.o.jpg?tr=w-500 "Stellar Development Foundation Announces $30M Crypto Startup Fund")
The non-profit organization behind the Stellar Network will be investing in four different startups in a $30 million matching fund.
Based on the official press release, the Stellar Development Foundation, or SDF, will be investing alongside other players in the crypto industry. The $30M matching fund will serve as a co-investment and be distributed amongst several startups - SDF will match the capital raised by the lead investor by up to $500k.
With this investment strategy, the Stellar Development Foundation will attempt to bring in more startups to build on the Stellar network. In fact, the foundation has already picked up four startups that will receive the funding.
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The list of initial crypto startups includes Trace Finance (a cross-border payment platform based in Brazil), Afriex (cross-border payment platform for African countries), Bitwage (which offers remote workers to convert their wages into Bitcoin), and FanVestor (crowdfunding platform that enables fans to invest in fundraisers launched by celebrities).
CEO and Executive Director of the Stellar Development Foundation Denelle Dixon spoke on the startup funding, stating:
"The way we choose to fund and support companies in their early days is a big part of that, and at SDF, we are very intentionally building out and incentivizing investments in real use cases of blockchain that help everyday people. We invite companies to apply and see how Stellar's dynamic global ecosystem can support your growth."
The Stellar payment network is a DeFi protocol that allows cross-border transfers for fiat currency and digital asset transactions. Crypto startups can apply for the matching seed fund on the company’s website.
