SatoShiPay, the Stellar-based blockchain startup with the vision to make micropayments a reality on the internet has secured a marketing grant from the Stellar Development Foundation (SDF). The SatoshiPay platform has been in development for the past two years and this year it finally launched starting out with a partnership with Europe’s largest publishing house Axel Springer.
The startup aims to make micropayments popular thing across all industry not just in publishing. In a blog post announcing the receipt of the SDF grant, SatoshiPay wrote that:
“After two years of pioneering work at the forefront of blockchain technology, our solution is now ready for mass adoption in the publishing sector and beyond.”
The post also provides extra details on the proposed use of the grant. The grant will basically fund the marketing campaign to promote micropayments. SatoshiPay clients will the vision to incorporate micropayments into their business models will receive a marketing grant as well from the initial grant to facilitate promos ion of their service to their customers. In a tweet by SatoshiPay, the clients will receive as much as €100k worth of store credits.
The tweet reads: “Open call to all builders and makers: We want to hear about your ideas involving micropayments and support the most promising business ideas with up to €100k of user credits.”
The way this particular grant system works is that the customer will be incentivized to sign up to the partner’s service in exchange for free store credits. For instance, “Let’s say you are building a platform for users to buy and listen to podcasts. We like your concept and decide to give you €100,000 in the form of 10,000 user invitations. This means that your first 10,000 users will receive €10 worth of credits which they can spend on your website for free.”
Basically what this means is that they received funds that they will be giving out to their clients in the effort to popularize their clients’ businesses and by extension micropayments through cryptocurrencies.
“To support us in our mission, the Stellar Development Foundation (SDF) has provided us with a Marketing Grant that allows us to give credits to every new SatoshiPay user and thus help our growth,” the blog post read.
Speaking on the rationale to push for wider adoption through client program sponsorships, Emanuel Coen, the growth manager at SatoshiPay said that:
“We try to cater to an audience of builders and makers of great products who are still looking for ways to monetize where seamless micropayments make sense. We want to improve the user experience and in return, we can help them with user acquisition.”