Categories: News

SatoshiPay Closes Round of Funding To Explore Bitcoin Nanopayments

Things are looking very promising for SatoshiPay, as the startup plans to explore the boundaries of Bitcoin and nanopayments. Even though the Bitcoin startup has seen a great response from community members willing to test its platform so far, things have to keep moving along.  To further expand the business, additional funding was needed, and the company just announced they secured EUR 360k.

Also read: How To Convert An Amazon Gift Card To Bitcoin

SatoshiPay Is Trucking Along Nicely

This latest round of funding for SatoshiPay has been going on for a few months now, even though it took quite some time to cross all the T’s and dot the I’s. With Consilium Group [finally] sending the remaining funds they had pledged to the company, the round was deemed an overall success. With EUR 360,000 raised in a short timespan, SatoshiPay can start looking to the future without worrying too much about finances.

Over half of this funds comes from Coinsilium Group itself, as they announced an EUR 200k investment in SatoshiPay quite some time ago. Other parties responsible for making this round of funding a success are FastForward Innovations – formerly Kuala Innovations – who put in the rest of the money.

Granted, EUR 360k is not a high number compared to the amount of VC funding flowing to Bitcoin startups throughout 2015, but it is still a very significant amount for SatoshiPay.It is simply not possible for every venture to raise millions of US Dollars in every round of seed funding, nor should they do so.

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The main goal is to tighten the relationship between SatoshiPay and Coinsilium Group and explore the possibilities for Bitcoin in the nanopayments industry. No official plans have been announced just yet, although Bitcoin payment channels in the form of JavaScript code seems to be a part of the strategy moving forward.

It will be quite interesting to see how SatoshiPay will use this additional money, and what type of venture they have planned in the nanopayments industry. Very few companies are exploring this market right now, even though there is a huge demand by content creators for more convenient solutions. Making a tiny payment with a credit card, PayPal, or mobile credit, just isn’t as convenient as it sounds on paper.

Source: Medium

Images credit 1,2

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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