COINQVEST, a suite of crypto payment APIs, 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 Stellar Seed Fund aims to help businesses and services get started on Stellar. It is focused on supporting viable, for-profit businesses building products and utilities for the ecosystem.
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.
“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.”
– Stefan Schneider, COINQVEST Co-Founder