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Shailesh Panwar
Feb 27, 2020
by Shailesh Panwar

Stellar Announces To Spend In DeFi Stock Exchange DSTOQ

Stellar
The Stellar Development Foundation(SDF) has declared to spend about $715,000 in a Stellar-based FinTech project called DSTOQ. This would enable users to spend money on traditional stocks with cryptocurrency and fiat. Stellar disclosed the announcement through a video from Denelle Dixon, the CEO, on its official blog.

Since 2018, DSTOQ has been developing on Stellar. However, this news made the alliance official.

Services From DSTOQ

DSTOQ provided customers with a broad range of assets for customers to spend their money. The platform's users could buy stocks, bonds, ETFs, indices, commodities, and much more. Blue-chip stocks of significant firms such as Amazon and Tesla were also available.

The project is aimed to offer its services globally. The first market of DSTOQ would be Vietnam, and after that, it would extend to developing countries in Asia, Africa and South America. This was in agreement with the mission statement of Stellar, which involved giving equitable access to the global financial system. DSTOQ also provided an interface based on the smartphone, which further reduced access restrictions.

The SDF

In December 2019, Stellar issued its funding mandate for the next ten years, which determined ecosystem funding events like the current financing in DSTOQ.

As per the mandate, Stellar had placed aside 8 billion XLM or $550 million for its enterprise fund. This amount was the source that the company brought today's funding. However, the enterprise fund was just a part of the 30 billion XLM mandate of Stellar, which would distribute $2 billion over the next decade.

Though Stellar had not declared any further investments yet, today's news formed a reminder that the project would make other similar declaration soon. The CEO cited in her video declaration that they would make more similar news in the coming years.

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Stellar Announces To Spend In DeFi Stock Exchange DSTOQ
Shailesh Panwar
Shailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.

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