SatoshiPay has secured a strategic investment of $550,000 by the way of convertible loan notes from the Stellar Development Foundation (SDF), according to a press release shared with Coin Rivet.
This investment marks the third investment made by SDF through its Enterprise Fund and will support SatoshiPay to continue to develop its B2B solution for commercial, cross-border payments and its digital wallets.
SatoshiPay was one of the first businesses to use Stellar commercially and has, to date, processed €650,000 in payments from more than 200,000 accounts.
The convertible loan notes are expected to convert at the time of SatoshiPay’s next round of funding.
— SatoshiPay (@SatoshiPay) May 28, 2020
The funds will be used to primarily help develop and market the SatoshiPay B2B solution. The company is currently testing this product and expects to have a product in closed alpha testing within 8 weeks. A public beta product launch is anticipated sometime in the fourth quarter of 2020.
SatoshiPay company took immediate action to reduce costs post the COVID-19 outbreak and to ensure the safety of staff. The current cash position combined with the SDF investment provides sufficient working capital for the foreseeable future.
Meinhard Benn, CEO of SatoshiPay, 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. Our growth over the years wouldn’t have been possible without SDF, who has been an essential partner to us in the development of our technology which continues today with this investment.”
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