Update on SatoshiPay Investment

RNS Number : 6909I

Blue Star Capital plc

15 December 2020

 

15 December 2020

Blue Star Capital plc

("Blue Star" or the "Company")

Update on SatoshiPay Investment

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 following update made by its investee company SatoshiPay .

SatoshiPay has today announced that, in respect of DTransfer, it has signed an agreement with German Bankhaus von der Heydt ("BDVH") to become the first user of the bank's fully compliant euro-backed stablecoin ("EURB").

BDVH, in partnership with Bitbond, has introduced EURB on the Stellar network. Bitbond was responsible for the development and integration of EURB and BDVH provides its banking infrastructure and regulatory framework. EURB is the first fiat asset directly backed by a banking institution on Stellar and will allow instant money transfer on blockchain.

SatoshiPay intends to integrate EURB into its cross-border money transfer service.  BDVH establishes a stable on and off-ramp for EURB transactions with instant EUR-based bank transfers within the Single Euro Payments Area (which comprises 36 European member-states). This will provide users with an easy solution to instantly send and receive euro-based payments.

Blue Star currently has a 27.7% interest in SatoshiPay's share capital.

Meinhard Benn, CEO of SatoshiPay commented, "We are very pleased with progress made in 2020, particularly in the B2B cross-border money transfer space by launching our new service DTransfer. We are seeing strong market interest and have signed 11 business clients from around the world, expecting to transfer over £70m annually using DTransfer. This is just the start, as new clients are being added every month.  It feels like we have created a hit product and we will endeavour to build recurring revenues in 2021."

Tony Fabrizi, CEO of Blue Star commented, "Today's announcement regarding the issuance of a new Euro stablecoin on the Stellar network is further evidence of the growing momentum and support building behind SatoshiPay's DTransfer cross border payments platform for businesses. There is clearly strong appetite for the product and we look forward to reporting on the company's progress next year."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information, please contact: Blue Star Capital plc Tony Fabrizi, Chief Executive  [phone] Cairn Financial Advisers LLP Nomad & Broker Jo Turner/Liam Murray/Mark Rogers [phone]

About Blue Star Capital

Blue Star is an investing company with a focus on new technologies. Blue Star's investments include a 27.7% holding in SatoshiPay, a payments business using blockchain technology; investments in 6 early stage esports companies with shareholdings ranging from 6% to 18% and a 0.9% investment in Sthaler, an identity and payments technology business which enables a consumer to identify themselves and pay using just their finger.

Forward-Looking Statements

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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