LONDON, UK: SatoshiPay has announced that Pendulum, its smart contract network dedicated to connecting fiat payment networks to decentralised finance (DeFi) networks, has raised $5 million in an oversubscribed private sale round of its upcoming PEN token from strategic partners.
The funds raised will be used to continue the development of Pendulum.
Pendulum is an open-source blockchain built on the stable and existing Substrate framework that aims to establish the missing link between fiat and the DeFi ecosystems through a sophisticated smart contract network. It is intended that Pendulum will connect DeFi to the foreign exchange market, building automated market makers (AMMs) to introduce scalable liquidity pools for fiat currencies, and create yield earning opportunities for fiat token holders.
SatoshiPay started the development of Pendulum in April 2021 and later, in May 2021, received an R&D grant from the Stellar Development Foundation to advance its development.
The first prototype of Pendulum, which features a bridge to Stellar and AMM, similar to that found in Uniswap, is now available on SatoshiPay’s internal Pendulum testnet. SatoshiPay expects that the next stages of development for Pendulum will include a public testnet and mainnet, the introduction of sophisticated smart contracts to the Stellar network while simultaneously adding a set of robust fiat assets to the Polkadot/Kusama ecosystem.
Pendulum has raised $5 million for its further development by the private sale of PEN tokens. The directors of the Company have been advised that the funding allows for SatoshiPay to be contractually retained to continue to develop Pendulum.
Successful token presale and future launch of the Pendulum blockchain is a critical step towards SatoshiPay commercialising its core technology, thereby creating a number of advantages for SatoshiPay and its shareholders.
Quote from Meinhard Benn” “We are extremely satisfied with the outcome of Pendulum’s private token presale. The fact that we were significantly oversubscribed shows us that there is strong demand for our upcoming network and token. New relationships with specialised funds, platforms and protocols formed during the presale will help us to firmly establish the Pendulum network and its PEN token which we aim to develop into major building blocks of the rapidly growing decentralised finance industry.”
Quote from Derek Lew: “SatoshiPay established Pendulum, a wholly owned subsidiary, as a vehicle to leverage foreign currency exchange across multiple blockchains for its DTransfer solution and this increased access utilising Pendulum is expected to build significant value for SatoshiPay. SatoshiPay has been carried in Blue Star’s accounts at a valuation based on the last external fund raising which took place in March 2019. Since then SatoshiPay has launched DTransfer and now Pendulum and the board looks forward to the future for SatoshiPay with optimism and intends to explore how this can be best realised for Blue Star and its shareholders.”
Leave a Reply