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Blue Star's SatoshiPay significantly amends cryptocurrency giveaway
Technology investment company Blue Star Capital noted an update from its investee company SatoshiPay on Thursday.
The AIM-traded firm said that on 13 November, it was announced that the Stellar Development Foundation had pledged to credit the first 100,000 users creating a wallet through SatoshiPay with 500 'lumens' (XLM) each.
Due to the feedback SatoshiPay received from various publishers and partners, coupled with the price fluctuations of XLM, it had now been agreed with the SDF that the giveaway be amended from 500 XLM distributed to 100,000 users, to 50 XLM distributed to 1,000,000 users.
"In order to maximise the impact of the giveaway, the decision has been made to roll out the programme in incremental stages, called 'waves'," Blue Star explained in its statement.
"Wave 1 which commenced on 4 April at 1644 CET, will result in 50 XLM being granted to a total of 4,444 users on a first come first served basis, representing a total of 222,200 XLM.
"SatoshiPay believe that this issuance of XLM will help kick-start the SatoshiPay ecosystem."
Blue Star said the XLM granted could be used on any SatoshiPay enabled website.
Additionally, the company noted that SatoshiPay now aimed to implement use of a euro-pegged token for top-ups, pricing and payments in order to mitigate the impact of XLM price volatility.
"Once completed, SatoshiPay believes it will be the first company to use a stable blockchain token in a consumer product."
Finally, Blue Star also said SatoshiPay was working on extending its API and preparing software development kits for mobile app developers, making it possible for third party developers to build on top of SatoshiPay's payment infrastructure.
"The company sees this first wave as an important milestone for its investee company, and believes it will assist in both growing the user base and raising the profile of SatoshiPay."