Airtm, a Mexico City-based digital wallet and exchange operator, has received $15 million in funding from the Stellar Development Foundation, or SDF, as it seeks to expand financial services and cryptocurrency adoption in Latin America.
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. As part of the Stellar network, Airtm will be able to better provide its users with access to global financial services.
“Airtm exists because financial systems throughout the developing world are not aligned with their people’s needs and global aspirations.” said Airtm CEO Ruben Galindo Steckel, adding:
“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stable money that holds its value, is instant to transfer with no fees, compatible with the global economy, and can be withdrawn as local currency whenever, and wherever it’s needed.”
Stellar Development Foundation is a nonprofit organization that leverages blockchain technology to better streamline global financial services. Its 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.
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.
Digital currency adoption appears to be gaining traction in Mexico, with local exchange Bitso becoming the first billion-dollar crypto platform on the continent.