SatoshiPay raised $550,000 thanks to a convertible loan from the Stellar Development Foundation as we are reading in the Stellar Lumens news today.
The convertible loan by the Stellar Development Foundation bound to convert into equity of the next funding round at SatoshiPay as the founder and CEO Meinhard Benn explained. The SDF lent the money into the native Stellar Lumens token the XLM. SatoshiPay said that the transaction involved 8,204,187 XLM tokens and took about five seconds to complete with a total cost of 0.00006 cents in-network fees.
With the fresh funding now, SatoshiPay aims to bring the new product to the market, which is an instant money transfer service that is meant only for businesses as Benn explained. The Business to business payment solution is also built on the Stellar Blockchain and will help the companies to send and receive money in less than 5 seconds according to the SatoshiPay website. Now that SatoshiPay raised the funds, Benn commented:
“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.’’
Founded in 2014, the London and Berlin-based SatoshiPay started as a new micropayment platform for the publishers. The platform claims to have processed more than 650,000 euros from more than 200,000 accounts. The platform also operates a Stellar Wallet named solar.
Today, we announced SDF's 3rd enterprise fund investment in @SatoshiPay, one of Stellar's earliest adopters, as they expand their business to include a B2B cross-border payment solution to meet growing market demand.https://t.co/mPXwojStxI
— Stellar (@StellarOrg) May 28, 2020
The Stellar Development Foundation decided to cut the token supply of XLM in half in a bid to increase the adoption of the coin as well as to campaign for the removal of the inflation on the network. The SDF was created in order to promote global financial access and inclusion of expanding worldwide access to low-cost financial services by developing and maintaining technology and partnerships. The SDF leadership includes the CEO of the platform Denelle Dixon and Jed McCaleb.
Also, Stellar’s XLM aims to touch the golden ratio in the upcoming days and the price could experience a bear trend. The positive news is that there was a golden crossover in the daily exchange rate which only confirms the bullish trend in the medium-term.
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