REG - Blue Star Capital - SatoshiPay Directorate Changes and Update

Blue Star CapitalAnnouncement

17/01/2022 07:05

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RNS Number : 5570Y  Blue Star Capital plc  17 January 2022

17 January 2022

 

Blue Star Capital plc

("Blue Star" or the "Company")

 

 

SatoshiPay Directorate Changes and Update

 

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 announcement by SatoshiPay, one of its investee companies, earlier
today.

 

SatoshiPay has today announced senior management role changes and promotions
to support the expected expansion of its business to deliver Pendulum, an
open-source blockchain intended to connect DeFi to foreign exchange networks,
and has also provided an update on Pendulum.

 

 

Directorate and Management Changes

 

SatoshiPay announces that Meinhard Benn, co-founder of SatoshiPay in 2014 and
current Chief Executive Officer, is changing his role to Chairman in order to
focus on guiding the company's long-term vision, strategic networking and
high-level community building. It also allows for the Company to put in place
a Chief Executive Officer with expertise in business scaling. Alexander Wilke,
the company's current Chief Operating Officer, will take on the role as Chief
Executive Officer. Alexander Wilke is an entrepreneur and operations executive
with more than 13 years' industry experience leading technical and business
teams focussing on payments, mobile and business intelligence. As Chief
Operating Officer, Alexander Wilke steered large parts of SatoshiPay, headed
the strategic change in focus to cross-border payments via DTransfer and
brokered large client projects, including Axel Springer and Börsenmedien.

 

In addition to his new role as Chairman, Meinhard Benn will continue to be a
director in the group holding company, SatoshiPay Ltd, and, as a result, its
current board structure will remain unchanged. He is the largest shareholder
in SatoshiPay, which makes him an ideal person to represent the interests of
all shareholders as Chairman of the Board going forward.

 

In addition, SatoshiPay also announced the following senior team changes:

 

·    Dr Torsten Stüber, the company's Chief Technology Officer will also
become Chief Technology Officer for Pendulum

·    Former Chief Product Officer, Dr Aaron Lindner, has become Chief
Strategy Officer with strong focus on Pendulum

·    Erasmus Hagen, who has been with SatoshiPay for more than 6 years,
has been promoted to Head of Product with a strong focus on Pendulum

·    Tansel Inanc, who over the last three years oversaw the completion of
several funding rounds, financial planning and investor relations, has become
Head of Finance

·     Minh Thu Dang has been promoted to Head of Operations

·     Daniel Kisluk, a recent hire and experienced crypto marketeer, is
joining as the Company's first ever Chief Marketing Officer

 

 

Pendulum Update

 

Further to the announcement of 2 November 2021, SatoshiPay advises that
Pendulum's public testnet is currently being built and is expected to launch
shortly.

 

SatoshiPay has sent out an updated token launch strategy to Pendulum's presale
participants in which it advised that it has decided to become a parachain, a
blockchain running on the decentralised node infrastructure of the Polkadot
network. The major advantages of launching as a parachain are a strong,
engaged community of developers and a secure decentralised network from
inception. As a result, SatoshiPay intends to implement a strategic supporter
round for Pendulum and, subsequently, to participate in parachain auctions.
SatoshiPay expects that the parachain status will significantly elevate the
importance of the Pendulum ecosystem.

 

SatoshiPay's B2B cross-border money transfer service DTransfer, which
triggered the development of the Pendulum concept, is expected to grow at a
steady pace in the coming months. DTransfer is being readied for its first
Pendulum-based test money transfers and it is preparing transfer corridors
with solid fiat stable coins in place.

 

SatoshiPay expects to provide further updates in due course.

 

 

Meinhard Benn commented:

 

"SatoshiPay has always been a team effort and I am very fortunate to have
brought together such a talented and motivated group of pioneers, thinkers and
creators. I fully trust the team to deliver on our mission of connecting the
world through instant payments.

 

It has been an adventure navigating SatoshiPay through an emerging industry,
always pushing the boundaries of what is technically possible. With Pendulum
we are now initiating the development of a novel blockchain - a new chapter
for the whole company, which I am excited to be part of in my new role as
Chairman of the Board.

 

As a digital payments company, regulatory compliance and strict corporate
governance is a strong focus for SatoshiPay. The resulting policies and
procedures guarantee a smooth transition to our new management structure and
prepare the company for the expected rapid growth."

 

 

Derek Lew commented:

 

"We are pleased to see these management promotions as the Company moves into
its next phase of growth. Meinhard's move to Chairman allows for the
execution of the board's strategic vision for SatoshiPay and Pendulum to be
enhanced while Alexander's operational experience and skill provides specific
focus to accelerate the company's growth within the crypto world.  The
establishment of Pendulum and the synergistic benefits that will exist
between DTransfer and the Pendulum blockchain are significant.  We are very
encouraged by the progress already made with Pendulum and we look forward to
its continued growth."

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.

 

For further information, please contact:

 Blue Star Capital plc                          +44 (0) 20 3608 3019
 Derek Lew

 Cairn Financial Advisers LLP                   +44 (0) 20 7213 0880
 (Nominated Adviser)
 Jo Turner / Liam Murray

 Stanford Capital Partners Limited              +44 (0) 20 3650 3650

 (Broker)

 Patrick Claridge / John Howes / Bob Pountney

 

About Blue Star Capital

 

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; 6 early-stage to mid-level esports companies, including
Guild eSports plc, a global eSports business headquartered in London whose
lead investor is David Beckham and Dynasty eSports Pte Ltd., an eSports
platform with a mission to become the largest eSports franchise in Asia; Leaf
Mobile Inc., a mobile leading free-to-play mobile games group; NFT Investments
plc, a company that engages, partners, incubates and develops non-fungible
tokens; and Sthaler Limited, an identity and payments technology business
which enables a consumer to identify themselves and pay using just their
finger.

 

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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