The Stellar Development Foundation invests a further $550K to develop SatoshiPay’s cross border B2B payment solution.
The SDF’s third investment in SatoshiPay brings the Enterprise Fund’s investments for the year up to a total of $6.3 million.
SatoshiPay has processed more than 650,000 Euros from over 200,000 accounts, and their wallet, Solar has been downloaded by 25,000 users spanning 40 countries.
The latest investment will help grow SatoshiPay’s new product, which allows businesses to conduct cross-border B2B payments, branching out from their original micropayments solution targeted at online content producers.
“As one of the first businesses on Stellar, SatoshiPay has demonstrated how this technology enables innovation, leveraging the network to create a growing platform for instant global payments,” said SDF CEO and Executive Director Denelle Dixon.
“Their use cases speak to the scalability and sustainability and growth opportunities for businesses building on the network. We’re proud to support their growth with this investment.”
A growing investment fund
Founded in 2014, the same year as SatoshiPay, the SDF has shown continued support for them explains SatoshiPay CEO, Meinhard Benn:
“Our growth over the years wouldn’t have been possible without the SDF, who has been an essential partner to us in the development of our technology which continues today with this investment.”
The SDF’s investments this year have included other fintech startups, with $5 million invested in crypto wallet and exchange platform Abra for and $715k invested in borderless investment platform SDTOQ.