Kryptonite 1 Plc is pleased to announce that it has subscribed €59,276.82 for ordinary shares in SatoshiPay Ltd (“SatoshiPay”), a UK incorporated private nanopayment software and blockchain company, as part of a €1 million fundraise by SatoshiPay. Following this investment, Kryptonite 1 is interested in approximately 1 per cent of SatoshiPay’s issued share capital.
SatoshiPay is developing a two-way payment platform, which enables online content providers to monetise their digital content through the acceptance of nanopayments. Using the SatoshiPay platform, online media companies are able to process nanopayments of €0.05 (5c) or less with minimal transaction fees. SatoshiPay technology can also process payments greater than 5c, but the company believes the real technical innovation is in relation to nanopayments, in some cases being less than 1c. SatoshiPay is based on blockchain technology and currently bitcoins (a cryptocurrency) are the only means of payment.
SatoshiPay believe its technology will provide a direct alternative to paywalls and subscriptions, currently adopted by some media companies, and should instead enable users to pay for consumption on a per article, per song or per download basis; or for content to be consumed and paid for on an incremental basis (payment per paragraph or minute of audio or video content). SatoshiPay works without software download or sign-up for the user (save for creation/top up of an online wallet). Payments are instant and the user’s wallet balance is available on each website that integrates the SatoshiPay software.
In February 2016, SatoshiPay released a beta version of its product, which integrates with WordPress, the world’s most popular web publishing platform. SatoshiPay introduced its first Application Programming Interface (API) in mid-2016, potentially extending the company’s reach to all websites, internet applications (including mobile apps) and internet connected software. In July 2016, SatoshiPay announced a collaboration with Visa Europe’s innovation department relating to a proof of concept project to develop the capability to deliver a trusted top-up service to a digital wallet, using just a Visa card. SatoshiPay made an unaudited loss of approximately €210,000 in 2016.
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