Blue Star Capital PLC (AIM:BLU) told investors that its 50%-owned business SatoshiPay has drawn down £1 million from its secured loan facility, with the new funds being used in SatoshiPay’s digital asset treasury.
The loan is secured against those assets, and Blue Star will retain any increase in their value.
It noted that SatoshiPay has also achieved the second set of milestones under its Web3 Foundation grant.
It included launching its Vortex exchange platform in Brazil and enabling USDC-to-fiat conversions via Pendulum’s Spacewalk bridge. SatoshiPay expects to receive about US$130,000 in non-dilutive funding as a result.
We are delighted that SatoshiPay and Blue Star have completed all necessary legal and corporate structural arrangements to allow SatoshiPay to drawdown the Loan and expand its digital asset treasury operations,” said executive chair Tony Fabrizi.
"These funds together with those provided via the recent Web3 grant put SatoshiPay in an excellent position to build Vortex so it can gain increased market traction."