SatoshiPay Raises €360,000 In Seed Funding

SatoshiPay has just announced the closure of a seed round with €360,000 invested. According to the announcement from Coinsilium, the blockchain technology investment company, it has invested a total of €200,000 in the SatoshiPay.

Cameron Parry, Executive Chairman at Coinsilium, commented:

“We are delighted to announce that Coinsilium has completed its acquisition of the majority of shares available in SatoshiPay’s seed equity round, taking our total investment to €200,000 and increasing Coinsilium’s equity holding in SatoshiPay to 14.5%.”

The remaining investment in the latest seed round was made by Stephen Dattels’ and Jim Mellon’s FastForward Innovations (formerly Kuala Innovations).

SatoshiPay is a company founded in September 2014 in Berlin, that develops and produces solutions for so-called nanopayments using cryptocurrency. These nanopayments can be as small as the value of Bitcoin’s smallest unit - a Satoshi, thus it allows users and companies to trade digital goods in the very small increments.

Meinhard Benn, the founder of SatoshiPay, said:

“I am very grateful for the trust Coinsilium put in us when they decided to invest, with us merely having a rough prototype and not much more than the infamous napkin business plan. With funding secured, we could swiftly return to building the product. A founder’s dream come true.”

SatoshiPay is currently working on a beta version of their service and a full release is expected in the first half of 2016.