REG - Blue Star Capital - SatoshiPay Update

Blue Star CapitalAnnouncement

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RNS Number : 9458Y  Blue Star Capital plc  01 April 2026

01 April 2026

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 and payments provides the following updates related to its investee
company SatoshiPay Ltd ("SatoshiPay").

 

Vortex Update

During Q1 2026, Vortex, SatoshiPay's fiat-to-crypto infrastructure platform,
established a record monthly transaction volume, achieving US$10 million in
January 2026. This compares with US$4.8 million recorded in December 2025, and
represents a significant milestone with January's volume exceeding the
platform's total cumulative transaction volumes since launch, which stood at
US$9.9 million as at 31 December 2025.

 

In the following two months, Vortex achieved a further US$7.8 million in
transaction volumes, comprising US$6 million in February 2026 and US$1.8
million in March 2026. These reduced transaction volumes were a consequence of
temporary outages of the platform in order to complete necessary platform
infrastructure upgrades, along with ongoing internal compliance reviews
associated with onboarding and scaling institutional counterparties. In
addition, a major institutional client of the platform and user of the Vortex
Brazilian PIX-based settlement rails is in the process of changing its banking
partner, which also resulted in a significant reduction in transaction volume.

 

SatoshiPay expects these factors to resolve in the near term, supporting a
return to, and further growth of, established volume levels.

 

Expansion of FX DEX Technology

In March 2026, SatoshiPay expanded its decentralised foreign exchange ("FX
DEX") technology, powered by Nabla Finance's ("Nabla") AMM technology and
operated by Pendulum, through the deployment of a decentralised exchange for
EURC-USDC trading (Euro-denominated stablecoin to US dollar-denominated
stablecoin) onto the Base blockchain network. This follows the successful
technical test completion in late March 2026 and the subsequent deployment of
the relevant smart contracts.

 

Two additional DEX aggregators were cleared to integrate the DEX in March
2026, which is expected to bring both an increased number of users and volumes
to the protocol.

 

This deployment represents the initial commercial testing of SatoshiPay's FX
DEX infrastructure within a high-volume decentralised trading environment,
with a focus on delivering low-fee, low-slippage FX trading to Base users,
positioning Pendulum's FX operations as an efficient alternative to standard
DEX competitors.

 

Retail Product Development

SatoshiPay is also progressing development of its Vortex widget aimed at
retail users. The company is developing functionality to enable fiat-to-crypto
conversions to be deployed directly into yield-generating decentralised
finance ("DeFi") protocols. A proof-of-concept is currently in prototype
phase, with further updates expected in due course.

 

Outlook

The Company notes that SatoshiPay's quarter was affected by more volatile
transaction volumes across its Vortex platform than seen in the previous
quarter. However, demand for compliant, low-cost fiat-to-crypto settlement
infrastructure remains strong, and with the necessary platform works completed
and the continued development of its FX DEX infrastructure, SatoshiPay is
confident it will see transaction volumes return to higher levels and that the
company is well positioned to scale across both institutional payment flows
and decentralised trading applications.

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation. The Directors of the Company take responsibility for
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 Ltd, an experienced blockchain company
with a strong track record in innovative payment solutions; Dynasty Media
& Gaming, whose B2B white label platform is a full-stack gaming ecosystem;
and Paidia, a female focussed gaming platform.

 

About SatoshiPay

SatoshiPay is a blockchain technology company building software solutions at
the intersection of fiat and decentralised finance. The company is driving
ecosystem growth through strategic projects and incubations including Vortex
Finance (www.vortexfinance.co (http://www.vortexfinance.co) ), a ramping
platform providing widget and API solutions for seamless fiat-to-crypto access
and cross-border payments; Pendulum (www.pendulumchain.org
(http://www.pendulumchain.org) ), a cross-chain infrastructure connecting
stablecoins and traditional currencies to DeFi; and Nabla Finance
(www.nabla.fi (http://www.nabla.fi) ), a next-generation, active automated
market making decentralised exchange. SatoshiPay holds strategic token
positions, leveraging synergies across its portfolio, deploying liquidity and
earning yield to strengthen its ecosystem and shareholder value.

 

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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