Coinsilium Group Limited, a London-based blockchain technology focused investment and development company, announced today that SatoshiPay Ltd, a nanopayments company for digital content in which Coinsilium has a 14.5% equity interest, has entered into a conditional agreement with investing company Blue Star Capital plc (AIM: BLU) which has conditionally subscribed for 1,886 ordinary shares in SatoshiPay for EUR 0.64 million.
If completed, this subscription would value SatoshiPay shares at EUR 340 per share.
In January 2016, Coinsilium completed an investment of EUR 200,000 and holds 2,133 ordinary shares in SatoshiPay via Seedcoin Limited, Coinsilium’s wholly owned subsidiary. Should the Blue Star subscription complete, at EUR 340 per share the implied value of Coinsilium’s shareholding in SatoshiPay would be EUR 725,220, representing an increase in value of 362.61% since Coinsilium’s investment less than a year ago.
SatoshiPay is based on blockchain technology and currently bitcoins are the only means of payment. SatoshiPay is developing a two-way payment platform, which enables online content providers to monetise their digital content through the acceptance of nanopayments. Using the SatoshiPay platform, online media companies are able to process nanopayments of €0.05 (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.
Coinsilium CEO Eddy Travia commented:
We are delighted to see the interest SatoshiPay is generating amongst early stage technology investors and whilst this subscription comes at a substantially higher valuation than that of Coinsilium’s original investment, we also recognise the significant progress SatoshiPay has made over the last year to justify such a substantial uplift in its valuation. This subscription underscores our early vision that SatoshiPay’s blockchain-based platform can transform online content monetisation and further proves our well-founded confidence in SatoshiPay’s CEO Meinhard Benn and his excellent team as leaders in this space.
Tony Fabrizi, CEO of Blue Star commented:
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.
Meinhard Benn, CEO of SatoshiPay commented:
We couldn’t be more excited to have Blue Star investing in us. They bring an excellent network in digital publishing and financial services and we are looking forward to working with them. Blue Star have been very supportive of our vision right from the first meeting. Their investment should help us to swiftly reach our target €1m funding round so that we can return to fully focussing on developing and marketing our product.