Blue Star Capital plc (LSE:BLU) has announced that its investee company SatoshiPay Ltd has secured certification for German research and development tax credit claims exceeding €900,000, alongside progress in its Vortex payments platform and a potential new blockchain-related investment.
The investment company, which focuses on blockchain and payment technologies, said SatoshiPay’s Pendulum and Vortex research projects had received certification under Germany’s Forschungszulage research and development tax incentive programme.
SatoshiPay has submitted the claims to the German tax authorities and currently expects to receive the proceeds in early 2027, subject to the completion of the relevant tax assessments.
Blue Star has also agreed to provide SatoshiPay with an unsecured convertible bridge loan facility of up to €50,000 to support short-term working capital requirements while the company awaits the anticipated tax credit payments.
SatoshiPay Secures Certification for More Than €900,000 in German R&D Tax Credits
SatoshiPay has received certification for its Pendulum and Vortex research projects under Germany’s Forschungszulage programme.
The certification supports research and development tax credit claims totalling more than €900,000.
The claims have been submitted to the German tax authorities, with SatoshiPay anticipating receipt of the proceeds in early 2027.
However, the final amount payable and the timing of any payment remain dependent on the tax assessment process.
SatoshiPay and its advisers have expressed confidence in the claims, although the company emphasised that there is no guarantee regarding the amount or timing of any proceeds.
Based on its current operating plan, SatoshiPay estimates that receipt of the anticipated funds would provide more than 12 months of operational funding from the date of payment.
The potential proceeds would support continued development and commercialisation of its payments and foreign exchange infrastructure.
Blue Star Provides €50,000 Convertible Bridge Loan
To address SatoshiPay’s immediate working capital requirements, Blue Star Capital has agreed to provide an unsecured convertible loan facility of up to €50,000.
The arrangement is intended to bridge the period before the anticipated receipt of the German research and development tax credit proceeds.
The facility carries a non-compounding coupon of 5% for each 30-day period on amounts drawn.
Coupon payments become payable only upon receipt of the German tax credit proceeds.
The loan is repayable from those proceeds and must, in any event, be repaid by 28 February 2027.
If any principal remains unpaid after the maturity date, Blue Star may make a one-time election to exchange the entire outstanding funded principal for a new Simple Agreement for Future Equity, or SAFE.
Such an exchange would not immediately result in the issue of shares.
Instead, the new SAFE could convert into equity at a subsequent qualifying event under its terms.
Any accrued coupon would remain separate from the exchange and would not form part of the SAFE principal.
Blue Star confirmed that the new facility does not amend SatoshiPay’s existing SAFE arrangements.
Vortex Signs International Payments Provider as New Client
SatoshiPay has reported commercial progress at Vortex, its payments and foreign exchange infrastructure platform.
Vortex has signed an international payments provider as a new customer.
According to SatoshiPay, the potential transaction flows associated with the client could reach tens of millions of US dollars per month.
However, processing has not yet commenced.
Activation remains subject to outstanding compliance and onboarding requirements involving banking partners.
The company cautioned that neither the start of payment processing nor the anticipated transaction volumes are guaranteed.
If successfully activated, the relationship could represent an expansion of Vortex’s commercial activities and transaction-processing capabilities.
The agreement reflects SatoshiPay’s efforts to establish Vortex as infrastructure for international payments and digital asset transactions.
Brazilian Real Integration Targets Larger Stablecoin Transactions
Vortex is also progressing the activation of a Brazilian real account with access to Brazil’s Pix payment system.
The proposed integration is intended to improve liquidity within Pendulum’s decentralised foreign exchange infrastructure.
It is also designed to support larger transactions between Brazilian real and stablecoins.
SatoshiPay is undertaking additional technical development to reduce foreign exchange conversion costs and improve transaction pricing for business customers operating in Brazil.
The work includes enhancements to liquidity management and exchange rate functionality.
These developments form part of Vortex’s strategy to improve access between traditional currencies and blockchain-based payment systems.
The company has not provided a timetable for full activation of the Brazilian real account.
Vortex Introduces 30 Product Updates and More Than 160 Software Changes
SatoshiPay reported substantial product development activity at Vortex since June 2026.
During this period, the platform implemented 30 product updates covering more than 160 individual software changes.
Among the principal developments was the launch of a business dashboard that allows customers to register, complete verification procedures and request or execute stablecoin transactions.
The platform has also introduced improved partner integrations and customer account functionality.
Additional changes include partner-specific pricing, a self-service developer testing environment and updated technical documentation.
SatoshiPay has also introduced market-referenced exchange rates for Brazilian real and Colombian peso transactions.
Other enhancements include the restoration of stablecoin on-ramping through Ethereum, improved automated handling of delayed cross-chain transfers and additional customer verification procedures in Brazil.
The company said the updates are intended to improve the platform’s functionality, accessibility and operational efficiency as it develops its commercial customer base.
Pendulum Begins Testing PEN Token Migration to Base
Within the Pendulum ecosystem, testing has commenced for the migration of the PEN token to the Base blockchain network.
The development follows the earlier migration of Pendulum’s decentralised foreign exchange exchange, or FX DEX, to Base.
The testing programme represents a further stage in the technical development of the Pendulum ecosystem.
SatoshiPay has not announced a completion date for the token migration.
Separately, the company is evaluating potential artificial intelligence-assisted financial administration services for small and medium-sized businesses in Germany.
The proposed services remain at an exploratory stage.
Any further development will depend on SatoshiPay’s assessment of customer demand and commercial viability.
No commercial launch timetable has been disclosed.
Blue Star Capital in Advanced Talks Over Decentralised Browser Investment
Blue Star Capital also confirmed that it is in advanced discussions regarding a potential minority investment in a business developing a decentralised web browser.
The proposed investment target is developing an open-source, cryptocurrency-native browser incorporating a built-in digital wallet and native support for decentralised protocols.
Blue Star believes the investment could provide opportunities for collaboration with companies already held within its portfolio.
One potential opportunity involves integrating Vortex’s fiat-to-cryptocurrency infrastructure into the browser ecosystem.
Such an integration could provide additional distribution opportunities for Vortex’s payments technology.
The proposed investment would be funded entirely from Blue Star’s existing cash resources.
However, discussions remain ongoing, and the company cautioned that there is no certainty a transaction will be completed.
Blue Star has not disclosed the identity of the potential investee business, the proposed investment amount or an expected completion date.
SatoshiPay Focuses on Commercial Development and Funding
The latest update highlights two principal priorities for SatoshiPay: progressing the commercial adoption of Vortex and securing funding to support continued operations.
The anticipated German research and development tax credits represent a potential source of funding for the company’s development activities.
If the claims are approved and paid at the anticipated level, SatoshiPay expects the proceeds to provide more than 12 months of operational funding based on its current business plan.
In the meantime, the €50,000 bridge loan from Blue Star is intended to address shorter-term working capital requirements.
Commercial progress at Vortex includes the newly signed international payments customer, continued development of Brazilian real payment infrastructure and a series of product enhancements.
However, the potential payment volumes associated with the new customer remain conditional on the completion of compliance and onboarding requirements.
The company will need to demonstrate successful activation and transaction processing before the commercial contribution of the relationship can be assessed.
Blue Star Capital Outlook
Blue Star Capital’s near-term priorities include monitoring the outcome of SatoshiPay’s German research and development tax credit claims and supporting the continued commercial development of Vortex.
SatoshiPay currently anticipates receiving the tax credit proceeds in early 2027, although the timing and amount remain subject to approval by the German authorities.
The bridge loan facility provides up to €50,000 in interim funding, with repayment due by 28 February 2027.
Operationally, SatoshiPay will focus on activating its newly signed international payments customer, advancing Brazilian real payment infrastructure and continuing technical improvements across Vortex and Pendulum.
Blue Star is also evaluating a potential minority investment in a decentralised browser business, which could create opportunities for collaboration with its existing blockchain and payments investments.
No agreement has yet been confirmed for the proposed investment.
The company said further announcements would be made as appropriate.
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