Stellar Development Foundation (SDF) announcement a $3 million investment fund it made in Settle Network as the blockchain firm expands its reach in Latin America.

The Settle Network is currently the largest assets settlement network for cross-border payments in Latin America.

 The investment was paid in lumen tokens and it will improve Settle’s present suit of payments tools based around stablecoins. The firm engages in merchant gateway, stablecoin payment processing, and fiat-to-crypto on-ramps for B2B and B2C users.

This is the fourth investment of the year for Stellar Development, which brings the total investment in other companies to $9.2 million for this year alone.

Stellar has been engaging in venture-style trust to grow the Stellar (XLM) network through partnerships for cross-border payments. Before this Settle Network investment, Stellar had invested in SatoshiPay and Abra.

The Settle Network also provides a suite of products known as Settle X, which ensures compliant interoperability between digital assets and local currencies. One of such products is the Stable X that allows the trading and swapping of stablecoins.

Chief Executive Officer of Settle Network Pablo Orlando also commented on the development.

“When we started Settle, we chose to build on Stellar because its technology is designed for global interoperability,” he stated.

Orlando also said Stellar is the right partner for further enhance Settle Network’s growth because both firms complement each other when it comes to goals and core values.

Executive Director and Chief Executive Officer of Stellar Denelle Dixon asserted that the vision of Stellar Network is in line with Stellar’s network. As a result, engaging in partnership and investing in the firm will help both companies expand their growth. 

Denelle also said the shared vision of both companies will drive them to excel in the emerging market for LATAM communities. The partnership will also make stablecoin useful and accessible globally.

The post Settle Network gets $3 million investment fund from Stellar (XLM) appeared first on Invezz.

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