Stellar Development Foundation invests in Settle Network to support stablecoin-based payment too
December 17, 2020, 5:15PM EST
1 min read
The Stellar Development Foundation (SDF) invested $3 million worth of Stellar lumens in Latin American cross-border payment and exchange platform Settle Network.
The investment is intended to bolster Settle's stablecoin-centered payment tools. Settle Network recently launched StableX, a stablecoin exchange, with the goal of building a Latin American foothold in the fiat-to-crypto market as well as in its home in Argentina.
“When we started Settle, we chose to build on Stellar because its technology is designed for global interoperability and that has enabled us to create a thriving stablecoin business in LATAM and expand our product offering to launch the world’s first stablecoin exchange and stablecoin gateway, StableX,” Pablo Orlando, CEO of Settle Network, said in a press statement.
This investment marks the fourth from the SDF Enterprise Fund this fiscal year. A total of $9.3 million was given to DSTOQ, Abra, SatoshiPay, and now Settle Network.
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.