Stellar Development Foundation (SDF) today announced a strategic investment in Settle Network, a LATAM-wide digital asset settlement network for exchange and cross-border payments.
The investment of up to $ 3 million, paid in lumens, will help strengthen Settle’s current suite of payment tools focused on fixedcoins: fiat-to-crypto ramps for B2C and B2B users, publishing and the stablecoin market, fixedcoin payments processing, and portal trader.
“Settle Network delivers Stellar’s vision and mission, putting blockchain technology and access to finance into the hands of people who need it,” said Denelle Dixon, CEO and Executive Director of SDF. “With this shared mission driving us, our investment represents Settle’s tremendous success to date in serving the LATAM communities and its potential to make stablecoin technology accessible and useful globally. That’s how together we are scaling up and bringing in more blockchain technology adoption. “
With rising demand for stablecoins as evidenced by the total supply of stablecoins doubling in Q3 2020, Settle Network is in a position to lead in this growing market, complemented by the recent launch of the world’s first stablecoin exchange, StableX . In addition, Settle has developed a strong foothold in Latin America through its fiat-to-crypto capabilities, including its home country of Argentina which is the third-largest LATAM market, population of 44.5 MM, and where most wealth is located still trapped in it physical paper.
“When we started Settle, we chose to build on Stellar because its 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 a stable and the world’s first stable portal, StableX, ”said Pablo Orlando, CEO of Settle Network. “There is no better partner for us than SDF, which matches our core values, as we take our technology to the next level, opening up a whole new world of possibilities for international and cross-border payments.”
This is the fourth investment made from the SDF Enterprise Fund in fiscal year 2020, bringing its total investments to $ 9.265 million in four companies: DSTOQ, SatoshiPay, Abra, and Settle Network.
“We created the Enterprise Fund to support inspirational businesses like Settle Network that demonstrate the value of Stellar, bring value to the Stellar ecosystem, and represent our mission,” said Jason Clipala, SDF’s Chief Executive Office. “We are proud of the impact this fund has made in its first year and look forward to promoting its reach in 2021.”
Settle Network, founded in 2018 and headquartered in Argentina, is a Stellar-based business that provides crypto-to-fiat financial infrastructure as well as a stable Bitcoin exchange and payment portal. Their network provides digital asset settlement across LATAM and users of BRLT (Brazil Reais) and ARST (Argentine Peso).