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- The United Nations Development Programme (UNDP) has partnered with the Stellar Development Foundation to use the network to promote financial inclusion in the developing world.
- XLM has shot up 7% in the past day to trade at $0.404, turning a four-year resistance into support over the past few weeks.
The United Nations Development Programme (UNDP) has announced a new partnership with the Stellar Development Foundation (SDF) to leverage blockchain technology to promote financial inclusion.
According to a Monday announcement, the two will build scalable blockchain applications on the Stellar network that focus on promoting equitable economic growth in developing economies. These solutions are geared at achieving the UN’s Sustainable Development Goals, which include ending poverty and hunger and reducing inequalities.
.@UNDP and the Stellar Development Foundation are announcing a partnership to create scalable blockchain solutions that drive equitable economic growth and strengthen economic resilience in developing regions.https://t.co/Gn4Are7LZD
— Stellar (@StellarOrg) January 27, 2025
The UNDP is a United Nations agency that was founded to promote economic growth and human development. Based in New York, it’s the UN’s largest development aid agency.
The collaboration with Stellar is “a pivotal step toward harnessing cutting-edge technology for sustainable development,” commented Robert Pasicko, the head of alternative finance at the UNDP. He added:
With nearly 1 billion people worldwide using cryptocurrencies and digital wallets, the potential for these tools to drive meaningful change in the development and humanitarian sectors is immense. By merging UNDP’s global expertise with Stellar network capabilities, we aim to create innovative solutions that transform lives and communities. Together, we are committed to unlocking the power of blockchain to drive social impact on a global scale.
Stellar Offering Financial Solutions for the Developing World
The partnership is right up Stellar’s alley. The network, launched over a decade ago, has a stated mission of using blockchain to enable equitable access to the global financial system. Over the years, Stellar has launched innovative products for the marginalized. Last December, it partnered with Fonbnk to offer virtual debit cards through SIM cards. A few weeks earlier, it had partnered with South America’s Felix and Bitso to ease remittances to the LATAM region.
“The Stellar network was designed to support access to the global financial system for everyone, no matter where they live,” commented SDF CEO Denelle Dixon.
She added that the partnership aligns perfectly with the Foundation’s mission, noting:
This collaboration represents exactly the kind of transformative impact the Stellar Development Foundation was created to achieve. We are excited to be part of this crucial effort to drive innovation and empower communities around the world.
On the price charts, XLM has surged over the past day, gaining 7.5% to trade at $0.4041 at press time. The crypto’s $12.33 billion market cap makes it the 14th largest in the market. However, XLM recorded a 12% dip in trading volume to land at $458 million over the past day.
XLM had a quiet 2024 for the first ten months, eventually breaking out in the November bull market to hit a four-year high of $0.6 after a 600% rise. This saw it breach a multi-year resistance that has been in place since 2021 above $0.4. While it has dipped since peaking in November, the crypto has managed to turn this resistance into support, using it to bounce back after its dip at the start of this week.
