SatoshiPay

SatoshiPay
Private
Founded 2014
Founder Meinhard Benn (CEO)
Henning Peters
(Technical Advisor)
Kilian Thalhammer
(Payment Advisor)
Headquarters London, U.K.
Area served
 Global
Products Nanopayment processing
Website Official Website

SatoshiPay is a company that processes nanopayment transactions usually in the form of bitcoins (or smaller Bitcoin units called, "satoshis").[1] The company is currently developing a two-way payment platform that will allow content providers to charge consumers a small fee (as low as one satoshi or a fraction of a cent) to read, watch, or listen to content.[2][3][4] In September 2015, the company received seed funding from British entrepreneur Jim Mellon's investment firm, Kuala Innovations.[5]

History

SatoshiPay was founded in Berlin, Germany in 2014[3][6] by Meinhard Benn, Henning Peters, and Kilian Thalhammer. Benn serves as the company's CEO.[7] The company was a part of the Axel Springer Plug and Play Accelerator, which included numerous other technology companies.[8][9] In October 2014, the company received €50,000 in funding in part from the Axel Springer Accelerator.[10] In July 2015, SatoshiPay won second place at the Coinbase BitHack v2.[3][6][11]

In September 2015, the company received €160,000 in seed funding from Kuala Innovations, an investment firm run by British entrepreneur Jim Mellon and Canadian entrepreneur Stephen Dattels. As part of the deal, Kuala Innovations acquired a 10% stake in SatoshiPay.[5] According to Kuala Innovations, their investment was part of a larger funding round led by Coinsilium, an investment company focused on blockchain technology.[12] The company released a closed beta version of their technology in November 2015. Their first WordPress plug-in is due to be released in December 2015.[7] The company expects a full release of its software by the first half of 2016.[5]

Technology

SatoshiPay's technology is a two-way platform that enables content providers to charge consumers small amounts of money to gain access to the provider's media. These fees are referred to as "nanopayments,"[7] and they can be as small as a fraction of a cent.[6][13] This is differentiated from traditional paywall subscription services in that each piece of content can be purchased individually. Users pay per article, per song, and per download.[5] In terms of an article, users may pay per paragraph depending on whether or not they want to keep reading.[3] SatoshiPay's payment mechanism works across websites and allows consumers to use the service without having to sign up or download software.[2]

References

  1. ↑ Cancian, Daniel (21 September 2015). "Kuala Innovations acquires stake in SatoshiPay". DigitalLook. Retrieved 17 October 2015.
  2. 1 2 Grundy, Chris (6 September 2015). "Why the Future of Bitcoin Lies in Europe". CoinDesk. Retrieved 17 October 2015.
  3. 1 2 3 4 Brenneis, Friedemann (3 August 2015). "SatoshiPay – Bitcoin-Nanopayment aus Berlin" (in German). Coinspondent. Retrieved 17 October 2015.
  4. ↑ Holmes, B. (16 October 2015). "Kuala Innovations Injects Funds Into Factom To 'Unlock Embedded Value'". Brave New Coin. Retrieved 17 October 2015.
  5. 1 2 3 4 Warner, Joshua (21 September 2015). "Kuala Innovations Invests In Nanopayment Provider SatoshiPay". London South East. Retrieved 17 October 2015.
  6. 1 2 3 Grundy, Chris (14 August 2015). "Digital Currency Startups Prosper in Berlin's Vibrant Bitcoin Community". Bitcoin Magazine. Retrieved 17 October 2015.
  7. 1 2 3 Kyriasoglou, Christina (29 September 2015). "Britischer Warren Buffet investiert in Nanopayment-Startup". Gründerszene. Retrieved 17 October 2015.
  8. ↑ Kannenberg, Axel (19 December 2014). "Axel Springer fördert Bitcoin-Startups" (in German). Heise Online. Retrieved 17 October 2015.
  9. ↑ Skrabania, Lydia (25 November 2014). "Das sind die zwölf neuen Startups bei Axel Springer Plug and Play" (in German). Gründerszene. Retrieved 17 October 2015.
  10. ↑ "October 27, 2014 - Funding Round Angel". www.crunchbase.com. CrunchBase. Retrieved 17 October 2015.
  11. ↑ "Coinbase Announces Winners of BitHack v2". Coinbase. 2 July 2015. Retrieved 17 October 2015.
  12. ↑ Bello Perez, Yessi (21 September 2015). "SatoshiPay Gets €160,000 Investment from Jim Mellon Fund". CoinDesk. Retrieved 17 October 2015.
  13. ↑ Allison, Ian (8 July 2015). "Bitcoin's blockchain technology could give back more than software has ever eaten up". International Business Times. Retrieved 17 October 2015.
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