Stellar Development Foundation allocates $30 million to support early-stage startups

The nonprofit Stellar Development Foundation (SDF) launched a fund with $30 million in assets to support early-stage projects built on the Stellar blockchain.

The Matching Fund is an opportunity for SDF to support more companies building on blockchain in their early stages and grow the Stellar ecosystem at the same time. To the startups and investors out there working to improve the world’s financial infrastructure: come build with us https://t.co/JKUhvbudwT

— Denelle Dixon (@DenelleDixon) March 15, 2022

The new fund sits within SDF’s Enterprise Fund structure — the venture arm investing in startups in the Stellar ecosystem.

“The Stellar ecosystem is working on addressing issues such as inflation, accessible remittances, and high cost of capital,” said representatives of the organization.

The portfolio matched fund includes:

• Trace Finance, a cross-border payments platform that uses stablecoins to enable access to external funding for Latin American startups;
• Bitwage, a payroll service;
• Afriex, a blockchain-based payments app aimed at users in Nigeria, Ghana, Kenya and Uganda;
• NFT project Fanvestor, using a crowdfunding model.

Earlier, Stellar Development Foundation invested $15 million in the Mexican cryptocurrency exchange Airtm.

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