Axel Springer SE, the largest digital publishing house of Europe has joined hands with the start-up firm, the digital wallet of SatoshiPay, to design and develop reasonable and smaller micropayments through the Stellar blockchain network.
Post the successful collaboration earlier this week in a blog post by SatoshiPay, the digital wallet provider will allow its users to directly pay Axel Springer.
Earlier this week an announcement was made through a blog post which says,
“Powered by blockchain technology, the [SatoshiPay]wallet will be used to send direct payments from the user’s device to the publisher without an intermediary.”
This project could bring all the readership of Axel Springer into closer proximity with the blockchain technology, through brands like Upday, Bild, Die Welt and Business Insider. The firms record annual earnings of nearly €3.5 billion which is more than sixty per cent of which comes from the digital media.
Axel Springer also hopes to minimize the transaction costs for that particular income after integrating with the digital wallet of SatoshiPay.
Dr. Valentin Schöndienst, the firm’s Senior Vice President for New Business said,
“Blockchain payments can significantly reduce transaction costs and thus enable new monetization systems for content. SatoshiPay offers a turnkey solution that allows us to instantly use blockchain technology and offer it to our customers.”
This proves to be a big win for SatoshiPay as even last year the start-up firm cracked similar deals with City.AM and The Register which are the largest tech news websites of the United Kingdom.
Meinhard Benn, SathoshiPay CEO said,
“As one of the few companies with a market-ready blockchain payment solution, we are focused on bringing this technology from laboratories into the mainstream. This has been SatoshiPay’s mission since its foundation in 2014, and a partner with the tremendous reach of Axel Springer gives us the opportunity to deliver on this promise.”
The collaboration has been made possible by the Stellar Development Foundation. The Stellar Development Foundation provided a seven-figure grant to help the development of the SatoshiPay wallet. The current project will be using the Stellar blockchain but the payments can be made in any currency from dollars to euros to XLM. SatoshiPay has also shown its inclination towards purchasing other distributed ledgers. The firm has also been developing products which use other blockchain technologies and the IOTA Tangle.