SatoshiPay
| File:Satoshi Pay.jpg | |
| Private | |
| Founded | 2014 |
| Founder | Meinhard Benn (CEO) Henning Peters (Technical Advisor) Kilian Thalhammer (Payment Advisor) |
| Headquarters | London, U.K. |
|
Area served
|
Global |
| Products | Nanopayment processing |
| Website | Official Website |
SatoshiPay is a company that processes nanopayment transactions usually in the form of bitcoins (or smaller Bitcoin units called, "satoshis").[1] The company is currently developing a two-way payment platform that will allow content providers to charge consumers a small fee (as low as one satoshi or a fraction of a cent) to read, watch, or listen to content.[2][3][4] In September 2015, the company received seed funding from British entrepreneur Jim Mellon's investment firm, Kuala Innovations.[5]
History
SatoshiPay was founded in Berlin, Germany in 2014[3][6] by Meinhard Benn, Henning Peters, and Kilian Thalhammer. Benn serves as the company's CEO.[7] The company was a part of the Axel Springer Plug and Play Accelerator, which included numerous other technology companies.[8][9] In October 2014, the company received €50,000 in funding in part from the Axel Springer Accelerator.[10] In July 2015, SatoshiPay won second place at the Coinbase BitHack v2.[3][6][11]
In September 2015, the company received €160,000 in seed funding from Kuala Innovations, an investment firm run by British entrepreneur Jim Mellon and Canadian entrepreneur Stephen Dattels. As part of the deal, Kuala Innovations acquired a 10% stake in SatoshiPay.[5] According to Kuala Innovations, their investment was part of a larger funding round led by Coinsilium, an investment company focused on block chain technology.[12] The company released a closed beta version of their technology in November 2015. Their first WordPress plug-in is due to be released in December 2015.[7] The company expects a full release of its software by the first half of 2016.[5]
Technology
SatoshiPay's technology is a two-way platform that enables content providers to charge consumers small amounts of money to gain access to the provider's media. These fees are referred to as "nanopayments,"[7] and they can be as small as a fraction of a cent.[6][13] This is differentiated from traditional paywall subscription services in that each piece of content can be purchased individually. Users pay per article, per song, and per download.[5] In terms of an article, users may pay per paragraph depending on whether or not they want to keep reading.[3] SatoshiPay's payment mechanism works across websites and allows consumers to use the service without having to sign up or download software.[2]
References
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