Mexico City-based digital wallet and exchange operator Airtm. Has received $ 15 million funding from Stellar Development Foundation, Or SDF, as it seeks to expand financial services and cryptocurrency adoption in Latin America.
The investment, which is by far the largest SDF as part of its enterprise fund, will enable AirTM to be integrated with Stellar in the coming year. As part of the Steller network, Airtm will be able to provide its users with better access to global financial services.
“AirTM exists because financial systems across the developing world do not align with the needs and global aspirations of its people.” Airtm CEO Ruben Galindo Stackel said:
“With this investment, and our integration with the Stellar network, we will continue to move forward on our mission to help consumers and businesses across the developing world access stable funds, which are readily available for transfer at no charge.” Is compatible with the global economy, and can be withdrawn as local currency whenever, and wherever necessary. “
The Stellar Development Foundation is a non-profit organization that leverages blockchain technology to better organize global financial services. Its enterprise fund has invested in several projects this year alone. This includes a $ 5 million investment in Wire and an allocation of $ 750,000 to Nigeria-based payment platform Kauri.
Latin America appears to be a major focus for the SDF, given the continent’s dependence on cash payments. As noted by SDF, 91% of all transactions Mexico Still made in cash by 2020.
Digital currency adoption seems to be gaining traction in Mexico, with local exchanges becoming bitso First billion dollar crypto platform On the continent.