Stellar Development Foundation debuts $30 million matching fund
March 15, 2022, 10:00AM EDT
1 min read
The Stellar Development Foundation (SDF) has launched a $30 million matching fund for early-stage companies building on the Stellar blockchain.
The fund is a branch of SDF's Enterprise Fund, the firm's venture arm investing in startups within the Stellar ecosystem. It plans to match investments up to $500,000 from the lead funding source. The idea is to boost funding to early-stage companies in jurisdictions that could benefit from blockchain-powered solutions.
"The Stellar ecosystem is working to address challenges like inflation, affordable remittances, and the high cost of capital — and we’re investing in solutions to these problems through the Matching Fund," said Senior Director of Investments Andrea Lo in a statement.
The inaugural investments are already targeting these problems. The Matching Fund portfolio includes: Trace Finance, a cross-border payment platform using stablecoins to connect Latin American startups with overseas funding; Bitwage, a blockchain-based payroll service focused on Latin America; Afriex, a payments app leveraging blockchain to provide free payments across Nigeria, Ghana, Kenya and Uganda; and Fanvestor, a crowdfund-model NFT platform.
SDF's venture arm has previously shown interest in funding solutions for emerging markets. In May of 2021, it invested $15 million in Airtm, a Mexico-based digital wallet and crypto exchange. That marked its largest investment to date, and followed four other investments in Latin American-based firms.
TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.