Bitcoin micropayments startup SatoshiPay has secured nearly $700k in new capital as part of a broader fundraising effort.

Blue Star Capital announced this week that it was investing €640k (roughly $684k) in the startup. SatoshiPay develops content monetization tools for processing tiny transactions denominated in bitcoin.

According to statements from Blue Star, SatoshiPay is in the midst of completing a €1m funding round that, if successful, will value the startup at a reported €6m. The startup later said it expects to close the round this week.

The funding comes more than a year after the firm raised €160k, and months after it unveiled a new micropayments project with Visa Europe that connected the card issuer’s infrastructure with a SatoshiPay wallet.

Blue Star’s portfolio, according to materials published in November, is largely focused on digital media and services, including a biometrics-oriented payments startup called Sthaler.

“We are delighted to be investing in SatoshiPay at this exciting stage in its development. We believe the market opportunity for SatoshiPay is potentially vast and we look forward to working with SatoshiPay’s management to help maximise this opportunity,” Tony Fabrizi, Blue Star CEO, said in a statement.

SatoshiPay did not immediately respond to a request for comment.

Image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.