This morning we announced we increased our shareholding in SatoshiPay Limited.
Cameron Parry, Executive Chairman, stated, "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 SatoshiPay technology has tremendous disruptive potential and scalability. The Coinsilium Board believe that SatoshiPay is poised to unlock the monetisation of the internet and enable 'pay as you consume' usage. We believe that this is where mainstream consumption of online product is heading and we are confident that the award-winning team at SatoshiPay can deliver its nanopayments software to market in the near term.
We've enjoyed building our working relationship with SatoshiPay since our first meetings with founder and CEO Meinhard Benn back in early 2015, and Coinsilium is proud to have been the lead investor in the seed round and involved in the strategic decision to focus SatoshiPay on the development of its nanopayments platform.”
Meinhard Benn, founder and CEO of has written this short blog on the company closing it's seed round.
I’m happy to announce that with our lead investor and corporate advisor Coinsilium Group (COIN:ISDX) sending over the remaining funds and officially announcing their €200K investment in us earlier today, we can put a seal on this round.
As announced here a few months back, Coinsilium was joined by Stephen Dattels’ and Jim Mellon’s FastForward Innovations (formerly Kuala Innovations) as co-investors, who put in the remaining €160K.
It has been great working with Coinsilium on this and we are looking forward to go where no nanopayments company has gone before together with them in the future. I already met their CTO Hakim at a Bitcoin conference 2014 in Berlin, so it didn’t take long to bring across that the technology we are using – Bitcoin payment channels written in some kick-ass JavaScript – is the best thing since sliced bread. :)
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.
Although this is just the beginning, we’ve already come quite far: We’ve participated in (and won) contests, presented at conferences, boothed up at trade fairs, went through many iterations of the user interface, launched a closed beta, collected valuable feedback and got nice press coverage. And we are this close to launching our public beta.
No, really! Watch this spot.