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Axel Springer Partners with SatoshiPay

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Axel Springer Partners with SatoshiPay

The largest digital publisher in Europe, Axel Springer SE has announced its partnership with blockchain startup company SatoshiPay to enable direct payments using blockchain.

SatoshiPay which is a Blockchain micro payment firm was reported to have started a collaboration with Axel Springer on Jan. 31, with the aim of developing an enabling platform for readers to pay for content using the SatoshiPay Wallet.

According to reports, the new blockchain solution will enable direct payments while eliminating third party involvement, and it will be integrated into Axel Springer products in order to get experience in user acceptance.

The press release was provided by Blue Star Capital (BLU) a tech-focused investment firm, which has a 30 percent stake in SatoshiPay. Blue Star Capital has seen a rise in share price subsequently after the partnership announcement, with its shares having reportedly grown by 20 percent to 0.16 pence ($0.21) as at Jan. 31.

Senior vice president of the new business and “Mr. Blockchain” at Axel Springer, Valentin Schöndienst said that blockchain technology has the potential to enable a new option for content monetization by significantly reducing transaction costs.

Axel Springer SE is the biggest digital publishing company in Europe, it contains a number of media news brands including Business Insider, Rolling Stone and others. The company reportedly generated around 3.3 billion euros ($3.7 billion) in total revenues in the financial year of 2015.

ConsenSys also reportedly joined a project of developing a new revenue-generating news platform by WordPress, the world’s most popular website management system. Through an initial investment of $350,000, ConsenSys joined leading publishing industry organizations such as Google News, The Lenfest Institute for Journalism and The John S. and James L. Knight Foundation.

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