By
Tolu Ajiboye
April 23rd, 2024
As widespread adoption of Bitcoin increases, the market momentum continues to grow. NYDIG is focused on expanding its network to meet that demand.
Leading bitcoin firm NYDIG announced its acquisition of Bottlepay. NYDIG previously participated in the seed funding round of the Bottlepay. Along with Fintech Collective and Alan Howard, $15m was raised during the seed round. Now, NYDIG has acquired the company in a deal whose financial terms remain undisclosed.
How Bottlepay Differs from Other Payment Systems
Bottlepay unlocked the potentials of Bitcoin’s Lightning Network. The firm used it to launch a system that allows global micropayments in bitcoin or other currencies. The system solves the problem of high transaction fees associated with the Bitcoin network. Individuals and companies could now make small payments without attracting the astronomical transaction fees of regular payment rails.
Speaking about the company’s progress, the founder of Bottlepay, Pete Cheyne states:
“We have unlocked the financial infrastructure of the future in a way that will revolutionalize the payment industry.”
Cheyne believes the company’s product offering will bring equity between small businesses and larger corporations.
Following the acquisition, NYDIG will integrate Bottlepay’s Lightning network into its system. The integration will not affect the operational, regulatory, and security standards that NYDIG customers already know the company for.
Regarding this, Bottlepay CEO, Malcolm Cowley asserted:
“We’ve set out to level the playing field and that dream is within reach with NYDIG’s support.”
Acquisition and Partnership
As widespread adoption of Bitcoin increases, the market momentum continues to grow. NYDIG is focused on expanding its network to meet that demand. In October, NYDIG partnered with Q2 to launch bitcoin trading solutions. In May, the company also brokered a deal with fintech firm, FIS. Many other partnerships were also formed during this period.
Also in 2020, both companies partnered with Quontic Bank of New York to produce a bitcoin reward debit card – the first of its kind from an FDIC-backed institution. Bottlepay is the latest stop in NYDIG’s bid to bring Bitcoin to all.
“This acquisition brings us one step closer to fulfilling that goal,” stated Ross Stevens, founder and executive chairman of the company. Expanding on this, Stevens said that they “believe the next chapter of Bitcoin will be about Bitcoin – big B – the network.” Together with co-founder Robert Gutmann, the NYDIG leadership believes that Bottlepay has the proper infrastructure to help NYDIG scale its operations while adhering to operational regulations.