Blue Star Capital plc Update on SatoshiPay (1818L)
July 17 2017 - 1:00AM
UK Regulatory
TIDMBLU
RNS Number : 1818L
Blue Star Capital plc
17 July 2017
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 new technologies, is pleased to announce that its investee
company, SatoshiPay Ltd ("SatoshiPay"), a UK incorporated private
nanopayment software and blockchain company in which Blue Star owns
approximately 19 per cent of the equity (expected to increase to 31
per cent subject to completion of the further investment in
SatoshiPay announced by the Company on 4 July 2017), has agreed a
proof of concept project with the IOTA Foundation to explore
replacing Bitcoin with an alternative cryptocurrency, IOTA, as
SatoshiPay's settlement network ("Project").
Since its 2015 product launch SatoshiPay has relied on the
Bitcoin network to settle nanopayments. Initially Bitcoin
transaction fees were negligible at below EUR0.01 per transaction.
Due to Bitcoin's rising popularity in 2017, combined with stalling
scalability improvements, the network's transaction limit is
regularly reached, leading to congestion and an increase in fees to
uneconomical levels. To sustain and enhance SatoshiPay's business
model based on frequent low-value payments, SatoshiPay is seeking
to replace Bitcoin with a more suitable distributed ledger
technology.
The IOTA network, with its token listed as 9th largest
cryptocurrency on coinmarketcap.com at a market cap of EUR450m,
offers zero-fee transactions with no limit on the number of
transactions per second, making it unique among cryptocurrencies
and an ideal ledger technology for SatoshiPay's future needs.
While corporate entities such as Innogy, Canonical, Bosch, Cisco
and Microsoft are building IOTA prototypes focussed on the Internet
of things, SatoshiPay is IOTA Foundation's first partner to build a
purely web-based application.
The results of the project are expected to be available in
August 2017.
Tony Fabrizi, CEO of Blue Star said: "Working with the IOTA
Foundation allows SatoshiPay to explore new technology with a clear
focus on scalability of its business. We are excited about the
potential new opportunities that could open up from this initiative
and that SatoshiPay is taking steps to optimise its business
model".
SatoshiPay CEO Meinhard Benn said: "Working with the IOTA
Foundation allows us to explore cutting edge technology with a
clear focus on scalability and mass market roll-out. We couldn't be
more excited and expect plenty of exposure and new opportunities to
open up"
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 +44 (0) 777 178 2434
Cairn Financial Advisers
LLP +44 (0) 20 7213 0880
(Nominated Adviser)
Emma Earl/Jo Turner
Smaller Company Capital
Limited +44 (0) 203 651 2911
(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 19% holding in
SatoshiPay, a nanopayment software and blockchain company; a
holding in Disruptive Tech Limited, an investing company with five
investments including a 38% holding in VNU Group LLC ("VNU") a
speciality online direct retailer of premium goods paid for through
an instant credit facility and a holding in Nektan PL; and an
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.
About IOTA Foundation
The IOTA Foundation is a non-profit foundation in Germany,
established with the purpose of developing, maintaining and
standardizing new open source protocols based on distributed ledger
technologies (DLT). The IOTA tangle provides a revolutionary open
source DLT which is scalable, lightweight and makes it possible to
transfer value or data without any fees. Find more information
about IOTA at http://iota.org or Twitter @iotatoken
This information is provided by RNS
The company news service from the London Stock Exchange
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