Stellar Development Foundation is investing up to $3 million, paid in Lumens (XLM), in digital assets settlement network across LATAM, Settle Network.
This investment will help boost the payment tools of Settle Network that are focused around stablecoins, including fiat-to-crypto onramps, stablecoin issuance, and payment processing.
“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.”
Founded in 2018, Settle Network is a Stellar-based platform that provides digital asset settlement across LATAM and users of Argentine Peso and Brazilian Reais stablecoins.
Stablecoins have been one of the main themes in 2020, with their supply exploding. Stellar is now ready to take the help of stablecoins for “international remittances and cross-border payments.”
Besides Settle Network, SDFs Enterprise Fund has also invested in Abra, SatoshiPay, and DSTOQ. Jason Chlipala, Chief Operating Office of SDF, said,
“We created the Enterprise Fund to support inspiring businesses like Settle Network that demonstrate the value of Stellar, bring value to the Stellar ecosystem, and represent our mission.”
“We are proud of the impact this fund has made in its first year and look forward to furthering its reach in 2021.”