SatoshiPay "Expanding Out of the Bitcoin and Blockchain Niche" with PayPal

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, 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 Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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.