Axel Springer, SatoshiPay to develop joint offering

Later this month SatoshiPay and digital publishing house Axel Springer SE will begin working on a joint offering, enabling users to pay for content with the digital SatoshiPay wallet. Powered by blockchain technology, the wallet will be used to send direct payments from the user’s device to the publisher without an intermediary.

As part of the project, SatoshiPay’s payment solution is to be integrated into Axel Springer products in order to gain experience in user acceptance and generate initial revenues.

“Blockchain payments can significantly reduce transaction costs and thus enable new monetization systems for content,” Axel Springer SVP Dr. Valentin Schöndienst said.  “SatoshiPay offers a turnkey solution that allows us to instantly use blockchain technology and offer it to our customers”.

“We are excited to work with Axel Springer, who recognize the immense potential ofblockchain technology,” SatoshiPay founder and CEO Meinhard Benn said. “As one of the few companies with a market-ready blockchain payment solution, we are focused on bringing this technology from laboratories and into the mainstream. This has been SatoshiPay’s mission since its foundation in 2014, and a partner with the tremendous reach of Axel Springer gives us the opportunity to deliver on this promise.”

The Stellar Development Foundation provided a seven-figure grant to support the collaboration.

SatoshiPay, which had completed the Axel Springer Plug and Play startup program in 2015, offers tailor-made solutions for blockchain-based payment and customer loyalty systems to companies, especially in the areas of online publishing, gaming, IoT, and telecommunications – for integration into their own products, websites, or apps. Going forward, SatoshiPay will transfer the advantages of the different blockchain ledgers into the simplicity and stability of a standardized programming interface (API).

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