The Stellar Development Foundation (SDF) has made a new bet on the financial services sector. According to a press release, the company has participated in the ই 145 million Series E for the lock.
A global technology company working to provide nd, orrow and other financial services to millions of people, Tala has reached more than 350 350 million in funding with the help of SDF and its Enterprise Fund, Upstart and others.
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Launched in 2020, SDF’s Enterprise Fund, in US dollars or XLM, provides access to tokenized assets and other criteria to cross-border payment companies, which provide financial inclusion in emerging markets.
The fund was launched with the aim of investing in companies capable of contributing to real-world use and the Stellar ecosystem.
Lock will use the funds to create a crypto product, especially to be widely adopted by developing countries. In these countries, more than 3 billion people have no choice but to participate in the global financial sector.
Thus, the lock will provide people with tools to increase their wealth and achieve economic freedom using cryptocurrency, mobile technology and data science.
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Daniel Dixon, CEO and executive director of the Stellar Development Foundation, claims that their investment in the lock represents their confidence in the company’s potential. Dixon added:
Joining Tala to improve the access of millions of people to financial services in emerging markets is rightly linked to our Stellar Development Foundation’s mission. As the Stellar Network interacts with existing financial systems around the world, Stellar and Tala technology together are a powerful tool for bridging the gaps for those who have been left out.
The future of stellar new partnerships and financial inclusion
The CEO and founder of Tala Shivani Siroya has said the following in order to improve their progress over the past few years, the traditional financial system and their future:
This new investment will accelerate our path to becoming the primary financial account of the global underbank and help millions more people improve their financial lives. Paul Gu and Daniel Dixon are visionary leaders who have pledged to build a financial system that works for all and we are thrilled to welcome them into our team.
Upstart Paul Gu’s co-founder and head of product claims that the lock has begun to solve one of the most important problems by providing access to financial services for customers in the developing world. Gu said:
Upstart Lock shares the belief that technology is the key to unlocking access for the underprivileged, and we’re thrilled to be able to help the next 1 billion people access the financial system.
Stellar is making relevant developments, major partners such as economic giant MoneyGram and investing in 2021, NewsBTC reported yesterday. As the year draws to a close, this network ecosystem seems to be growing
This translated Stellar’s local resources into positive performance for XLM. Over the past 2 weeks, this cryptocurrency has been one of the best performing assets in the crypto top 25 with a profit of 35.7%.
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In the short term, Bitcoin (BTC), Etherium (ETH), and the remaining 10 cryptocurrencies moved sideways, XLM recorded 2% and 3.5% profit on the daily and weekly charts, respectively.