Crypto payment platform COINQVEST granted $500K as winner of Stellar Seed Fund
COINQVEST, a suite of crypto payment APIs and web-based invoicing and payment management tools, today announced its selection as the top business in the Stellar Seed Fund, where it was awarded first place by a panel of Stellar Development Foundation members and peers in the Stellar ecosystem.
The final round consisted of eight participants, each being awarded an equity-free grant amount proportionate to the number of votes received.
COINQVEST received 835,214 XLM (more than $500K USD at the time of winning). In all, 58 businesses and blockchain projects entered the nine-month-long competition starting back in August 2020.
Stellar Seed Fund
The Seed Fund seeks to support early-stage Stellar development of long-term utilities for the ecosystem and viable, for-profit, businesses building products and services. The goal of the Seed Fund is to help businesses and utilities get started on Stellar.
Aside from the monetary grant for a fledgling startup such as COINQVEST; the Seed Fund offers innumerable benefits to participants. Importantly, for COINQVEST, winning the smaller Stellar Community Fund almost a year ago allowed them to obtain an EU crypto payment processing license.
COINQVEST Co-Founder, Stefan Schneider, said, “The increased attention we’ve gained also means being able to showcase our strengths and real-world functionality as a digital currency / stable coin payment provider. We truly appreciate having the opportunity to be a part of the Seed Fund. I can’t recommend participation enough to those building on Stellar and wanting to take their projects to the next level.”