Stellar Foundation finally launches its new $30 Million Matching Fund for Blockchain Startups

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Stellar Foundation finally launches its new $30 Million Matching Fund for Blockchain Startups
Stellar Foundation finally launches its new $30 Million Matching Fund for Blockchain Startups

The Stellar Development Foundation (SDF) has launched a new $30 million Matching Fund to provide access to investment for early-stage companies blockchain.

According to a press release issued today, SDF is looking to invest in pre-seed and Series B companies who want to use the Stellar blockchain. It has formed this Fund to assist these enterprises in obtaining funds.

It also highlighted four new initiatives it financed in the payroll and remittance businesses worldwide. Trace Finance, Bitwage, Afriex, and FanVestor are among the four initiatives. The funds also concentrated on non-traditional financial technologies (NFTs) and cross-border remittance solutions.

Thus according to Andrea Lo, SDF’s Head of Investments, the Matching Fund is a mechanism for SDF to attract investors by aiding with early-stage research for real-world practical use cases that benefit more customers. He continued, saying:

“By 2022, we’ll really have committed so much more money too so many other entrepreneurs throughout sectors wherein blockchain-powered possible solutions are required.

“The Stellar ecosystem is indeed working to address concerns like inflation, low-cost remittances, as well as excessive capital costs, and that we’re investing in the future in solutions on through the Matching Fund.”

Venture Capitalists and the Crypto Market

While the number of global venture capital companies participating in the cryptocurrency business has expanded in the last year, several of the world’s biggest players in the blockchain sector have created venture capital arms to aid in the development of the market and new platforms.

Cake Defi, a Singapore-based financial technology corporation, announced this week the establishment of a $100 million venture capital arm to invest in companies in the Web3, Metaverse, Blockchain, and Fintech sectors.

Stellar Lumens XLM Price Prediction

In recent weeks, XLM has experienced a string of higher lows and lower highs. This type of price action suggested that a breakout was on the way. Trading at $0.179, closing above $0.188, or below $0.174 would be necessary to confirm the direction of the next move.

Read More: JPMorgan Chase Joins the Growing List of Investors in TRM Labs’ Blockchain Intelligence

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