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SatoshiPay

Jul 22, 2021 at 1:55 p.m. UTC
Updated Aug 20, 2021 at 10:10 a.m. UTC

Founded in 2014, SatoshiPay is a cryptocurrency micropayments solutions company that utilizes the Stellar blockchain to execute transactions. The company aims to offer monetization opportunities to online publishers through “instantaneous and low-cost micropayments”, where they can charge fees of any size for consumers to interact with their content.

SatoshiPay enables content producers to decide what content they get paid for and how much they get paid, while providing a micropayments infrastructure that is currency-agnostic. SatoshiPay previously utilized Bitcoin to power its micropayments, but shifted to the Stellar blockchain in 2017 due to barriers with scaling and transaction fee issues on the Bitcoin blockchain.

The company’s products include a stellar wallet called Solar, an application programming interface (API) and a WordPress plugin. In 2016, SatoshiPay partnered with Visa Europe’s innovation unit on developing a proof-of-concept system that would allow automatic micropayments from a user’s VISA account to a SatoshiPay wallet. At the time, the company said the goal of this partnership was to explore use cases such as micropayments for internet-of-things (IoT) devices.

SatoshiPay has carried out several funding rounds. In 2015, SatoshiPay garnered €160,000 (roughly $180,000) from Kuala Innovations Limited in seed funding in exchange for 10 percent of the company. As part of the same round SatoshiPay received an additional €200,000 from Coinsilium Group, who was also the firm’s lead investor, in 2016. In 2017, a new funding round netted the company €640,000 (roughly $684,000) from Blue Star Capital. 

In 2018, SatoshiPay announced that it planned to go public on the London Stock Exchange’s AIM. Daniel Masters contributed €566,000 in pre-IPO funding, though the company announced that it had canceled its plans to IPO in January 2019. In February 2019, the company raised €1 million in a round led by CoinShares’ Daniel Masters with participation from SatoshiPay CEO Meinhard Benn, blockchain platform Aeternity, enterprise blockchain organization AERGO and angel investors. However, after the coronavirus pandemic impeded SatoshiPay's Series A funding round, the Stellar Development Fund loaned the company $550,000 in XLM tokens in May 2020.

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