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").

FX DEX Technology Update

Further to the announcement of 1 April 2026, development of the decentralised foreign exchange ("FX DEX") infrastructure within the Pendulum ecosystem has continued to advance, leveraging Nabla Finance's AMM technology. Separately, SatoshiPay has continued to progress the development and commercial rollout of Vortex, its fiat-to-crypto infrastructure platform.

As part of these developments, the Pendulum community completed the migration of the FX DEX and its associated liquidity to the Base blockchain network. This migration is intended to improve settlement efficiency for fiat-to-crypto flows and provide access to Base's aggregated stablecoin liquidity.

Following deployment on Base, Pendulum's FX DEX has achieved approximately US$3 million in monthly foreign exchange volume for EURC and BRLA swaps to and from USDC. SatoshiPay expects the migration to support improved liquidity management for its SEPA-to-crypto ramp infrastructure by enabling liquidity to be rebalanced through Base's broader stablecoin ecosystem.

Spacewalk Bridge

As a consequence of the migration to Base and SatoshiPay's focus on developing stablecoin infrastructure within that ecosystem, Pendulum intends to deprecate the Spacewalk bridge on Wednesday, 8 July 2026. The migration to alternative bridging infrastructure is expected to reduce the need for locked collateral and free up liquidity that may be redeployed within the Vortex ecosystem.

Corridor Expansion

SatoshiPay has also progressed the commercial rollout of Vortex through the transition of certain regional partnerships from development into production.

In the Americas, Vortex has launched fiat-to-crypto corridors across Mexico, Argentina, Colombia and the United States through its integration with Alfredpay. This integration includes know-your-business support, local fiat account handling and dynamic routing.

In Europe, SatoshiPay has relaunched its SEPA fiat-to-crypto ramp in partnership with Mykobo. The upgraded flow is headless, operates independently of any user interface, and API-led, supporting EURC on-ramping and off-ramping.

Product Development

SatoshiPay is also continuing to develop Vortex for use in programmable and automated fiat-to-crypto workflows. Vortex has released documentation for AI agent-ready integrations, designed to allow developers to integrate Vortex into automated fiat-to-crypto workflows.

In addition, SatoshiPay is prototyping and piloting two further product flows:

• a direct-to-DeFi onboarding flow, intended to allow users to move from traditional bank accounts into a yield-bearing Morpho vault while abstracting the crypto conversion process; and
• a bank transfer-triggered fiat-to-crypto flow, intended to allow business users to access stablecoin settlement rails through a standard bank transfer without requiring the user to register separately for a ramp or manually request a quote in advance.

Outlook

SatoshiPay continues to focus on scaling Vortex as fiat-to-crypto settlement infrastructure for institutional and business payment flows. The migration of liquidity to Base, the launch of additional regional corridors and the development of automated payment workflows are expected to support the continued commercial development of Vortex across both institutional settlement and decentralised finance use cases.

The Company will provide further updates in due course.

The Directors of the Company take responsibility for this announcement.

About SatoshiPay