Micropayments startup SatoshiPay has partnered with Europe’s largest digital publishing house, Axel Springer SE, to process blockchain payments for its content globally.
The U.K.-based startup announced Thursday that consumers of the Berlin-headquartered firm’s content can pay using SatoshiPay’s wallet, which is built based on Stellar blockchain technology. Axel Springer owns titles including Business Insider, Die Welt and Rolling Stone (German edition).
SatoshiPay said that, as of Jan. 31, its wallet will be integrated into Axel Springer’s online products and will work without any intermediaries, so payments will be directly credited to the publisher’s account from its content consumers.
Axel Springer’s senior vice president for new business, Dr Valentin Schöndienst, said:
“Blockchain payments can significantly reduce transaction costs and thus enable new monetisation systems for content.”
SatoshiPay said it processes payments using the Stellar blockchain in various forms of value, including euro and dollar transfers, “in a matter of seconds.”
Founded in 2014, SatoshiPay had been based on bitcoin technology until July 2017. Then, in November of the same year, the startup collaborated with Stellar Development Foundation to offer micropayments that were “much faster and less costly.” In December 2017, it fully integrated with the Stellar network.
In July of last year, SatoshiPay said it planned to list on AIM, a sub-market of the London Stock Exchange, when London-based crypto investor Daniel Masters invested €5,66,000 (or $6,47,829) in its pre-IPO funding.
Axel Springer SE generated total revenues of over €3.5 billion (around $4 billion) in 2017, according to the announcement. Digital media activities contribute more than 60 percent of its revenues.
Featured image courtesy of SatoshiPay (from left: Meinhard Benn, founder and CEO; Alexander Wilke, COO)