RCS - Blue Star Capital - Pendulum Announces Blockchain Bridge

Blue Star CapitalAnnouncement

14/03/2023 07:15

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RNS Number : 8052S  Blue Star Capital plc  14 March 2023

14 March 2023

Blue Star Capital plc

 

("Blue Star" or the "Company")

 

Pendulum Unveils Blockchain Bridge to Connect Stellar and Polkadot

 

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 announcement made by Pendulum, a company incubated by Blue
Star's investee company SatoshiPay, that the Pendulum blockchain has released
"Spacewalk", its blockchain bridge connecting the Stellar and Polkadot
networks.

 

Pendulum describes Spacewalk as a trust-minimized bridge that supports the
smooth and seamless transfer of stable assets between the two ecosystems,
allows closer collaboration in the de-fi sector and drives synergies between
traditional fintech services and the de-fi sector. Pendulum expects that the
ability to use stable digital currencies backed by traditional fiat currencies
will support a range of new use cases on Polkadot and Stellar.

 

Pendulum is committed to advancing foreign exchange ("Forex") trading into the
blockchain space to integrate a tranche of the $6.6 trillion traded daily in
Forex markets. It is hoped that the Spacewalk bridge will serve as critical
infrastructure to bring stablecoin liquidity required for Forex trading to
Pendulum and, in turn, to all of Polkadot and Stellar.

 

In future, it is expected that Spacewalk will be extended to other prominent
blockchain networks such as Cosmos, Ethereum, potentially enabling Spacewalk
to pioneer a new era of secure and decentralised blockchain bridges, merging
the technologies developed for Stellar and InterBTC.

 

Alex Wilke, Co-Founder of Pendulum, said: "With Spacewalk, we are breaking
down the barriers between different blockchain ecosystems, allowing for
broader usage of Stellar's stablecoins and fuelling Pendulum's on-chain forex
markets. This innovation marks a new era for fiat-connected decentralized
finance, and we are proud to lead the charge. "

 

Tomer Weller, VP Product at Stellar Development Foundation, said: "Spacewalk
is making interoperability a reality, showing a viable path to building
trust-minimized asset-transfer bridges that connect blockchain ecosystems. The
Pendulum team has been part of the Stellar ecosystem almost since its
inception and it is incredible to see them expanding their reach and bringing
more value and utility to the network."

 

In addition to the launch of Spacewalk, the Company notes that the PEN token
commenced trading on the MEXC Global Exchange ("MEXC") on 13 March 2023. MEXC
is a cryptocurrency exchange registered in Singapore, in which users can
access a range of services for trading spots, leveraged exchange-traded funds
(ETFs), perpetual futures, NFT Index and portfolio management

 

 

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 investments include SatoshiPay Limited, a payments business using
blockchain technology; 4 early-stage to mid-level esports companies, including
Guild eSports plc, a global esports business headquartered in London and
Dynasty Gaming & Media Pte. Ltd., whose B2B white label platform is a
full-stack gaming ecosystem; and Sthaler Limited, an identity and payments
technology business which enables a consumer to identify themselves and pay
using just their finger.

About Pendulum

Pendulum provides decentralized blockchain technology for modernizing
traditional financial infrastructure. Its interoperable blockchain brings
together high-quality fiat tokens in a single, powerful DeFi network.
Pendulum's Forex-optimized 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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