Kuala Innovations has funded its first bitcoin industry startup.
Jim Mellon, executive director of Kuala Innovations – and reportedly one of Britain’s richest men – confirmed the news, telling CoinDesk the group now owned 10% of SatoshiPay, a bitcoin micropayments solution aimed at content providers.
Mellon added:
“This is the first investment Kuala has made in a bitcoin-related company; previously it has invested in medical technology.”
He said Kuala was “very attracted” to the concept of frictionless micropayments.
Although Mellon declined to divulge specifics, SatoshiPay said in a blog post that Kuala Innovations had invested €160,000 ($179,341) in seed funding.
Kuala’s contribution, the post said is part of a larger funding round led by blockchain-focused investment company Coinsilium.