Stellar to invest $100 million to develop Soroban smart contract application

The Stellar Development Foundation will invest $100 million to allow developers to create applications for its platform. The foundation is launching the Soroban smart contract platform, which will provide Stellar with a better foundation to compete with Ethereum. Previously, Stellar was only used for processing cryptocurrency payments, but the launch of Soroban will allow developers to create blockchain applications on the chain. Soroban will undergo a two-year testing phase that will end in January 2024.