Another day, another exclusive ground-breaking news story for the Stellar network. SatoshiPay – one of the first major projects to build on Stellar – has announced their plans for an IPO on the London Stock Exchange’s AIM, a market for growth companies.
📢 SatoshiPay getting ready for IPO in London 📈 https://t.co/p2hjgY8o2B
— SatoshiPay (@SatoshiPay) July 26, 2018
By listing on the AIM, SatoshiPay will have access to a very liquid high-growth market, as well as institutional investors. If listed, they will be one of the first blockchain businesses to do so in London. Utilising the Stellar protocol allows them to facilitate digital micropayments for online content, providing a login-free, one-click nanopayment ecosystem, all the while taking advantage of Stellar’s incredibly quick settlement times and almost negligible fees.
The announcement of this IPO marks a fantastic development for both the SatoshiPay team and the Stellar network as a whole. Initially coded in just one month, Meinhard and his team have targeted the diminishing subscriptions models associated with major international news and media vendors. Their alternative form of revenue generation gets rid of cumbersome paywalls, allowing for the freer distribution of online content.
With regards to the potential IPO – Meinhard Benn, CEO SatoshiPay says:
This is a giant leap for SatoshiPay, and I am extremely proud that the startup I co-founded in 2014 has grown into a company that, with the support of an amazing team and fantastic investors, is now approaching a stock market float. This is beyond my wildest dreams when starting SatoshiPay by writing a few lines of code at a kitchen table in a Berlin flat. In a way we are just getting started, and I am looking forward to the things we can achieve by taking SatoshiPay public.”
SatoshiPay was originally created to utilise Bitcoin before the spiralling costs and fees associated with the cryptocurrency made this business model untenable. In choosing to build on the Stellar platform they gave the biggest accolade they could – that Stellar was the rightful replacement for what Bitcoin was originally intended to be; an immutable, purely digital form of payment and value exchange.
XLM has seen a recent dramatic rise in speculative value, with the market clearly processing the torrent of good news stories. What will happen to the price of Lumens if and when Coinbase announce the go-ahead for listing the cryptocurrency is another story altogether. In any event, breaking stories for Stellar and its native currency seems set to continue for a while yet.
Image From Shutterstock