helping Blockchain Projects
Startups have always relied on investors to find the needed money for their first stages of growth. Settle is no different and surely needs money to improve its offerings. They now provide many services for cryptocurrency payment some of them are fiat-to-crypto on-ramps for B2C and B2B users, stablecoin issuance and marketplace, and stablecoin payment processing and merchant gateway. All of these services need more development and improvement to serve more people.
Stellar Development Foundation that focuses on investing in blockchain-based firms has chosen Settle as the new investment goal to help bolster their services. They try to improve the cryptocurrency-based payments by this $3 million investment. According to the press release, Denelle Dixon, CEO and Executive Director of SDF, said:
“Settle Network is delivering on the vision and mission of Stellar, putting blockchain technology and access to finance into the hands of people that need it. With this shared mission driving us, our investment represents the tremendous success of Settle to date in serving LATAM communities and its potential to make stablecoin technology accessible and useful globally. That’s how, together we scale and bring greater adoption of blockchain technology.”
Settle Network has focused on stablecoin markets. They launched the world’s first stablecoin exchange called StableX and has a strong presence in Latin America. They provide multiple services for people looking for fiat-to-crypto payments. But the improvement will never stop, that’s because they always seek new investment and partners. Pablo Orlando, CEO of Settle Network, said:
“When we started Settle, we chose to build on Stellar because its technology is designed for global interoperability and that has enabled us to create a thriving stablecoin business in LATAM and expand our product offering to launch the world’s first stablecoin exchange and stablecoin gateway, StableX. There is no better partner for us than SDF, who matches our core values, as we take our technology to the next level, opening a new world of possibilities for international remittances and cross-border payments.”
SDF has been busy investing in multiple companies in 2020. Settle Network is their fourth investment from Enterprise Fund in 2020. The four companies receiving investments are DSTOQ, SatoshiPay, Abra, and Settle Network that have received $9.265 million of investment.
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