Business
Pendulum raises $5 million
Pendulum raises $5 million.
About this update from Blue Star Capital Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9906Q\n Blue Star Capital plc\n 02 November 2021\n \n \n \n \n 2 November 2021\n \n \n \n \n \n Blue Star Capital plc\n \n \n (\"Blue Star\" or the \"Company\")\n \n \n \n \n \n \n \n \n Pendulum raises $5 million\n \n \n \n \n \n Blue Star Capital plc (AIM: BLU), the investing company with a focus on esports, payments, technology and its applications within media and gaming, notes the announcement by SatoshiPay, one of its investee companies, earlier today.\n \n \n \n \n \n SatoshiPay has announced that Pendulum, its smart contract network dedicated to connecting fiat payment networks to decentralised finance (DeFi) networks, has raised $5 million in\n an oversubscribed private sale round of its upcoming PEN token from strategic partners.\n The funds raised will be used to continue the development of Pendulum.\n \n \n \n \n \n Background to the private presale of Pendulum's PEN token\n \n \n \n \n \n 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.\n \n \n \n \n \n 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.\n \n \n \n \n \n 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.\...