Derek Lew of Blue Star Capital interviews Meinhard Benn, CEO of Satoshi Pay

Derek Lew of Blue Star Capital #BLU interviews Meinhard Benn, CEO of Satoshi Pay about Pendulum, its smart contract network dedicated to connecting fiat payment networks to decentralised finance (DeFi) networks.

Background to the private presale of Pendulum's PEN token
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.

About Blue Star Capital

Blue Star is an investing company with a focus on new technologies. Blue Star's investments include SatoshiPay Limited, a payments business using blockchain technology; 6 early-stage to mid-level esports companies, including Guild eSports plc, a global eSports business headquartered in London whose lead investor is David Beckham and Dynasty eSports Pte Ltd., an eSports platform with a mission to become the largest eSports franchise in Asia; Leaf Mobile Inc., a mobile leading free-to-play mobile games group; NFT Investments plc, a company that engages, partners, incubates and develops non-fungible tokens; and Sthaler Limited, an identity and payments technology business which enables a consumer to identify themselves and pay using just their finger.