The Stellar Development Foundation has invested Settle Network, the largest digital asset settlement network in the Latin American region.
It is the fourth investment this year by the SDF venture fund, bringing the total to more than $ 9.2 million by 2020. The fund is a business-style trust for growing the Stellar network and developing partnerships for cross-border payments. It has previously invested in Abra and SatoshiPay.
The approximately $ 3 million investment will be paid in lumens (XLM) and will help bolster Settle’s current suite of payment tools, including fiat to crypto-onramps, payment processing, and trade gateways. The platform is built using the Stellar network so it is suitable for investment.
The network also offers a range of products called Settle X that enable compatible interoperability between local currency and digital assets. In it is called a platform Stable X allowing the trading and exchange of stablecoins, which have risen sharply in supply and demand in 2020.
Argentina-based Settle Network was founded in 2018 and has a strong position in Latin America for its fiat-to-crypto capabilities. Stable X targets markets in Argentina and Brazil with an Argentinian peso stablecoin called ARST and a Brazilian real-based BRLT. These can be used to hedge against inflation with its USDX to dollar pegged stablecoin.
CEO and Executive Director of the Stellar Development Foundation, Denelle Dixon, said that;
“The Settle Network is delivering on Stellar’s vision and mission by putting blockchain technology and access to finance in the hands of people who need it,”
Pablo Orlando, CEO of Settle Network, said there is no better partner for the company than the SDF, which is consistent with their core values:
“When we started with Settle we chose to build on Stellar because the 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. , “
Earlier this month, a Euro stablecoin was launched on Stellar by one of Europe’s oldest banks, the German Bankhaus von der Heydt, (BVDH).
Stellar’s native cross-border token, XLM, has skyrocketed in the past 24 hours, adding nearly 16% to $ 0.20. The eleventh largest cryptocurrency by market cap hit a 2020 high on Nov. 25 and $ 0.223 two years ago after a protocol upgrade.