NYDIG acquires Bitcoin micropayments firm Bottlepay
New York-based mobile advertising and data company NYDIG has acquired Bitcoin micropayment platform Bottlepay to boost its cryptocurrency payments capabilities. The deal will allow the company to bring crypto transactions into a wider range of applications
The “nydig bitcoin strategy fund” is a new fund that will invest in blockchain-based companies. The company has acquired Bitcoin micropayments firm Bottlepay.
New York Digital Investment Group (NYDIG), a Bitcoin (BTC) investment business, has announced the purchase of Bottlepay, a micropayment service situated in the United Kingdom, for an anticipated price of between $280 million and $300 million.
NYDIG had previously invested in the business’s $15.4 million early fundraising round in February 2021, which was headed by British billionaire investor Alan Howard and resulted in a valuation of more than $50 million for the company.
Bottlepay’s mobile application service, which uses the Bitcoin Lightning Network, allows users in the United Kingdom and Europe to send tiny quantities of Bitcoin (BTC) and conventional fiat currencies like the pound sterling and euro.
Following previous integrations with Discord and Reddit, the digital application announced the integration of Bitcoin payments into social media platform Twitter in March of this year, allowing account holders to send the asset using the simple tweet format “@bottlepay send 1,000 sats to @twitteruser.”
Following the purchase from NYDIG, Bottlepay creator Pete Cheyne expressed his hope for the future of the payments service:
“Bottlepay was created with the goal of unlocking the financial infrastructure of the future. We’re thrilled to be working with a company like NYDIG, which shares our vision for the future of money.”
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Following the introduction of new Anti-Money Laundering regulations in the European Union, Bottlepay ceased operations in late 2019, with their UK-based developer Block Matrix claiming that the stringent legislation jeopardized the identity and privacy of their community and thus declining to pursue the project.
Following this ordeal, Bottlepay upgraded its Bitcoin wallet’s basic infrastructure to comply with the European Union’s 5th Anti-Money Laundering Directive, which aims to improve the transparency of digital transactions throughout Europe.
Ross Stevens, NYDIG’s founder and executive chairman, and Robert Gutmann, NYDIG’s co-founder and CEO, issued a joint statement on the regulatory credibility they saw inside the Bottlepay service:
“The Bottlepay team has created world-class Lightning and bitcoin payment infrastructure, and they’ve done it with the same regulatory and compliance rigor that our clients demand from NYDIG today.” NYDIG is on a mission to make bitcoin accessible to everyone, and this purchase takes us one step closer to that aim.”
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