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Satoshipay to be first user of German bank stablecoin

Source: Bluestar Capital

Blue Star Capital plc (AIM: BLU), the investing company with a focus on esports, payments, technology and its applications within media and gaming, notes the following update made by its investee company SatoshiPay.

SatoshiPay has today announced that, in respect of DTransfer, it has signed an agreement with German Bankhaus von der Heydt ("BDVH") to become the first user of the bank's fully compliant euro-backed stablecoin ("EURB").

BDVH, in partnership with Bitbond, has introduced EURB on the Stellar network. Bitbond was responsible for the development and integration of EURB and BDVH provides its banking infrastructure and regulatory framework. EURB is the first fiat asset directly backed by a banking institution on Stellar and will allow instant money transfer on blockchain.

SatoshiPay intends to integrate EURB into its cross-border money transfer service. BDVH establishes a stable on and off-ramp for EURB transactions with instant EUR-based bank transfers within the Single Euro Payments Area (which comprises 36 European member-states). This will provide users with an easy solution to instantly send and receive euro-based payments.

Blue Star currently has a 27.7% interest in SatoshiPay's share capital.

Meinhard Benn, CEO of SatoshiPay commented, "We are very pleased with progress made in 2020, particularly in the B2B cross-border money transfer space by launching our new service DTransfer. We are seeing strong market interest and have signed 11 business clients from around the world, expecting to transfer over £70m annually using DTransfer. This is just the start, as new clients are being added every month. It feels like we have created a hit product and we will endeavour to build recurring revenues in 2021."

Tony Fabrizi, CEO of Blue Star commented, "Today's announcement regarding the issuance of a new Euro stablecoin on the Stellar network is further evidence of the growing momentum and support building behind SatoshiPay's DTransfer cross border payments platform for businesses. There is clearly strong appetite for the product and we look forward to reporting on the company's progress next year."

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