New York Digital Investment Group (NYDIG), a firm known for its investment in BTC investment, revealed in a media statement that it had acquired Bottlepay, a bitcoin micropayment based in the United Kingdom for a fee estimated around $280 million to $300 million.
Earlier in February, NYDIG has participated in a funding round organized by the micropayments firm where it committed $15.4 million in the total $50 million valuations of the company. The funding round, however, was led by Alan Howard, a British Investor.
Research shows that the mobile application of Bottlepay uses the BTC Lightning Network, and it enables users in the United Kingdom and all across Europe to transfer small amounts of the digital asset (Bitcoin) and other fiat currencies like Euro and GBP – a service called micropayments.
The company had earlier this year announced its integration with Reddit and Discord and has recently had a breakthrough in its integration with Twitter for BTC Payments. This service allows users holding small amounts to send to other users by just using a simple command for the Bottlepay Twitter bot.
Speaking on his optimism on how the future of the company will look like after NYDIG acquired it, Pete Cheyne, the CEO of Bottlepay, said, “We are very happy to partner with such reputable leader in the financial industry as NYDIG who has a similar vision with us on the future of payments and money.”
In late 2019, every operation of Bottlepay ceased after the European Union introduced a new anti-money laundering policy. Their developer, which is based in the United Kingdom, Block Matrix, stated that the strict law had affected the privacy and the identity of the community they built, and it has affected the continuation of the project.
After the shutdown, the micropayments firm experienced a complete overhauling in the core infrastructure of its BTC wallet to align with the requirement of the 5th AML directive of the European Union, which is aimed at achieving transparency in every digital asset’s transaction in Europe.
Ross Stevens, the executive chairman and founder of NYDIG, and Robert Gutman, the CEO and the co-founder of the company have released a joint statement to express the credibility in the regulatory framework of Bottlepay as they witnessed;
“The system and infrastructure on which Bottlepay is built are world-class and this is just like its compliance to regulatory. Our company is on a mission of making BTC accessible to everyone, and this acquisition takes us closer to our goal.”