By awais ahmed
On Dec 15, 2020
SatoshiPay, the global payment company, will be the first user of the stablecoin of the oldest German bank. It was shortly after the creation of this stablecoin.
Blue Star Capital Inc. is an investment company with a focus on esports, payments, and technology. Blue Star Capital has a 27.7% interest in SatoshiPay shares capital. The company announces that SatoshiPay will begin to use EURB in their platform. According to the press release, SatoshiPay has signed the partnership with the German Bankhaus von der Heydt (“BDVH“) to be the user of the euro-backed stablecoin.
BDVH introduced stablecoin EURB on the Stellar network with the partnership of Bitbond. Bitbond is responsible for the integration of EURB to the BDVH. BDVH wants to implement the EURB based money payment system within the 36 European member countries. With the help of that system, people can transfer euro-based payments.
SatoshiPay plans to integrate EURB into its cross-border payment systems. SatoshiPay has DTransfer, which serves local or global payments platforms. It is a low-cost solution for cross-border payments. Meinhard Benn, CEO of SatoshiPay, commented:
“We are very pleased with the progress made in 2020, particularly in the B2B cross-border money transfer space by launching our new service DTransfer. We are seeing strong market interest and have signed 11 business clients from the world expecting to transfer over £70m annually using DTransfer. It feels like we have created a hit product, and we will endeavor to build recurring revenues in 2021.”
Stablecoins are the cryptocurrencies that peg their value to a specific currency such as USD or the assets. Some stablecoins derive value from the group of fiat-currencies or other cryptocurrencies. Stablecoins are created to lower the volatility of cryptocurrencies and to make them more reliable. The most famous stablecoins are USDT, USDC, and TrueUSD.
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