Airtm, a digital wallet and exchange operator headquartered in Mexico City, has received $ 15 million in funding from the Star Development Fund, or SDF, as it aims to expand financial services and adoption of cryptocurrency in Latin America.
The investment, which is the largest SDF ever made as part of its Enterprise Foundation, will enable Airtm to integrate with Stellar in the coming year. As part of the stellar network, Airtm will be able to better provide its users with access to global financial services.
“Airtm exists because financial systems across the developing world do not meet the needs and global aspirations of its people.” said Airtm CEO Ruben Galindo Steckel, adding:
“With this investment, and our integration with the stellar network, we will continue to make progress in our mission to help consumers and businesses across the developing world access stable money that has its value, is going to deliver without fees, is compatible with the global economy, and can be picked up as a local currency whenever, and wherever it is needed. “
Stellar Development Foundation is a non-profit organization that utilizes blockchain technology to better consolidate global financial services. Its Enterprise Foundation has invested in several projects just this year. This includes a $ 5 million investment in Wyre and a $ 750,000 allocation to a Nigeria-based Cowrie payment platform.
Latin America seems to be a major focus for SDF, given the continent’s dependence on cash payments. As SDF noted, 91% of all transactions in Mexico are still carried out in cash as of 2020.
The adoption of digital currency seems to be gaining traction in Mexico, with local exchange Bitso becoming the first billion-dollar crypto platform on the continent.