Stellar Development Foundation Invests $550,000 In SatoshiPay
- It is expected that B2B transfers, something that SatoshiPay is focused on, will grow substantially over the next three years.
- SatoshiPay also provides digital wallets for financial inclusion.
The SatoshiPay team, with CEO Meinhard Benn at the front. HORIZONT
The non-profit Stellar Development Foundation (SDF), which supports the growth of the Stellar network, announced an important investment in SatoshiPay. The FinTech company, which connects the world via instant payments has received $550,000 in lumens (XLM) as part of SDF’s Enterprise Fund initiative.
Stellar is a decentralized, rapid, and sustainable network for financial products and services. Working as both a cross-currency transaction system and a platform for digital asset issuance, Stellar is trying to connect the world’s financial infrastructure. The Stellar Development Foundation is an organization, founded in 2014, which helps Stellar by maintaining its codebase and supporting the technical and business communities that build on the network. The foundation also serves as the voice in front of regulators and institutions.
“As one of the first businesses on Stellar, SatoshiPay has demonstrated how this technology enables innovation, leveraging the network to create a growing platform for instant global payments,” commented CEO and Executive Director of SDF, Denelle Dixon. “Their use cases speak to the scalability and sustainability and growth opportunities for businesses building on the network. We’re proud to support their growth with this investment.”
Founded also in 2014, and based in Berlin and London, SatoshiPay is one of the first adopters of Stellar. It provides B2B cross-border money transfer and micropayment processing via its blockchain payments platform. Headquartered in London, SatoshiPay came up with an innovative way to monetize content via frictionless nanopayments relying on blockchain technology.
Currently, the company offers other services like digital wallets for financial inclusion and a B2B solution for cross-border payments. While the Solar wallet has been downloaded more than 25,000 times across 40 countries, SatoshiPay’s micropayments product has handled around €650,000 coming from 200,000 accounts.
“With a surge in demand for instant B2B payments, and blockchain maturing and enabling a payments revolution, we believe we have a head start through our proven, scalable blockchain business model,” explained Meinhard Benn, SatoshiPay CEO. “Our growth over the years wouldn’t have been possible without SDF, who has been an essential partner to us in the development of our technology which continues today with this investment.”
It is expected that B2B transfers will hit $218 trillion over the next three years. This is why SatoshiPay expects faster growth. Its B2B cross-border payments product is aimed at commercial payments, from businesses to vendors in different countries, which is exactly what the market demands.
- The firm plans to integrate the regulatory compliant EURB into its crypto cross border B2B money transfer service DTransfer.
- SatoshiPay has already signed up 11 business partners, which will benefit from DTransfer’s new “instant EUR-based bank transfers” capability.
Image from Shutterstock
- Out of the 105 billion XLM tokens that were in existence, the Stellar Development Foundation decided to destroy 55 billion of its own tokens.
- The tokens came mainly from the organization’s giveaway and partnership programs, which have now been ended.
- The U.S.-based crypto exchange made the two cryptocurrencies available for trade in other jurisdictions months ago.
- The high regulatory hurdles in the state are likely the ones to blame for the delay in launching the two cryptocurrencies.