SatoshiPay Update

Blue Star Capital plc (AIM: BLU), the investing company with a focus on blockchain and payments provides the following updates related to its investee company SatoshiPay Ltd ("SatoshiPay").

Vortex Update

During Q1 2026, Vortex, SatoshiPay's fiat-to-crypto infrastructure platform, established a record monthly transaction volume, achieving US$10 million in January 2026. This compares with US$4.8 million recorded in December 2025, and represents a significant milestone with January's volume exceeding the platform's total cumulative transaction volumes since launch, which stood at US$9.9 million as at 31 December 2025.

In the following two months, Vortex achieved a further US$7.8 million in transaction volumes, comprising US$6 million in February 2026 and US$1.8 million in March 2026. These reduced transaction volumes were a consequence of temporary outages of the platform in order to complete necessary platform infrastructure upgrades, along with ongoing internal compliance reviews associated with onboarding and scaling institutional counterparties. In addition, a major institutional client of the platform and user of the Vortex Brazilian PIX-based settlement rails is in the process of changing its banking partner, which also resulted in a significant reduction in transaction volume.

SatoshiPay expects these factors to resolve in the near term, supporting a return to, and further growth of, established volume levels.

Expansion of FX DEX Technology

In March 2026, SatoshiPay expanded its decentralised foreign exchange ("FX DEX") technology, powered by Nabla Finance's ("Nabla") AMM technology and operated by Pendulum, through the deployment of a decentralised exchange for EURC-USDC trading (Euro-denominated stablecoin to US dollar-denominated stablecoin) onto the Base blockchain network. This follows the successful technical test completion in late March 2026 and the subsequent deployment of the relevant smart contracts.

Two additional DEX aggregators were cleared to integrate the DEX in March 2026, which is expected to bring both an increased number of users and volumes to the protocol.

This deployment represents the initial commercial testing of SatoshiPay's FX DEX infrastructure within a high-volume decentralised trading environment, with a focus on delivering low-fee, low-slippage FX trading to Base users, positioning Pendulum's FX operations as an efficient alternative to standard DEX competitors.

Retail Product Development

SatoshiPay is also progressing development of its Vortex widget aimed at retail users. The company is developing functionality to enable fiat-to-crypto conversions to be deployed directly into yield-generating decentralised finance ("DeFi") protocols. A proof-of-concept is currently in prototype phase, with further updates expected in due course.

Outlook

The Company notes that SatoshiPay's quarter was affected by more volatile transaction volumes across its Vortex platform than seen in the previous quarter. However, demand for compliant, low-cost fiat-to-crypto settlement infrastructure remains strong, and with the necessary platform works completed and the continued development of its FX DEX infrastructure, SatoshiPay is confident it will see transaction volumes return to higher levels and that the company is well positioned to scale across both institutional payment flows and decentralised trading applications.

The Directors of the Company take responsibility for this announcement.

About SatoshiPay