Stellar Development Foundation invests USD 550,000 in SatoshiPay

Friday 29 May 2020 10:21 CET | News

The Stellar Development Fund has invested USD 550,000 in SatoshiPay to help build their B2B solutions and cross-border payments system.

Crypto payment solutions provider SatoshiPay has revealed that the Stellar Development Foundation (SDF) has invested USD 550,000 through convertible loan notes.

This is the third investment made by the SDF through its Enterprise Fund. The cash injection will be used to support SatoshiPay in developing its B2B solutions for cross-border commercial payments and digital wallets.

The SDF is SatoshiPay’s key partner in providing maintenance and support for the Stellar decentralized ledger network. This investment is expected to augment an already solid partnership between the two organisations. 
The conversion for the loan notes are expected to happen at SatoshiPay’s next round of funding.

The grant will primarily be used for developing and marketing the SatoshiPay B2B solution, which is currently in its testing phase. The company expects a product in closed alpha testing in as soon as eight weeks and a public beta product launch sometime in the fourth quarter of 2020.

SatoshiPay has revealed that so far, the initial reaction to the product has been positive. In addition, it estimates that the commercial payments segment (which is the largest segment of this market), as well as areas that will focus on allowing businesses to conduct commercial payments across borders, will generate  EUR 170 billion in annual transaction fees.

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Keywords: Stellar Development Foundation, investment, SatoshiPay, B2B, cross-border payments
Categories: Banking & Fintech | Payments General
Countries: World
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Banking & Fintech