Further re Pendulum: Spacewalk launch on Pendulum
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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 recent update announcement made by Pendulum, a company incubated by Blue Star's investee company SatoshiPay, that its blockchain bridge connecting the Stellar and Polkadot networks, 'Spacewalk', is now live on the Pendulum network.
Pendulum describes Spacewalk as a trust-minimised decentralised bridge between the Polkadot and Stellar ecosystems, enabling efficient transfers of fiat-backed stablecoins and cryptocurrencies, and serves as a critical link that allows the Pendulum chain to leverage the vast array of fiat-backed stable tokens available on the Stellar blockchain, paving the way for the development of a fiat-based decentralised finance ecosystem.
This integration is an important step forward in uniting Stellar's fiat-anchored currencies with the DeFi capabilities of Polkadot. In addition to Stellar's native token, XLM, the following stablecoins are now bridgeable through Spacewalk; EURC; AUDD; NGNC; TZS; and BRL.
PEN, the native token of Pendulum, will serve as the transaction fee currency within the network. Pendulum has implemented a cap on the volume of assets that can be bridged, as a part of the company's security protocol during the initial stages of the phased launch. Following the successful completion of subsequent phases, the cap will be steadily raised to permit a greater asset volume transfer.
Blue Star holds a 27.9 per cent. stake in SatoshiPay, and SatoshiPay has an interest of 5.5 per cent. of Pendulum's future PEN tokens.
About Pendulum
Pendulum provides decentralised blockchain technology for modernising traditional financial infrastructure. Its interoperable blockchain brings together high-quality fiat tokens in a single, powerful DeFi network. Pendulum's Forex-optimised app ecosystem enables seamless integration into global banking with full compliance, merging TradFi and DeFi within a scalable blockchain ecosystem.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.