Stellar Development Foundation reveals investment in SatoshiPay

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • SatoshiPay is an instant payments platform that now operates in the business-to-business sector.
  • A figure equivalent to over half a million US dollars will be invested in the London and Berlin-based firm – and it will be paid in crypto.
  • “Our growth over the years wouldn’t have been possible without SDF,” said a spokesperson for SatoshiPay.

A crypto network based in San Francisco has announced an investment of over half a million US dollars in SatoshiPay.

The Stellar Development Foundation, which is also known as SDF, said that it had invested a figure worth $550,000 in SatoshiPay, which is an instant payments platform.

SatoshiPay is understood to have been one of the very first firms to use the Stellar network, which describes itself as “an open network for storing and moving money”.

SatoshiPay is based in London and Berlin and takes its name from that of Satoshi Nakamoto, the anonymous founder of Bitcoin.

The firm began life specialising in publishing payments, offering a micropayment package for those in that industry.

Later, however, it moved into the wider business-to-business cross-border payments field.

The firm now also offers a digital wallet service.

The payment from Stellar will be made in lumens – the lumen is Stellar’s own token.

According to Denelle Dixon, who serves as the chief executive officer and executive director of SDF, the organisation was “proud” to make its investment.

“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,” Dixon said.

“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,” she added.

For SatoshiPay, its CEO Meinhard Benn said that its long-term growth to this stage “wouldn't have been possible” without SDF’s assistance.

“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,” he said.

“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,” he added.

SDF was launched in 2014 and aims to help develop and build the Stellar network.

In a press release, Stellar went on to praise the product range offered by SatoshiPay.

“SatoshiPay’s products have proven traction in the market with a unique, global network of clients and partners,” it said.

“Their landmark product for micropayments has processed over 650,000 euros from over 200,000 accounts. The SatoshiPay wallet, Solar, has over 25,000 downloads in 40 countries,” it added.

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