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SatoshiPay Completes New €650,000 Funding Round

Bitcoin startup SatoshiPay has celebrated another major milestone, with the completion of a funding round worth nearly €650,000 (US$691,000).

The micropayments company, which aims to provide online content monetization through a Bitcoin-supported framework, announced it had raised the capital from investor Blue Star Capital, as part of a wider funding round reported to be worth €1 million (US$1.06 million).

Once complete, the funding round will value SatoshiPay at €6 million, reflecting the extent of its growth in recent times, reflecting the improving prospects of Bitcoin and blockchain-based technologies. The company expects to complete the funding round later this week, with the additional capital to be used in further enhancing the scale and technology underpinning the business.

Tony Fabrizi of Blue Star Capital said the investment would lead to significant opportunities for both companies, as SatoshiPay embarks on the next high-growth phase of its development.

“We are delighted to be investing in SatoshiPay at this exciting stage in its development,” he said. “We believe the market opportunity for SatoshiPay is potentially vast and we look forward to working with SatoshiPay's management to help maximize this opportunity.”

The funding comes just a year after SatoshiPay raised €160,000 in its initial drive for funding. Since then, it has also unveiled a number of other projects, including a collaboration with Visa Europe that will hook up SatoshiPay wallets with the wider Visa network.

The investment is the latest in a series of high-profile capital injections in blockchain and FinTech startups, as private investors and governments alike become increasingly sympathetic to the significant benefits developing the blockchain can bring.

Blue Star Capital mainly invests in digital services companies, and the exposure marks a significant move for the company into Bitcoin and the blockchain sphere.

The funding is now expected to help SatoshiPay move to the next level, reaching a wider number of consumers and publishers, while making significant inroads into mainstream markets.

The news comes at a time when Bitcoin and blockchain startups are gathering significant attention from investors, the media and other stakeholders.