AirTM cryptocurrency exchange has raised $7 million in a Series-A funding round. The exchange revealed this news on August 29 stating that it will direct the funds towards expanding its reach across various South American markets. The exchange intends to target the residents of those nations which have troubled economies.
According to a spokesperson, Berlin-based BlueYard Capital led the round. However, they could not disclose the names of remaining investors. Co-founder and CEO, AirTM, Ruben Galindo said in a press release that the exchange would continue providing digital wallets. It will also be providing access to cryptocurrencies for individuals.
The AirTM exchange revealed that it allows freelancers to be paid in dollars directly to their AirTM wallet. The freelancers can then withdraw money as local currency. The exchange said that this is a far better solution instead of getting paid in devaluing currencies that isn’t connected to the freelancer’s local bank network.
The AirTM cryptocurrency exchange said that its P2P exchange is unique as it allows users to exchange local fiat currency for AirUSD, its native token. The exchange made this statement considering the growing distrust in financial and government institutions in many emerging markets.
Earlier this year, the exchange announced that it was working with Zooko Wilcox, Zcash inventor to support Venezuelan residents transacting in U.S. dollars and Zcash, instead of the sovereign bolivar, the hyperinflated national currency, as mentioned in the CoinDesk report.
The exchange mentioned that it allows Venezuelans to bypass banking services completely. It provides services to around 200,000 citizens at the time of this report. Venezuela was responsible for roughly around 60,000 transactions per month as of April 2018, the exchange highlighted.
Maduro’s government announced “Operation Paper Hands” on national television in May 2018 and condemned the AirTM cryptocurrency exchange and other platforms that enabled unlicensed bolivar/dollar exchange.
The post AirTM Cryptocurrency Exchange Raised $7 Million In Series – A Funding Round appeared first on OWLT Market.
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