1 June 2023

Blue Star Capital plc

("Blue Star" or the "Company")

Pendulum announces Spacewalk bridge is released on Amplitude

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 Amplitude. 

Pendulum describes Spacewalk as a trust-minimised decentralised bridge that 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. As the pioneering bridge connecting the Stellar network with the Polkadot and Kusama ecosystems, Spacewalk enables the seamless transfer of stable tokens from Stellar.

Pendulum is committed to advancing foreign exchange ("Forex") trading into the blockchain space to integrate a tranche of the $6.6 trillion traded daily in Forex markets. It is hoped that the Spacewalk bridge will serve as a critical component providing the necessary stablecoin liquidity to facilitate Forex trading.

In future, it is expected that Spacewalk will be extended to other prominent blockchain networks such as Cosmos and Ethereum.  Pendulum consider that the importance of merging traditional finance with the cryptocurrency space is becoming increasingly acknowledged in the market.

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 investments include SatoshiPay Limited, a payments business using blockchain technology; 4 early-stage to mid-level esports companies, including Guild eSports plc, a global esports business headquartered in London 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.

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.