Europe’s largest digital publisher Axel Springer SE has partnered with blockchain startup SatoshiPay to enable direct payments using blockchain, investment news agency London South East reports on Jan. 31.
Blockchain micro payment firm SatoshiPay has reportedly started a collaboration with Axel Springer yesterday, Jan. 31, in order to develop a platform enabling readers to pay for content using SatoshiPay Wallet.
According to the article, the new blockchain solution will enable direct payments eliminating third party involvement, and will be integrated into Axel Springer products in order to get experience in user acceptance.
The press release was provided by tech-focused investment firm Blue Star Capital (BLU), which reportedly has a 30 percent stake in SatoshiPay. Blue Star Capital has seen a rise in share price subsequently after the partnership announcement, with its shares having reportedly grown by 20 percent to 0.16 pence ($0.21) on Jan. 31, as reported by British daily tabloid newspaper Morningstar.
Valentin Schöndienst, senior vice president of new business and “Mr. Blockchain” at Axel Springer, said that blockchain tech has the potential to enable a new option for content monetization by reducing transaction costs significantly.
Axel Springer SE is the biggest digital publishing company in Europe, containing a number of media news brands including Business Insider, Rolling Stone and others. The company reportedly generated around 3.3 billion euros ($3.7 billion) in total revenues in the financial year of 2015.
Earlier in January, blockchain tech firm ConsenSys joined a project developing a new revenue-generating news platform by WordPress, the world’s most popular website management system. Through an investment of $350,000, ConsenSys joined leading publishing industry organizations such as Google News, The Lenfest Institute for Journalism and The John S. and James L. Knight Foundation.
SatoshiPay and Axel Springer
cooperate on blockchain technology usage
Commencing on 31 January 2019, SatoshiPay and 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.
Dr Valentin Schöndienst, Senior Vice President New Business, Axel Springer SE states:
“Blockchain payments can significantly reduce transaction costs and thus enable new monetisation systems for content. SatoshiPay offers a turnkey solution that allows us to instantly use blockchain technology and offer it to our customers”.
Meinhard Benn, Founder and CEO of SatoshiPay [also: formerly Chief Software Officer @ Blockchain Industries] says:
“We are excited to work with Axel Springer, who recognise the immense potential of blockchain technology. As one of the few companies with a market-ready blockchain payment solution, we are focused on bringing this technology from laboratories 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.
We would also like to thank the Stellar Development Foundation, which supports this cooperation with a seven figure partnership grant.”
SatoshiPay uses the Stellar blockchain for secure worldwide payment processing in a matter of seconds. This is possible for any form of value, including Euro and Dollar transfers.
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 different blockchain ledgers into the simplicity and stability of a standardised programming interface (API).
About Axel Springer
Axel Springer SE is the largest digital publishing house in Europe, with leading multimedia news brands such as Business Insider, Bild, Die Welt and Upday. It employs more than 15,000 people and generated total revenues of over €3.5 billion in 2017. Digital media activities contribute more than 60% to its revenues. Headquartered in Berlin, Germany, the company is active in more than 40 countries with subsidiaries, joint ventures, and licensing.
SatoshiPay was founded in 2014 and is headquartered in London, with development led through its Berlin office. SatoshiPay offers a frictionless micropayment solution to help digital publishers monetise content globally. The SatoshiPay platform is based on scalable blockchain technology supplied by the Stellar.org network. Find frequently updated information at the company’s website www.satoshipay.io, its blog www.medium.com/@SatoshiPay and Twitter @SatoshiPay.
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