Kuala Innovations has subscribed for 1,471 ordinary shares of SatoshiPay at a price of EUR108.76 per SatoshiPay Share, for total cash consideration of EUR159,985.96. At the price paid by the Company, SatoshiPay has an aggregate value of approximately EUR1.6 million.
SatoshiPay is developing a two-way payment platform, which will enable online content providers to monetise their digital content through the acceptance of nanopayments. Using the SatoshiPay platform, online media companies will be able to process nanopayments of 5c or less with minimal transaction fees (SatoshiPay technology can also process payments greater than 5c, but the company believes the real technical innovation is in relation to nanopayments, in some cases being less than 1c). SatoshiPay will provide a direct alternative to pay-walls, currently adopted by some media companies, and require the user to pay for consumption on a per article, per song or per download basis; or for content to be consumed and paid for on an incremental basis (payment per paragraph or minute of audio or video content). SatoshiPay is frictionless, working without software download or sign-up for the user. Payments are expected to be instant and the user’s wallet balance will be available on each website that integrates the SatoshiPay software. SatoshiPay’s platform is stable & secure, with software developed by an experienced team of blockchain and security experts. Regular audits are expected to assure safe money transfers, system uptimes and hacker-proof operation.
SatoshiPay is currently preparing for a trial launch of its nanopayment technology in Q4 2015 followed by expected full release of its software in the first half of 2016. For the 5 months ended 31 August 2015 SatoshiPay made a loss of EUR36,626.
KUL : Kuala Innovations takes stake in SatoshiPay