The Stellar Development Foundation (SDF), a non-profit organization that supports the Stellar Network for blockchain payments, announced a $15 million investment in Mexico-based digital wallet platform Airtm. This will be the largest funding completed by SDF and the foundation’s fifth investment of the year.
Airtm’s digital wallet is a peer-to-peer exchange platform. It enables consumers and businesses in the developing world to exchange potentially devaluing currencies for other forms of money, such as US dollars or cryptocurrencies, at the market rate. It also has its own stablecoin, AirUSD, which is pegged to the dollar.
The platform targets countries with hyperinflation, such as Venezuela. Complicated currency exchange methods scare people off from converting cash. Airtm is simplifying the process and making it reliable for businesses and consumers. The company claims its objective is to promote a single economic region in Latin America. This year alone, 165 thousand users completed over 2.5 million transactions and processed over $200 million on the platform.
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