We are excited to announce a new chapter in our partnership with San Francisco-based Stellar Development Foundation (SDF): A strategic investment of $550k by SDF’s Enterprise Fund in our parent company SatoshiPay which bolsters DTransfer’s future growth and product development. Check out SDF’s press release for more information.
A long-term partnership
After our parent company SatoshiPay made contact with SDF in 2017, they began working together to grow the ecosystem for financial freedom that the Stellar distributed ledger network has become. The number of operations on the network has risen from a few per minute to 30 per second, regularly surpassing 3 million operations per day. Back in 2017, there were only a handful of nodes beside the SDF servers. Today, there are over 100 nodes.
In the spirit of the open technology community, SatoshiPay gives back generously to the ecosystem that helps growth. Here are a few of the contributions:
- Network: Satoshipay is maintaining 3 full history node clusters, Docker images to spin up your own node and a fast history sync script
- User acquisition: SatoshiPay is distributing 50m XLM to consumers via our online publishing clients like Der Aktionär
- Wallet: the release of an easy-to-use open-source Stellar wallet app called “Solar” is available on all major mobile and desktop platforms
- Research: In collaboration with TU Berlin’s Mathematics faculty, SatoshiPay is publishing a series of academic papers on the Stellar Consensus Protocol
- Standardisation: Participation in working groups for various Stellar Ecosystem Proposals
- Community: SatoshiPay is organizing Stellar meetups in Berlin and publishing developer blog posts, like How to build a Stellar-powered snack dispenser ;)
The SDF transaction
We fully trust the technology we use every day and like to benefit from its clear advantages over traditional financial infrastructure, including speed and cost. Naturally, the investment of $550k was paid in Lumens (XLM), the native currency of the Stellar network. The transaction of 8,204,187 XLM between SDF and SatoshiPay’s Stellar accounts took about 5 seconds to complete and cost a total of 0.00006 cents in network fees — truly money that moves like email.
Following fellow Berliners DSTOQ and Silicon Valley-based Abra, this is the third investment of SDF’s 8 billion XLM Enterprise Fund, which was announced at the Meridian conference in Mexico City last November and aims to supply direct venture-style funding to companies growing the Stellar network.
To receive SDF’s funds our parent company set up a Stellar account that is managed by multiple co-signers — to comply with our company’s policy requiring us to have the consent of at least two people before funds can be moved. We did this using the Solar wallet software, which ensures that each co-signing person is notified of new outgoing transactions, so they can approve them by using their personal secret access key that is only accessible by them.
Using the tools built on top of Stellar’s open, inclusive financial ecosystem to serve our daily business needs gives us a glance of a financial future that is fully decentralized. We are glad to be pioneering this future.
More posts about Stellar:
How DTransfer leverages Stellar’s decentralized currency exchange
5 Ways the Stellar Network is Changing the Global Payment Industry
Instant B2B money transfers with DTransfer
Just as SDF moved funds to SatoshiPay within seconds, we want to open up instant, transparent and low-fee money transfers to businesses and non-profits globally. Therefore our new cross-border payment service DTransfer is based on our existing Stellar technology stack, and SDF’s support is helping us greatly with this mission.
Stay updated on our progress and developments in 2021 by following our Twitter and LinkedIn and join our transfer network by getting in touch.