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Stax Gets Additional Backing From Stellar Development Foundation’s Fund


cryptoknowmics.com 17 September 2022 14:04, UTC
Reading time: ~2 m

The Stellar Development Foundation's (SDF) Matching Fund has given Stax $500,000 to help it develop an affordable, global mobile wallet on the Stellar blockchain. Stax is a universal money app created by Hover Developer Services, Inc. It allows users across Africa to access their bank accounts and mobile wallets in one place without using mobile data. https://twitter.com/StellarOrg/status/1570814284850143232

Increased Consumer Access By Stax

By using automatic USSD codes, by leveraging USSD codes, Stax increases its consumers' access to digital financial services while enabling them to avoid the hefty fees associated with using mobile data. Given the difficulties associated with borderless payments, Stax wants to increase the usability of USD Coin (USDC), a fully-reserved dollar digital currency on Stellar. For users who want a safe place to store their money, access international investment opportunities, and engage in borderless commerce. Through USDC on Stellar, Stax is making it easier to transfer money between countries in Africa and worldwide.

Blockchain Bootcamp

For Stax customers, USDC offers a fantastic entry point into the world of cryptocurrencies, where Stax seeks to assist users in safeguarding their hard-earned cash in pursuing financial freedom. To help African developers and companies with their blockchain-related ideas, SDF and DFS Lab started a blockchain Bootcamp. Stax attended the Bootcamp in 2021 and received a $15,000 prize for its initiatives to make USDC available to data-conscious smartphone consumers. SDF has increased its support by investing $500,000 in Hover Developer Services, Inc. It comes after announcing a $2.2 million seed extension round from World Within Ventures, Noemis Ventures, Launch Africa Ventures, Orange DAO, Manhattan West, and Decentralized VC, joining existing investors Anthemis Group, 500 Startups, Garuda Ventures, GAN Ventures, and a large number of angel investors.

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