Stellar strengthens its partnership with SatoshiPay thanks to a substantial investment made by the Stellar Development Foundation (SDF).
Stellar has transferred $550,000 to SatoshiPay to help the company continue developing a B2B solution to enable cross-border payments via digital wallets.
The transaction was actually executed in Lumens (XLM), Stellar’s crypto. Specifically, more than 8.2 million XLM were transferred to the SatoshiPay account in 5 seconds at a cost of 0.00006 cents.
The project consists of creating instant payments with reduced commission costs for the business sector.
The product in question is already being tested. Within eight weeks, the “alpha” phase of testing should be completed and then the public beta will be released in the last quarter of 2020.
With this solution, SatoshiPay, already active in micro-payments, plans to enter the business transaction sector and significantly reduce commission costs, which according to the company’s calculations amount to €170 billion per year.
Stellar and SatoshiPay, a consolidated report
Stellar and SatoshiPay have actually been partners since 2017 and this is SDF’s third investment in SatoshiPay. SatoshiPay also features a wallet dedicated to Stellar, Solar, downloaded 25,000 times in 40 different countries.
This investment allows the company to look to the future with serenity, which is no small thing during Coronavirus times.
Meinhard Benn, CEO of SatoshiPay, said:
“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. 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”.
Tony Fabrizi, CEO of Blue Star (which holds 27.7% of the shares in SatoshiPay), added:
“The investment by SDF is a great endorsement of SatoshiPay and comes at a critical time in the Company’s development and secures its funding needs for some time to come. The B2B business opportunity is significant and we are looking forward to the launch of the product in the next few months. We continue to believe that SatoshiPay has an exciting future”.