SatoshiPay “Expanding Out of the Bitcoin and Blockchain Niche” with PayPal

Photo: Bloomberg

Coinsilium Group Limited (NEX:COIN), the London-based blockchain venture investment fund, today announced that SatoshiPay, a nanopayments company in which Coinsilium has a 12.08% equity interest, has added PayPal (NASDAQ:PYPL) as a new method for users to recharge their accounts.

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Meinhard Benn

Meinhard Benn, founder and CEO of SatoshiPay, commented: “We are super excited about adding the PayPal option to our platform as this means that every website with every imaginable target audience can start selling articles, PDFs, audio/video files or other digital goods using SatoshiPay. We are officially expanding out of the bitcoin and blockchain niche into a broader market of publishers.”

The two firms are naturally happy with this development as it is opening up SatoshiPay’s services to 200 million active PayPal user accounts across 200 markets worldwide. For the greater bitcoin community however, this might signify a failure of the network to establish itself as the disrupter and replacement for existing legacy solutions for online fiat payments such as PayPal.

Background

SatoshiPay is developing a two-way payment platform, which enables online content providers to monetise their digital content through the acceptance of nanopayments. SatoshiPay is headquartered in London with development led through its office in Berlin.

Angel funding for SatoshiPay Ltd was supplied by Axel Springer Plug & Play and Henning Peters, seed funding was raised through publicly listed companies Coinsilium Group Limited (NEX:COIN) and FastForward Innovations (LON:FFWD). Development of SatoshiPay’s nanopayment product started in April 2015 and its beta version was released in February 2016.

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