LONDON (Alliance News) – Blue Star Capital PLC said Monday that investee firm SatoshiPay Ltd has agreed a proof of concept project with the IOTA Foundation to explore using an alternative cryptocurrency for its settlement network.
Nanopayments firm SatoshiPay has used the cryptocurrency Bitcoin since its 2015 launch, but a rise in transactions has led to congestion in the network and an increase in fees.
Therefore, SatoshiPay will explore using cryptocurrency IOTA as an alternative, which offers zero-fee transactions and no limit on the number of transactions per second. The results of the proof of concept project are expected in August.
Blue Star owns a 19% stake in SatoshiPay, expected to rise to 31% subject to completion of its latest investment.
“Working with the IOTA Foundation allows SatoshiPay to explore new technology with a clear focus on scalability of its business. We are excited about the potential new opportunities that could open up from this initiative and that SatoshiPay is taking steps to optimise its business model,” said Tony Fabrizi, chief executive of Blue Star.
Shares in Blue Star Capital were up 13% at 0.368 pence Monday.
By Adam Clark; firstname.lastname@example.org
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