The Stellar Development Foundation announced on Tuesday a $30 million matching fund for developers who are building apps on Stellar's blockchain.

  • The new fund will match investments of up to $500,000.
  • The first investments are going to four projects, according to a press release from the foundation.
  • One investment is in Trace Finance, a platform that helps startups in Latin America gain access to funding by using stablecoins.
  • Bitwage, another one of the fund’s first portfolio companies, provides payroll, invoicing and benefits services to freelancers, with a focus in Latin America.
  • Atriex, another one of the four initial recipients, is a payments app that provides remittance services in Africa.
  • FanVestor, the other recipient, is a crowdfunding platform that aims to connect creators of non-fungible tokens (NFTs) with customers.
  • “We need to be more nimble and inclusive in order to truly build an industry that reaches more people with better access to financial services," Denelle Dixon, CEO of the Stellar Development Foundation, said in the press release. "The way we choose to fund and support companies in their early days is a big part of that.”
  • Stellar’s token, XLM, was trading at $0.177 on Tuesday, down 2% on the day, according to CoinGecko. It has a market cap of $4.3 billion.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.