The Stellar Development Foundation’s fourth investment of the year went to Settle Network, a Latin American supplier of stablecoins and payments.
The Stellar Development Foundation has invested in the Settle Network, the largest digital asset settlement network in the Latin American region.
This marks the fourth investment this year by the SDF corporate fund, totalling more than $9.2 million by 2020. The fund is a venture style trust to grow the Stellar network and develop partnerships for cross-border payments. They previously invested in Abra and SatoshiPay.
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The investment of around $3 million will be paid out in lumens (XLM) and will help strengthen Settle’s current set of payment tools, which include fiat-to-crypt on-ramp platforms, payment processing and commercial gateways. The platform was built using the Stellar network, so it is a good investment option.
The network also offers a set of products called Settle X that enables compatible interoperability between local currencies and digital assets. Included is a platform called Stable X that allows trading and swapping of stablecoins, for which demand and supply has increased by 2020.
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Settle Network, based in Argentina, was established in 2018 and has a strong presence in Latin America due to its fiat to crypt services. Stable X targets the Argentine and Brazilian markets with a stablecoin in Argentine pesos called ARST and a real-based one called BRLT. These can be used to protect against inflation with their stablecoin linked to the USDX.
Stellar Development Foundation CEO Denelle Dixon said:
„Settle Network is fulfilling Stellar’s vision and mission, putting blockchain technology and access to finance into the hands of the people who need it.
Pablo Orlando, CEO of Settle Network, said that there is no better partner for the company than SDF, which is in line with its core values:
„When we started Settle, we decided to build on Stellar because their technology is designed for global interoperability and that has allowed 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.
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Earlier this month, one of Europe’s oldest banks, Bankhaus von der Heydt (BVDH) in Germany, launched a euro stablecoin in the Stellar network.
Stellar’s native cross-border token, XLM, increased in the last 24 hours adding nearly 16% to approach $0.20. The eleventh largest crypt currency by market capitalization reached a 2020, two-year high of $0.223 on November 25 after a protocol update.