Stellar Development Foundation (SDF) has invested $3 million, paid in Lumens, in the Settle Network, a Latin American digital assets settlement network facilitating payments and exchange. The investment is described as boosting stablecoin usage with a “world’s first” stablecoin exchange
Denelle Dixon, CEO and Executive Director of SDF, said they are delivering on their mission of enabling access to finance for the people that need it:
“With this shared mission driving us, our investment represents the tremendous success of Settle to date in serving LATAM communities and its potential to make stablecoin technology accessible and useful globally. That’s how together we scale and bring greater adoption of blockchain technology.”
The company reports that Settle Network is positioned to lead in step with the growing stablecoin market, bolstered by the recent launch of the world’s first stablecoin exchange, StableX. Settle is said to have also developed a strong foothold in Latin America via its fiat-to-crypto capabilities, including its home country of Argentina which is the third-largest LATAM market, a population of 44.5 MM and where most wealth is still held in physical paper.
This is the fourth investment made from SDF’s Enterprise Fund in the 2020 fiscal year, bringing its total investments to $9.265 million in four companies including; DSTOQ, SatoshiPay, Abra, and Settle Network.
Settle Network, founded in 2018, is a Stellar-based business that provides crypto-to-fiat financial infrastructure as well as stablecoin fiat exchange and payment gateway.