SatoshiPay 2021 in Review
Following the crypto boom in 2020, decentralized finance has grown tenfold into a $250 billion industry in 2021. Seeing the massive opportunities in DeFi applications for cross-border payments, SatoshiPay has begun working on Pendulum, a new exciting project that aims to disrupt the payment industry by connecting fiat to DeFi.
Kickstarting Pendulum
Since the beginning of the year, we have been developing Pendulum, a blockchain that aims to establish the missing link between the fiat and the DeFi ecosystems through a sophisticated smart contract network. Pendulum will allow connecting 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.
By October 2021 we have completed Pendulum’s testnet prototype that allows developers to start building DeFi applications and presented the demo at Stellar’s Meridian conference.
We have seen a great success in Pendulum’s private sale that proves the huge demand for connecting traditional payment industry to innovative DeFi applications.
$5m Raised in Pendulum Private Presale
The SatoshiPay team has raised $5m for building Pendulum from an oversubscribed private sale round of the upcoming PEN token, with strategic partners from all over the world. Among the presale participants were coinIX, LD Capital, Duck DAO, 6K Starter, CRT Capital as well as high-profile angel investors like Daniel Masters and Shiyan Koh (Hustle Fund).
With new resources added, Pendulum aims to launch its public testnet and mainnet, introduce sophisticated smart contracts to the Stellar network, and add a set of robust fiat assets on the Polkadot/Kusama ecosystem.
Pendulum’s testnet is currently being built and will launch shortly.
Executive management changes
We are excited to announce that Alexander Wilke has become the new CEO of SatoshiPay. Alex joined SatoshiPay in 2016 as a COO and helped build and shape the company from the ground up.
After 7 years of leading SatoshiPay, Meinhard Benn will focus on strategy and investor relations as a new Chairman of the Board at SatoshiPay while remaining a director of SatoshiPay along with Alex and Daniel Masters.
We are thrilled to welcome Daniel Kisluk as first-ever CMO at SatoshiPay. With proven achievements in the crypto and technology sectors, Daniel will apply his 15-year experience in strategy and leadership to help Pendulum grow.
New developments at DTransfer
Our B2B cross-border money transfer service DTransfer, which triggered the development of the Pendulum concept, will grow at a steady pace in the coming months. DTransfer is getting ready for first Pendulum-based test money transfers and preparing transfer corridors with solid fiat stable coins in place.
We have been working hard on DTransfer’s go-to-market strategy, testing new marketing channels and building our client base of early adopters.
2022 Outlook
A major goal for Pendulum now is to become a Polkadot parachain — a blockchain running on the decentralised node infrastructure of the Polkadot network. The major advantages of launching as a parachain are a strong engaged community of developers and a secure decentralised network from day one. To achieve that, SatoshiPay plans to launch Pendulum on Kusama, the pre-production environment for Polkadot, and win a Polkadot parachain auction.
New exciting corridors are coming in 2022 for DTransfer — we will be able to send payments worldwide from Europe, UK, North America, New Zealand and Australia.
With several new hires in 2021, we continue to actively grow our team — join us: https://satoshipay.io/careers
Stay tuned!
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Twitter: @SatohiPay @pendulum_chain @DTransferHQ
LinkedIn: SatoshiPay
