Stellar Lumens News Today – Headlines for May 31

  • The Stellar development foundation invests $550,000 in SatoshiPay
  • The goal of the scheme is to meet the growing demand for B2B cross-border remittances
  • B2B transfers expected to hit $218 trillion in the next three years

Stellar Lumens News Today – SatoshiPay, one of Stellar’s earliest adopters has opted to expand its business. The goal is to meet the market with the growing demand for B2B cross-border transactions. The Stellar Development Foundation has announced an important investment to this end. The SDF made a substantial investment in SatoshiPay.

The FinTech firm, which connects the world through instant payments has just received the sum of $550,000 in lumens (XLM) from the Stellar Development Foundation as part of its Enterprise Fund Initiative.

SDF (Stellar Development Foundation) Announces $550,000 Investment in SatoshiPay

Stellar works a cross-currency transaction model and a place for digital asset issuance. Now, it is trying to link the global financial infrastructure. The SDF helps Stellar by managing its codebase and supporting it technically. It also supports business community building on the Stellar network. The foundation serves as a voice for the network when negotiating with regulators and other entities. Here is what the SDF said regarding the new arrangement with SatoshiPay:

As one of the first people to work with Stellar, SatoshiPay has demonstrated how our technology enables innovation and leverages the network to build a growing platform for fast global payments.”

Founded in 2014, the Berlin and London- based SatoshiPay is reportedly one of the first firms to adopter Stellar. It offers B2B cross-border transfers and micropayment processing through its Blockchain platform. With its headquarters in London, SatoshiPay brought up an innovative way to monetize content through frictionless nano payments with Blockchain technology.

B2B Transfers Expected to Hit $218 trillion in the Next Three Years

Currently, the company provides services like digital wallets to complete financial inclusion services and the B2B solution for cross-border transactions. The Solar wallet has already been downloaded 25,000 times in over 40 countries. SatoshiPay’s micropayments product has also handled over €650,000 from 200,000 user accounts. According to Meinhard Benn, SatoshiPay CEO:

With an increase in the demand for instant B2B payments, Blockchain maturing and activating a payments revolution, we can agree that SatoshiPay has a head start through its proven, scalable Blockchain model. The company’s growth in recent years wouldn’t have happened without the SDF as an essential partner.”

B2B transfers are expected to reach $218 trillion in three years. This is the reason why SatoshiPay is expecting faster growth. The firm’s B2B cross-border payments product is designed at commercial transactions, from enterprises to vendors in multiple countries, which is the market’s exact area of demand.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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