Developers building on the Stellar blockchain with an existing angel investment now have access to matching funds from a $30 million pot introduced today by the Stellar Development Foundation.
- The matching fund has a küresel remit and writes checks up to $500,000.
- The first investments will be into payroll, remittance, NFTs and cross-border products, according to a press release.
- Two of its first investments are in Latin America, one is in Africa.
- Trace Finance, based in Latin America, helps with the remittance process using stablecoins for startups that have received venture funding.
- Another of the fund’s first portfolio companies, Bitwage, uses crypto and stablecoins to help run international payroll and invoicing more efficiently.
- “We need to be more nimble and inclusive in order to truly build an industry that reaches more people with better access to financial services,” SDF CEO Denelle Dixon said in a statement. “The way we choose to fund and support companies in their early days is a big part of that.”
- Stellar’s token, XLM, was trading at $0.177 on Tuesday, down 2% on-day according to CoinGecko. It has a market cap of $4.3 billion.