- Stellar Development Foundation (SDF) adds funding close to $600,000 in SatoshiPay.
- The funding comes in loan convertibles and was distributed across the Stellar blockchain.
Stellar Development Fund, a non-profit organization behind Stellar blockchain’s development, announced an additional $550K funding round in SatoshiPay, a crypto business to business cross border payment platform. The convertible loan from SDF’s Enterprise Fund, was paid in Stellar’s native tokens, Lumens, the transaction completing in seconds.
The latest investment from the SDF is the third this year in SatoshiPay after a long partnership between the two companies. This brings the total funding amount in the B2B cross border company in 2020 to a total of $6.3 million. The loan convertibles will be activated at the next round of funding by Stellar’s Dev Fund.
Meinhard Benn, CEO of SatoshiPay believes the funding pushes the company closer to its goals. He 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.”
The loan comes as a relief from the current effects caused by the COVID-19 pandemic and will help the company keep their staff and working operations running. A part of the funds will be used in marketing and development of the SatoshiPay platform.
According to the exclusive press release sent to BEG desk, the company expects to launch its closed alpha test in the next 8 weeks with a public beta test expected in the final quarter of the year.
More Developments on SatoshiPay
SatoshiPay was one of the first companies to adopt Stellar’s settlement network on its platform. The company recently launched the Solar app built on Stellar’s blockchain to allow micropayments across borders. The open-source wallet for the Stellar network, has been downloaded more than 25,000 times in 40 countries, according to the release.
SDF’s Enterprise Fund recently announced a $715k grant to blockchain startup, DSTOQ, which focuses on the tokenization of bluechip stocks.