Kryptonite 1 plc Investment in SatoshiPay
19 January 2017 - 6:00PM
UK Regulatory
TIDMKR1
19 January 2017
Kryptonite 1 Plc
("Kryptonite 1" or the "Company")
Investment in SatoshiPay
Kryptonite 1 Plc is pleased to announce that it has subscribed EUR59,276.82 for
ordinary shares in SatoshiPay Ltd ("SatoshiPay"), a UK incorporated private
nanopayment software and blockchain company, as part of a EUR1 million fundraise
by SatoshiPay. Following this investment, Kryptonite 1 is interested in
approximately 1 per cent of SatoshiPay's issued share capital.
SatoshiPay is developing a two-way payment platform, which enables online
content providers to monetise their digital content through the acceptance of
nanopayments. Using the SatoshiPay platform, online media companies are able to
process nanopayments of EUR0.05 (5c) or less with minimal transaction fees.
SatoshiPay technology can also process payments greater than 5c, but the
company believes the real technical innovation is in relation to nanopayments,
in some cases being less than 1c. SatoshiPay is based on blockchain technology
and currently bitcoins (a cryptocurrency) are the only means of payment.
SatoshiPay believe its technology will provide a direct alternative to paywalls
and subscriptions, currently adopted by some media companies, and should
instead enable users to pay for consumption on a per article, per song or per
download basis; or for content to be consumed and paid for on an incremental
basis (payment per paragraph or minute of audio or video content). SatoshiPay
works without software download or sign-up for the user (save for creation/top
up of an online wallet). Payments are instant and the user's wallet balance is
available on each website that integrates the SatoshiPay software.
In February 2016, SatoshiPay released a beta version of its product, which
integrates with WordPress, the world's most popular web publishing platform.
SatoshiPay introduced its first Application Programming Interface (API) in
mid-2016, potentially extending the company's reach to all websites, internet
applications (including mobile apps) and internet connected software. In July
2016, SatoshiPay announced a collaboration with Visa Europe's innovation
department relating to a proof of concept project to develop the capability to
deliver a trusted top-up service to a digital wallet, using just a Visa card.
SatoshiPay made an unaudited loss of approximately EUR210,000 in 2016.
The Directors of the Company accept responsibility for the contents of this
announcement.
-ENDS-
Contact Details:
Kryptonite 1 Plc
Stephen Corran
+44 (0) 1624 676 716
scorran@bridgewaters.co.im
NEX Exchange Corporate Adviser
Peterhouse Corporate Finance Limited
Fungai Ndoro and Mark Anwyl
+44 (0)20 7469 0930
This announcement contains inside information as defined in Article 7 of the
Market Abuse Regulation No. 596/2014 ("MAR") and is disclosed in accordance
with the Company's obligations under Article 17 of MAR.
END
(END) Dow Jones Newswires
January 19, 2017 02:00 ET (07:00 GMT)