RCS - Blue Star Capital - Further re Pendulum: Spacewalk launch on Pendulum

Blue Star CapitalAnnouncement

28/03/2024 07:15

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RNS Number : 5982I  Blue Star Capital plc  28 March 2024

28 March 2024

Blue Star Capital plc

 

("Blue Star" or the "Company")

 

Further re Pendulum: Spacewalk bridge launches on Pendulum

 

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 recent update announcement made by Pendulum, a company incubated by
Blue Star's investee company SatoshiPay, that its blockchain bridge connecting
the Stellar and Polkadot networks, 'Spacewalk', is now live on the Pendulum
network.

 

Pendulum describes Spacewalk as a trust-minimised decentralised bridge between
the Polkadot and Stellar ecosystems, enabling efficient transfers of
fiat-backed stablecoins and cryptocurrencies, and serves as a critical link
that allows the Pendulum chain to leverage the vast array of fiat-backed
stable tokens available on the Stellar blockchain, paving the way for the
development of a fiat-based decentralised finance ecosystem.

 

This integration is an important step forward in uniting Stellar's
fiat-anchored currencies with the DeFi capabilities of Polkadot.  In addition
to Stellar's native token, XLM, the following stablecoins are now bridgeable
through Spacewalk; EURC; AUDD; NGNC; TZS; and BRL.

 

PEN, the native token of Pendulum, will serve as the transaction fee currency
within the network. Pendulum has implemented a cap on the volume of assets
that can be bridged, as a part of the company's security protocol during the
initial stages of the phased launch. Following the successful completion of
subsequent phases, the cap will be steadily raised to permit a greater asset
volume transfer.

 

Blue Star holds a 27.9 per cent. stake in SatoshiPay, and SatoshiPay has an
interest of 5.5 per cent. of Pendulum's future PEN tokens.

 

For more information please contact:

 

 Blue Star Capital plc               +44 (0) 777 178 2434
 Tony Fabrizi, Executive Chairman

 

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confirming that the information contained in this announcement is of a
non-regulatory nature.

About Blue Star

Blue Star is an investing company with a focus on new technologies. Blue
Star's two main investments are in SatoshiPay Limited and Dynasty Gaming &
Media Pte. Ltd.

About Pendulum

Pendulum provides decentralised blockchain technology for modernising
traditional financial infrastructure. Its interoperable blockchain brings
together high-quality fiat tokens in a single, powerful DeFi network.
Pendulum's Forex-optimised app ecosystem enables seamless integration into
global banking with full compliance, merging TradFi and DeFi within a scalable
blockchain ecosystem.

Forward looking statement disclaimer

Certain statements made in this announcement are forward-looking statements.
These forward-looking statements are not historical facts but rather are based
on the Company's current expectations, estimates, and projections about its
industry; its beliefs; and assumptions. Words such as 'anticipates,'
'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar
expressions are intended to identify forward-looking statements. These
statements are not guarantees of future performance and are subject to known
and unknown risks, uncertainties, and other factors, some of which are beyond
the Company's control, are difficult to predict, and could cause actual
results to differ materially from those expressed or forecasted in the
forward-looking statements. The Company cautions shareholders and prospective
shareholder holders not to place undue reliance on these forward-looking
statements, which reflect the view of the Company only as of the date of this
announcement. The forward-looking statements made in this announcement relate
only to events as of the date on which the statements are made. The Company
will not undertake any obligation to release publicly any revisions or updates
to these forward-looking statements to reflect events, circumstances, or
unanticipated events occurring after the date of this announcement except as
required by law or by any appropriate regulatory authority.

 

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