Coinbase’s Coinbase Ventures Backs Fast-Growing South American AirTM Cryptocurrency Exchange
Top-tier cryptocurrency exchange Coinbase has – via its Coinbase Ventures investment arm – participated in Mexico-based crypto exchange AirTM’s latest round of financing, according to an AirTM blog post published on Wednesday.
AirTM, which has helped individuals – predominantly in South America – conduct transactions in a manner than circumvents legacy banking systems, shared on Wednesday that Coinbase Ventures’ investment “validates [the team’s] efforts over the past four years and demonstrates Silicon Valley stands in support of financial freedom, while recognizing the need for better quality financial services in the developing world.”
CFO of the Mexico-based peer-to-peer crypto exchange startup, Raul Sanchez, shared the news earlier on Wednesday by tweeting the following:
We are grateful to Coinbase. We will keep fighting for financial freedom, for technology is a two sided sword and will also be wielded to enslave. https://t.co/kiVca2Onbx
— Raúl Sánchez (@raul3820) February 20, 2019
AirTM Making A Difference in Venezuela
Acknowledging the hot-button political issue Venezuela has increasingly become over the past year or so, AirTM made a point of stating that “Coinbase Venture’s decision to invest in AirTM was based on much more than our passion for spreading cryptocurrency adoption throughout the developing world.”
The team did posit, however, that its recent AirdropVenezuela campaign may very well have “factored in [Coinbase Ventures’] final decision” to invest in the budding crypto exchange startup.
The aforementioned AirdropVenezuela campaign in Venezuela – whose population has been enduring economic turmoil for many years – is an initiative being led by Steve H. Hanke, and is designed to bring Venezuelans cryptocurrency from abroad, which “they can use to exchange for local money,” according to its dedicated website.
AirTM has powered the back-end of AirdropVenezuela by connecting e-wallets to bank networks and e-money systems via direct bank connections and a peer-to-peer network of cryptocurrency buyers and sellers. Their dedicated work has proved of extreme benefit toward AirdropVenezuela’s mission to send $1,000,000 in crypto-connected digital money to 100,000 ID-authenticated Venezuelans; distributing $10 via their AirTM e-wallet.