23 December 2022

Blue Star Capital plc

("Blue Star" or the "Company")

Pendulum Completes Crowdloan

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 announcement by Pendulum, a company incubated by Blue Star's investee company SatoshiPay, that it completed its crowdloan (the "Campaign") and is now set to become a Polkadot Parachain. 

Pendulum, a smart-blockchain infrastructure technology company that aims to decentralize forex and traditional finance, advises that the Campaign was the fastest parachain crowdloan in the history of the Polkadot ecosystem, reaching a hardcap of 300,000 $DOT (approximately £1.14 million) in approximately three minutes. The Campaign marks the highest auction hardcap since May 2022 in the Polkadot ecosystem and is seen as a demonstration of the strong support and enthusiasm for Pendulum's integration into this ecosystem.

The Company 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.

The Board of Blue Star also notes the anticipated launch of Pendulum on the mainnet in February 2023 and looks forward to further positive news for Pendulum and SatoshiPay.

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About Blue Star

Blue Star is an investing company with a focus on new technologies. Blue Star's investments include SatoshiPay Limited, a payments business using blockchain technology; 8 early-stage to mid-level esports companies, including Guild eSports plc, a global esports business headquartered in London whose lead investor is David Beckham and Dynasty Gaming & Media Pte. Ltd., whose B2B white label platform is a full-stack gaming ecosystem; and Sthaler Limited, an identity and payments technology business which enables a consumer to identify themselves and pay using just their finger.

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.