SatoshiPay & Blue Star Capital (LON:BLU) CEO’s Meinhard Benn and Tony Frabizi talk to DirectorsTalk about today’s update from SatoshiPay. Meinhard talks about what he considers the most important notes to take from the update, with the free Stallar Lumens now being distributed shares his expectations of larger customers joining and the impact the last three months for crypto trading has had on the company. Tony shares his thoughts on the company share price, what it would like to see next from SatoshiPay and whether he is content with the current portfolio.
Blue Star Capital plc (LON:BLU), the investing company with a focus on technology and its applications within media and gaming, noted today 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.