Web3 Foundation Backs SatoshiPay’s Vision for Vortex with a Grant
We’re thrilled to announce that SatoshiPay has been awarded a grant from the Web3 Foundation to further develop Vortex, our revolutionary fiat-crypto payment gateway built on Polkadot.
“At Web3 Foundation, we are committed to supporting companies that push the boundaries of decentralized finance, especially those with real-world impact and a tangible market opportunity. Vortex’s approach to integrating fiat and crypto aligns perfectly with Polkadot’s vision for interoperability, resilience, and financial inclusivity,” said David Hawig of Web3 Foundation.
This significant milestone underscores our commitment to bridging the gap between decentralized finance (DeFi) and traditional fiat economies, addressing a multi-billion dollar problem in cross-border payments.
What is Vortex?
Emerging markets often face prohibitive costs and delays when converting stablecoins to local currencies. Vortex addresses this massive pain point by innovatively bridging fiat and crypto with local currency stablecoins, eliminating the reliance on USD as an intermediary in the fiat system. This approach simplifies the process, reduces complexity, and significantly cuts costs.
The stablecoin cross-border payment market is projected to reach $40 billion by 2027, with emerging markets seeing the largest growth. This presents a massive opportunity for scalable, low-cost solutions like Vortex.
Here’s how Vortex delivers value:
- Fiat Link via Local Stablecoins: Directly connects to local currency stablecoins, bypassing the inefficiencies of USD in the fiat system
- Onchain FX at Interbank Rates: Provides transparent, tamper-proof exchange processes with minimal slippage through the oracle-guided Vortex DEX
- Transparent and Low Fees: With up to 85% cost reduction compared to traditional cross-border payment solutions, Vortex offers a clear competitive edge in a rapidly growing market.
Powered by Pendulum’s stablecoin infrastructure powered by the $PEN token, Vortex allows users to convert USD stablecoins to local fiat currencies with ease, helping merchants, freelancers, and businesses meet their off-chain spending needs.
Why Web3 Foundation Supports Vortex
The Web3 Foundation, known for its support of groundbreaking blockchain initiatives, saw potential in Vortex. By leveraging Polkadot’s multi-chain architecture, Vortex aligns with the foundation’s mission to foster decentralized technologies that enhance global financial inclusion.
Vortex has attracted interest from key players in both the crypto and traditional finance sectors, including discussions with industry leaders like Metamask, Ramp, and Papaya Global. This signals strong market demand and real-world validation for the platform.
The Road Ahead
The grant will accelerate the development of key Vortex Milestones, such as:
- Polkadot Offramp: Allowing Polkadot users to swap stablecoins like USDC to local fiat currencies such as EUR via Pendulum’s Spacewalk bridge.
- Expanding access: Expanding stablecoin access across Polkadot parachains via Cross-Consensus Messaging (XCM).
- Global Reach: Launching in key markets, including Brazil and Argentina, where the need for affordable cross-border payments is most critical.
- Increasing efficiency: Upgrade Pendulum’s Stellar-Polkadot bridge Spacewalk, eliminating the need for liquidity-locking vault operators and increasing efficiency.
Why It Matters
In today’s fast-paced global economy, Vortex provides the missing fiat link for stablecoin transactions, unlocking immense opportunities for businesses, individuals, and DeFi applications alike. By reducing costs and enhancing transparency, Vortex is set to become a cornerstone of global financial inclusion.
“This grant from Web3 Foundation is a testament to the transformative potential of Vortex,” said Alexander Wilke, CEO of SatoshiPay. “Our shareholders’ decision to match this support with an equity round highlights the confidence we have in Vortex to revolutionize cross-border payments and drive real-world impact.”
As part of our commitment to scaling this groundbreaking project, SatoshiPay shareholders have decided to match the Web3 Foundation’s grant and are preparing to close a seed financing equity round in the upcoming weeks. This initiative underscores our confidence in Vortex’s potential and paves the way for even greater advancements.
Stay tuned for more updates on our journey as we bring Vortex to life!
About SatoshiPay
Founded in 2014, SatoshiPay is a blockchain pioneer dedicated to driving innovation in decentralized finance. Our projects and spin-offs, including Pendulum, Nabla and Vortex, empower businesses and individuals to navigate the new frontier of digital payments.
Join the Revolution
Explore more about Vortex at vortexfinance.co. Follow us on X @Vortex_Fi and @SatoshiPay for the latest updates.
Disclaimers
The content or any information in this announcement is not a financial promotion and does not constitute an offer to sell or a solicitation of an offer to buy any tokens or to invest in any application or to use any application. It is intended solely for informational purposes.
Web 3.0 Technologies Foundation provides funding but does not endorse, control, or have any involvement in the final products or services developed by the grantee. Any projects or applications created are the sole responsibility of the grantee. Web 3.0 Technologies Foundation assumes no responsibility or liability for any action, product, or services provided by the grantee.
Web 3.0 Technologies Foundation assumes no liability for any claims or damages whatsoever associated with your reliance on this announcement and your use, inability to use, or your interaction with other users within the application, including any direct, indirect, incidental, special, exemplary, punitive or consequential damages, or loss of profits, cryptocurrencies, tokens, or anything else of value.
This information should not be construed as financial, legal or professional advice. Always conduct your own due diligence before making any decisions.
