REG - Blue Star Capital - SatoshiPay Update

Blue Star CapitalAnnouncement

18/02/2025 12:00

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RNS Number : 5504X  Blue Star Capital plc  18 February 2025

18 February 2025

 

Blue Star Capital plc

 

("Blue Star" or the "Company")

 

SatoshiPay Update

 

Blue Star Capital plc (AIM: BLU), the investing company with a focus on
blockchain, esports and payments, announces that its investee company,
SatoshiPay Ltd ("SatoshiPay"), has been awarded a US$468,000 grant from The
Web3 Foundation ("Web3") a blockchain company developed to promote emerging
decentralized web software protocols, technologies, and applications,

SatoshiPay was awarded the grant by Web3 in order to help the company further
develop its projects, in particular Vortex, a decentralised exchange platform
incubated by SatoshiPay designed to streamline global payments by bridging
stablecoins with local fiat currencies. By leveraging Polkadot's multi-chain
architecture, Vortex aligns with Web3's mission to foster decentralized
technologies that enhance global financial inclusion.

The grant will help accelerate the development of key Vortex milestones, such
as:

·      A Polkadot offramp which will allow Polkadot users to swap
stablecoins like USDC to local fiat currencies such as EUR via Pendulum's
Spacewalk bridge;

·      Expanding stablecoin access across Polkadot parachains via
Cross-Consensus Messaging (XCM);

·      Assist further launches in key markets, such as Brazil and
Argentina, where the need for affordable cross-border payments is most
critical; and

·      Upgrade Pendulum's Stellar-Polkadot bridge Spacewalk, eliminating
the need for liquidity-locking vault operators and increasing efficiency.

As part of its commitment to scaling this groundbreaking project, SatoshiPay
shareholders have decided to match the Web3 Foundation's grant and are
preparing to close a seed financing equity round in the upcoming weeks.

"This grant from Web3 Foundation is a testament to the transformative
potential of Vortex," said Alexander Wilke, CEO of SatoshiPay. "Our
shareholders' decision to match this support with an equity round highlights
the confidence we have in Vortex to revolutionize cross-border payments and
drive real-world impact."

The Directors of the Company are responsible for the release of this
announcement.

For more information please contact:

 

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

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

 Axis Capital Markets Limited         +44 (0) 20 3026 0449
 (Sole Broker)
 Lewis Jones

 

About Blue Star

Blue Star is an investing company with a focus on new technologies. Blue
Star's investments include SatoshiPay Limited, an experienced blockchain
company with a strong track record in innovative payment solutions; Lets Play
Live, whose B2B white label platform is a full-stack gaming ecosystem; Paidia,
a female focussed gaming platform; 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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