SatoshiPay Receives Milestone Grant for its Pendulum Network Project
Crypto micropayments solution company, SatoshiPay, has been awarded a grant from the Stellar Foundation for the development of its Pendulum network, as the payments company looks to provide the next cross-bridge solution.
SatoshiPay Bags Significant Grant
SatoshiPay announced it had received an R&D grant from Stellar Development Foundation to commence the development of the pendulum blockchain - a new second layer blockchain that connects Stellar to the wider DeFi ecosystem.
The Pendulum blockchain is a suite of open decentralized protocols, facilitating interaction between Stellar and the wider DeFi ecosystem: in this case, Ethereum and Polkadot.
Pendulum is the latest effort in the crypto space offering support bridges between competing blockchains, following Cardano’s ongoing implementation of token cross-compatibility. The DeFi sector is becoming even more seamless and uniformly interoperable, as adoption reaches an all time high.
Stellar Foundation’s grant is a significant step towards adoption, and Meinhard Benn, CEO of SatoshiPay, is confident the latest effort is important enough to push DeFi to the wider public.
"With pendulum,” explained Benn_, “SatoshiPay is entering the protocol space which is an exciting opportunity for us to drive forward permissionless innovation and to increase our impact on the block chain ecosystem"_
Benn afterwards assured that the full-fledged decentralized layer-2 Pendulum network will be accessible to all Stellar users once the initial proof of concept is completed.
Good News for Stellar Users
SatoshiPay is very particular about establishing seamless interaction between traditional finance and the growing DeFi industry. A combination of the already impressive Stellar ecosystem with new smart contract capabilities and services like asset tokenization opens up a myriad of new opportunities for existing and potential users alike. This means crypto and fiat liquidity can freely circulate among Stellar, Pendulum and the broad DeFi economy.
“Fiat token holders on Stellar, such as individuals, institutions as well as services, will be able to put their funds to work, for example by depositing them into lending pools or by providing liquidity to AMMs”, reads SatoshiPay’s official announcement.
SatoshiPay is confident Stellar’s interoperability with top blockchain platforms like Ethereum and Polkadot will help make money more fluid for its users, markets more open, and people more empowered.
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