Nanopayments Software Developer SatoshiPay Seals €360K Seed Round

By
Samburaj Das @sambdas
4 years ago

Bitcoin nanopayment platform SatoshiPay has announced the completion of its seeding round that raised a total capital investment of €360,000, with blockchain-startup investor Coinsilium bringing in €150,000 to the round.

Blockchain technology investor Consilium, a London-based firm known for supporting blockchain-startups at their early stages as companies has revealed its latest investment via a regulatory announcement today. The investor completed a payment of approximately €150,000, increasing its shareholding in SatoshiPay to 14.5%.

Coinsilium has now invested a total of €200,000 in SatoshiPay, a total that represents a majority of the €360,000 total seeding round.

German startup SatoshiPay began in September 2014 as a payment nano-payments solutions provider. The idea is to develop a platform to facilitate nanopayments, typically payments of 10c or less in an individual transaction. The Berlin-based company has been developing a two-way payment platform that exists in the user’s browser – presumably through an add-on.

SatoshiPay also ensures that Bitcoin’s smallest unit – a Satoshi, can be used to make payments for digital goods. Typically, digital goods with low-value payments could include a song, a single download or paid access to an article.

With the investment, Consilium’s executive chairman, Cameron Parry stated:

The SatoshiPay technology has tremendous disruptive potential and scalability.  The Coinsilium Board believe that SatoshiPay is poised to unlock the monetisation of the internet and enable ‘pay as you consume’ usage.

He further added that Coinsilium’s investment into SatoshiPay represents a belief that the ‘pay as you consume’ usage model will be the norm in the mainstream for digital purchases.

Meinhard Benn, CEO and founder of SatoshiPay added:

The SatoshiPay platform utilises blockchain technology to allow processing of nanopayments of 10c, 1c or even less per online transaction and enables content providers to monetise their digital goods in completely new ways.  SatoshiPay works without software download or sign-up for the user.

Benn also stated that the payments made are instant and a user’s digital wallet balance will be made available on every website that integrates SatoshiPay’s software. The company is expected to release a WordPress plug-in that enables websites to take small donations or fees in exchange for content, in the near future. As ad-blockers are adopted further among internet users, a bitcoin-enabled, blockchain-powered solution might be useful for websites who seek a source of revenue while foregoing advertisements completely. In his Medium post that made light of the newly secured investment, Benn added that SatoshiPay is “this close to launching” a public beta for the plugin.

Image from Shutterstock.

Last modified (UTC): January 26, 2016 00:36

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