The Stellar Development Foundation (SDF) has launched the $30 million "Matching Fund" which will support blockchain startups. The foundation said in a press release that the fund is for pre-seed to Series B companies interested in "building on the Stellar blockchain, and provides a new opportunity for early-stage companies to augment their existing fundraising efforts."
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Andrea Lo, SDF's Head of Investments, says the fund is a way for SDF to "promote early stage experimentation" for real-world use cases. Lo added:
"In 2022, we are putting our funding behind more innovators in geographies that need blockchain-powered solutions."
The fund has already made the first four investments to support a range of companies working on diverse markets and use cases: Trace Finance, Bitwage, Afriex, and FanVestor. In October last year, money transfer service MoneyGram teamed up with the Stellar Development Foundation to provide local currency payments via the stablecoin USD coin (USDC) with United Texas Bank acting as a clearing bank.
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