28 March 2024

Blue Star Capital plc

("Blue Star" or the "Company")

Further re Pendulum: Spacewalk bridge launches on Pendulum

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.

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About Blue Star

Blue Star is an investing company with a focus on new technologies. Blue Star's two main investments are in SatoshiPay Limited and Dynasty Gaming & Media Pte. Ltd.

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.

Forward looking statement disclaimer

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions shareholders and prospective shareholder holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.