- The Stellar Development Foundation (SDF) announced its first-ever Stellar Enterprise Fund into the decentralised stock exchange platform, DSTOQ.
- This is the first time, SDF has invested into any organization as under the liaison of the Foundation itself.
The Stellar Development Foundation (SDF) announced its first-ever Stellar Enterprise Fund into the decentralised stock exchange platform, DSTOQ. This is the first time, SDF has invested into any organization as under the liaison of the Foundation itself. The news was shared on Stellar’s official Twitter page in a video by Denelle Dixion, the CEO and Executive Director of the Foundation.
The Foundation announced the plan to work on the enterprise-backed funding back in November 2019, when they burned over 55 billion Lumens (XLM) worth $.4.4 billion, as they reorganised their development strategy. The SDF then planned to use the rest of the 50 billion XLMs in circulation to focus efforts on the development of the Stellar blockchain and the ecosystem. It was decided that the Foundation would drive some of the funds into a new program called the Stellar Enterprise Fund to support the companies that had the potential to add more value to the Stellar ecosystem. The funds will run into businesses that have already attained a strong market following. The Enterprise fund is a gateway for the SDF to directly stake into relevant companies or acquire them all together to ensure continued development on an application that has strong potential.
Stellar Lumens SDF Invests in DSTOQ
Dixion announced the Foundation’s investment into DSTOQ, stating that they are “a great organisation that is very mission-aligned with us (SDF).” Vanuatu-based DSTOQ brings innovation to the table by offering a decentralised stock exchange where users can purchase stock assets using cryptocurrencies.
The Stellar foundation funds are expected to be focused on building an application for DSTOQ, where users can get easy access to the stock market and make purchases and trades using cryptocurrency as a means. Bringing the stock exchange market, where the public can invest in the shares of larger companies is a big goal for DSTOQ since there are many parts of the world where exchange markets are not easily accessible.
Dixion says that DSTOQ could bring shares of Tesla or Apple to the people in Vietnam, South Africa, and other countries in Africa, and this improved gateway is a perfect match for the SDF whose goal is also to bring equal access for everyone to the global financial system. The CEO of DSTOQ, Craig McGregor, says, “We are grateful for SDF’s vote of confidence and continued support towards our shared vision of building and improving the global financial system.”