Cryptocurrency Startup Airtm Raises $15 Million

Stellar Development Foundation has announced a $15 million investment in cryptocurrency exchange startup Airtm.

Cryptocurrency Startup Airtm Raises  Million

Stellar Development Foundation announced today that its venture capital arm, SDF Enterprise Fund, has invested $15 million in Mexican digital wallet and cryptocurrency exchange startup Airtm, The Block reported on May 27.

The $15 million investment in Airtm is the largest investment ever made by SDF. Throughout fiscal year 2021, Airtm is Stellar’s third investment in Latin America and fifth investment in the entire fiscal year.

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

In a statement, Ruben Galindo Steckel, Airtm’s CEO, said

With this funding and our integrated network with Stellar, we will continue to advance our mission to help consumers and businesses in developing countries access stable funds that retain their value. The entire transaction process in the integrated network takes place in real time and without fees, it is compatible with the global economy, and users can also choose their local currency for withdrawals anytime, anywhere.
Stellar’s other investments in fiscal 2021 include $5 million in blockchain payments company Wyre and $750,000 in Corie, a Nigeria-focused company that aims to strengthen payment systems across Africa.

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