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November 2, 2021

NYDIG takes over bitcoin payments app Bottlepay

By Shalini mani

Bitcoin-focused investment solutions provider NYDIG has bought UK-based bitcoin payments app Bottlepay for an undisclosed sum.

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The acquisition follows NYDIG’s investment in Bottlepay’s £11m seed funding round earlier this year.

Bottlepay, founded in 2019 by Pete Cheyne, enables instant payments in bitcoin as well as other currencies without fees.

The app also provides numerous integrations with social media platforms including Twitter and Discord.

It uses Bitcoin’s Lightning Network to facilitate global micropayments, which earlier were charged high service fees on traditional payment rails.

In June this year, Bottlepay expanded its service across Europe, enabling cross-border payments across the continent using euros and bitcoin.

NYDIG plans to incorporate Bottlepay’s Lightning Network infrastructure into its current Bitcoin platform. The acquisition is expected to bolster the firm’s bitcoin offerings for businesses and consumers.

NYDIG founder and executive chairman Ross Stevens and co-founder and CEO Robert Gutmann said in a joint statement: “The Bottlepay team has built world-class infrastructure for Lightning and bitcoin payments, and they have done so with the same level of regulatory and compliance rigour that our customers expect from NYDIG today.

“NYDIG is on a mission to bring bitcoin to all, and this acquisition brings us one step closer to fulfilling that goal.”

Commenting on the deal, Bottlepay CEO Malcolm Cowley said: “At Bottlepay, we’ve set out to level the playing field. With NYDIG’s support that dream is within reach.

“As part of NYDIG, we can bring the transformative powers of Bitcoin and the Lightning Network to the world.”

Financial and payment giants are strengthening their capabilities in the crypto space as virtual currencies continue to gain momentum across the globe.

This June, Square said that it will invest $5m to develop an open-source, solar-powered bitcoin mining facility at one of the US sites of Blockstream Mining.

The initiative is part of Square’s Bitcoin Clean Energy Initiative.

Last December, bitcoin payment service provider BitPay applied for a national bank charter with the US Office of the Comptroller of the Currency.

Free Report
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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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