Mexico’s AirTM Crypto Exchange Raises $7 Million to Help Developing Economies Around the World
AirTM Raises $7 Million to Help Struggling Economies Around the World
It has been recently revealed that cryptocurrency exchange, AirTM raised nearly $7 million in funds during its Series A fundraising round. As per Coin Desk’s report, a Berlin-based firm was responsible for leading the round.
AirTM was founded by a trio, Ruben, Ton and Jorge, in an effort to help those living during an economic crisis or other qualms. The entire team has had some hardship, especially with local currencies’ devaluation, hence, establishing AirTM as a solution to help secure consumers’ basic needs.
As per their official website, regardless of the local currency, i.e. Mexican pesos or Venezuelan Bolivars, that continue to see downward trends against the U.S Dollar, AirTM believes that their system can stabilize one’s holdings. Consumers can also send and receive dollar payments across the globe.
Co-Founder, Ruben stated that moving forward, more emphasis will be placed on digital wallets and breaking barriers of entry to the crypto sphere. In addition to local currency conversions, the platform also compensates freelancers in dollars from their AirTM wallet, which one then choose to convert back to their respective currencies.
The team’s lack of trust in “financial and government institutions” is what forced them to create the decentralized, peer-to-peer network, AirTM is known for. Their platform supposedly houses over 100 local currencies globally, with addition types like that of AirUSD.
This is definitely an interesting project directed towards struggling economies. Several headlines have explored Venezuela’s current state as being difficult for its people. Basic needs have increase by ten folds, leaving many Venezuelans questioning where to go for food.
Based on the claims made by AirTM, they will be helping Venezuelans by “bypassing banking services entirely,” reports Coin Desk, adding that plans are in place to support at least 200,000 citizens.