Airtm, the Mexico City-based digital wallet and exchange operator, has received $15 million in funding from the Stellar Development Foundation (SDF), as it seeks to expand financial services and cryptocurrency adoption in Latin America.
It has been reported that the investment, which is the largest SDF has ever made as part of its Enterprise Fund, will enable Airtm to integrate with Stellar in the coming year.
However, as part of the Stellar network, Airtm will be able to better provide its users with access to global financial services.
Ruben Galindo Steckel, the CEO of Airtm, said:
“Airtm exists because financial systems throughout the developing world are not aligned with their people’s needs and global aspirations. With this investment, and our integration with the Stellar network, we will continue to advance on our mission of helping consumers and businesses throughout the developing world access stable money that holds its value, is instant to transfer with no fees, compatible with the global economy, and can be withdrawn as local currency whenever, and wherever it’s needed.”
The report said that SDF’s Enterprise Fund has invested in several projects this year alone. This includes a $5 million investment in Wyre and a $750,000 allocation to Nigeria-based payment platform Cowrie.
The Stellar Development Foundation's Enterprise Fund has made its largest investment to date by backing Airtm https://t.co/iB2Y0ceGjH — Cointelegraph (@Cointelegraph) May 25, 2021
Likewise, Latin America appears to be a prime focus for SDF, given the continent’s reliance on cash payments.
As SDF noted, 91% of all transactions in Mexico are still made in cash as of 2020.
Thus, digital currency adoption appears to be gaining traction in Mexico, with local exchange Bitso becoming the first billion-dollar crypto platform on the continent.