SatoshiPay Update

RNS Number : 8574J

Blue Star Capital plc

05 April 2018

 

Blue Star Capital plc

("Blue Star" or the "Company")

Update on SatoshiPay

Blue Star Capital plc (AIM: BLU), the investing company with a focus on technology and its applications within media and gaming, notes an update made on 4 April 2018 by its investee company, SatoshiPay Ltd ("SatoshiPay").

On the 13 November 2017, it was announced that the Stellar Development Foundation ("SDF") had pledged to credit the first 100,000 users creating a wallet through SatoshiPay with 500 lumens each (XLM). Due to the feedback SatoshiPay has received from various publishers and partners, coupled with the price fluctuations of XLM, it has now been agreed with the SDF that the giveaway be amended from 500 XLM distributed to 100,000 users, to 50 XLM distributed to 1,000,000 users.

In order to maximise the impact of the giveaway, the decision has been made to roll out the programme in incremental stages, called "waves". Wave 1 which commenced on 4 April 2018 at 4:44pm CET, will result in 50 XLM being granted to a total of 4,444 users on a first come first served basis, representing a total of 222,200 XLM. SatoshiPay believe that this issuance of XLM will help kick-start the SatoshiPay ecosystem. The XLM granted can be used on any SatoshiPay enabled website.

Additionally, the Company notes that SatoshiPay now aims to implement use of a Euro-pegged token (EURT token) for top-ups, pricing and payments in order to mitigate the impact of XLM price volatility. Once completed, SatoshiPay believes it will be the first company to use a stable blockchain token in a consumer product.

Finally, the Company is also pleased to learn that SatoshiPay is working on extending its API and preparing software development kits for mobile app developers, making it possible for third party developers to build on top of SatoshiPay's payment infrastructure.

The Company sees this first wave as an important milestone for its investee company, and believes it will assist in both growing the user base and raising the profile of SatoshiPay.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR").

For further information, please contact:

Blue Star Capital plc
Tony Fabrizi	[phone]
Cairn Financial Advisers LLP	[phone]
(Nominated Adviser)
Jo Turner/Richard Nash
Smaller Company Capital Limited	[phone]
(Broker) Rupert Williams/Jeremy Woodgate

About Blue Star Capital Plc

Blue Star is an investing company with a focus on new technologies. Blue Star's investments include a 31.1% holding in SatoshiPay, a nanopayment software and blockchain company; a 2% shareholding in Disruptive Tech Limited, an investing company with five investments; and a 1% investment in Sthaler, an early stage identity and payments technology business which enables a consumer to identify themselves and pay using just their finger at retail points of sale.

About SatoshiPay Ltd

SatoshiPay is headquartered in London with development led through its office in Berlin. Angel funding for SatoshiPay Ltd was supplied by Axel Springer Plug & Play and Henning Peters. Seed funding was raised through Jim Mellon, Huiyin Blockchain Venture and Blue Star Capital. Development of SatoshiPay's nanopayment product started in April 2015 and its beta version was released in February 2016. Find updated information at the company's website https://satoshipay.io, its blog https://medium.com/@SatoshiPay and Twitter @SatoshiPay.

 

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