SpacePay is a London-based financial technology company that has developed a decentralized payment protocol designed to enable merchants to accept cryptocurrency payments through existing point-of-sale (POS) hardware. The platform facilitates the conversion of crypto payments from customers into the merchant's local fiat currency at the point of transaction.

Overview

SpacePay aims to bridge the gap between the traditional retail sector and the digital asset economy by simplifying the process of in-store cryptocurrency transactions. The company's core product is a software solution, specifically an Android Application Package (APK), that integrates with existing Android-based POS terminals commonly used by businesses worldwide. This approach is intended to lower the barrier to entry for merchants, as it eliminates the need for specialized or additional hardware to begin accepting digital currencies. The system is designed to make a crypto payment feel as seamless as a conventional credit or debit card transaction for both the customer and the merchant. ^[1]

A central component of the SpacePay model is the mitigation of volatility risk for merchants. When a customer pays with a supported cryptocurrency, the SpacePay protocol handles the transaction and conversion process, ensuring the merchant receives the exact sale amount in their chosen fiat currency, such as GBP, USD, or EUR. This protects the business from potential losses that could occur due to fluctuations in the value of the cryptocurrency after the sale is completed. The project is supported by a native utility token, $SPY, which is integrated into its ecosystem to provide governance rights, rewards, and other benefits to its holders. The company has received recognition from UK-based innovation programs, including Barclays Eagle Labs and UK Research and Innovation (UKRI), positioning itself within the UK's fintech startup scene. ^{[1] [2]}

The project targets the growing global population of cryptocurrency users, which it estimates to be over 400 million people, presenting them as a potential new customer base for participating retailers. By providing real-world utility for digital assets, SpacePay seeks to encourage the use of cryptocurrencies for everyday purchases. The company's operations are guided by a stated commitment to regulatory compliance, with the goal of being operable in all non-sanctioned nations. The development and expansion of the platform are funded in part through private investment and a public presale of its native $SPY token. ^{[1] [2]}

History

During 2022 and 2023, SpacePay gained industry recognition when it received the "New Payment Platform of the Year" award at the Corporate LiveWire Global Awards. This award provided early validation for its business concept and technology within the financial technology sector. ^[2]

Prior to August 2024, the project achieved several key development and financial milestones. The team completed the development of its Minimum Viable Product (MVP), demonstrating the core functionality of its payment platform. During this period, SpacePay also secured $750,000 in a private funding round from investors. The company later executed a buy-back option related to this investment to reinvest in its growth and initiated the process of acquiring intellectual property to protect its technology. ^[2]

On February 5, 2025, SpacePay announced that its platform was capable of supporting payments from over 325 different cryptocurrency wallets, highlighting the interoperability of its system. Following these developments, the project launched a public presale for its native token, $SPY, to raise funds for further development and ecosystem expansion. The presale allowed participants to purchase $SPY using a variety of cryptocurrencies and traditional bank cards. ^{[3] [4]}

Technology

SpacePay's technology is centered around a decentralized payment protocol that is designed to be terminal-agnostic, meaning it can function with a wide range of existing card payment machines without requiring proprietary hardware.

Core Infrastructure

The foundation of the SpacePay system is a payment APK (Android Application Package) that merchants can install on their existing Android-based POS terminals. This software-centric approach is a key aspect of the platform's design, as it avoids the significant costs and logistical challenges associated with deploying new physical hardware to retail locations. By leveraging the infrastructure that merchants already have in place, SpacePay aims to accelerate adoption and reduce implementation friction. The protocol is described as decentralized, indicating that it is built to operate without relying on a single central point of failure for transaction processing, enhancing its security and reliability. The system's compatibility was highlighted by its support for over 325 distinct cryptocurrency wallets, allowing a broad range of crypto users to interact with the platform. ^{[1] [3]}

Transaction Process

The transaction flow is engineered for simplicity and speed, mirroring the user experience of traditional card payments. The process unfolds in several stages:

1. A customer at a participating retail location chooses to pay with cryptocurrency.
2. The merchant inputs the sale amount into their POS terminal, which runs the SpacePay APK.
3. The customer uses their mobile cryptocurrency wallet to scan a QR code or use another method to approve the transaction, sending the specified amount of digital currency.
4. The SpacePay protocol receives the cryptocurrency, instantly verifies the payment, and handles the conversion to the merchant's designated fiat currency.
5. The merchant receives a confirmation of the successful transaction on their POS terminal and receives the exact sale amount settled in their local fiat currency.

This entire process is designed to be completed in seconds, ensuring it does not disrupt the flow of retail operations. ^[1]

Key Features

The platform offers distinct features tailored to both merchants and cryptocurrency users.

For Merchants

• Volatility Shield: The most critical feature for merchants is the automatic conversion of crypto payments into fiat currency. This insulates them from the price volatility inherent in the cryptocurrency market.
• No New Hardware: By functioning as a software installation on existing Android POS devices, the solution eliminates the need for capital expenditure on new equipment.
• Expanded Customer Base: The platform enables businesses to cater to the global crypto-holding population, which SpacePay identifies as a market of over 400 million potential customers.
• Simplified Operations: The system is marketed as being as straightforward to use as traditional payment methods, requiring minimal staff training.

For Users

• Real-World Utility: It provides a practical and direct way for individuals to use their digital assets for everyday purchases in brick-and-mortar stores.
• Broad Wallet Support: Compatibility with over 325 wallets ensures that a large majority of cryptocurrency users can access the service without needing to switch to a specific wallet provider.
• Seamless Experience: The payment process is designed to be fast and intuitive, similar to using a mobile payment app.

These features collectively aim to create a payment ecosystem that is accessible, secure, and beneficial for all participants. ^[1]

Tokenomics

The SpacePay ecosystem is powered by its native token, SPY, which serves roles in governance, utility, and rewards.

SPY Token

The SPY token is the central element of the SpacePay platform's economic model. It is designed to grant holders specific rights and benefits, encouraging participation and long-term investment in the ecosystem. ^[2]

Token Distribution

The total supply of SPY tokens is capped at 34 billion. This supply is allocated across several categories to support the project's growth, development, and community engagement. The official distribution plan is as follows:

• Public Sale (ICO): 20%
• Strategic Partnerships & Ecosystem: 18%
• Marketing & Community Building: 18%
• User Rewards & Loyalty: 17%
• Reserve Fund: 12%
• Development: 10%
• Founders: 5%

This allocation structure is intended to balance the needs of public investors, strategic partners, the development team, and the community of users. ^[2]

Token Utility

The SPY token provides a range of utilities to its holders, which are designed to foster a loyal and engaged community.

• Governance and Voting: Token holders are granted the ability to participate in the platform's governance by voting once a month on key proposals. These proposals can influence decisions regarding new features, strategic initiatives, and token-related policies.
• Revenue Share: A revenue-sharing model is planned, which will allow SPY token holders to earn a form of passive income derived from a portion of the platform's transaction revenue.
• Loyalty Airdrops: To incentivize active use of the platform, monthly airdrops of SPY tokens are distributed to the most active wallets, rewarding consistent engagement.
• Exclusive Access: Holders gain access to exclusive events and information, including 45-minute quarterly "Quarterly Connect" webinars with the SpacePay leadership team. These sessions provide updates on project progress and future plans. Holders may also receive early access to new products and features before they are released to the general public.
• Charitable Contributions: The platform incorporates a social impact feature where a portion of revenue is allocated to match charitable donations made by SPY token holders to a curated list of pre-approved charities.

During its presale phase, the price for the token was set at $0.003181 per SPY. ^{[2] [4]}

Team

The SpacePay leadership team and advisory board consist of individuals with experience across marketing, retail, and Web3 partnerships.

• Maxwell: CEO and Founder
• Karen Bradley: Chief Marketing Officer (CMO)
• Sherif: Head of Retail Partnerships
• Ian: Payments Partnership Advisor for MENA and EU
• Kannan: Payments Partnership Advisor for Oceania
• Hamza: Web 3 Partnerships Advisor
• Giacomo: Web 3 Marketing Advisor

The provided documentation lists the core team by their first names and roles, outlining the structure of the project's leadership. ^[2]

Partnerships and Recognition

SpacePay has engaged with several established UK institutions and has been featured in various media outlets, contributing to its credibility and visibility.

Institutional Recognition

The project has been recognized by or participated in programs associated with prominent UK organizations. These include:

• Barclays Eagle Labs: A startup incubator and accelerator network operated by Barclays Bank, which supports high-growth businesses in the UK.
• UK Research and Innovation (UKRI): The UK's national funding agency for science and research, which provides support and funding to innovative projects through bodies like Innovate UK.

These associations suggest that SpacePay has been vetted and supported within the UK's technology and innovation ecosystem. ^[1]