The Block: Stellar Development Foundation invests $15 million in crypto startup Airtm

The Stellar Development Foundation (SDF) announced today that its venture arm, the SDF Enterprise Fund, invested $15 million in Airtm, a Mexico-based digital wallet and crypto exchange startup.

That $15 million investment in Airtm is the SDF’s largest investment on record. Looking at the 2021 fiscal year, Airtm is Stellar’s third investment focused on Latin America and the fifth one overall.

Stellar had previously invested $3 million in the Argentina-based Settle Network in December of 2020 and $3 million in US-based Tribal Credit on April 21, both with the intent of expanding cross-border payments in Latin America. This new Airtm investment seeks to do the same, in addition to streamlining payment systems and helping to digitize Latin America’s largely cash-based financial system.

“With this investment, and our integration with the Stellar network, we will continue to advance on our mission of helping consumers and businesses throughout the developing world access stable money that holds its value, is instant to transfer with no fees, compatible with the global economy, and can be withdrawn as local currency whenever, and wherever it’s needed,” said Airtm CEO Ruben Galindo Steckel in a statement.

Other Stellar investments in the 2021 fiscal year include putting $5 million toward the blockchain payment firm Wyre and $750,000 toward Cowrie , a Nigeria-centered firm aiming to bolster payment systems throughout Africa.