As per the latest reports, an announcement has been made by the New York Digital Investment Group (NYDIG) about its latest acquisition. The NYDIG has announced that it has successfully acquired Bottlepay, a micropayment service based in the United Kingdom.
The New York Digital Investment Group is known for making investments in Bitcoin (BTC). The NYDIG has announced that it has successfully acquired Bottlepay for a huge fee. It is being estimated that the deal between the two firms for the acquisition of Bottlepay has been finalized for a price ranging between $280 million and $300 million.
NYDIG had its eye on Bottlepay for a while because it was back in February of 2021 when NYDIG supported Bottlepay in its funding round. NYDIG had reportedly supported Bottlepay in the seed funding round and helped it raise $15.4 million.
The particular funding round for Bottlepay had been led by Alan Howard, a billionaire investor from Britain. As a result of the funding round, Bottlepay had successfully amassed a market valuation worth $50 million.
Bottlepay is prominently known all over the United Kingdom and the European region for its unique and supportive functionalities. The mobile application powered by Bottlepay utilizes the Bitcoin Lightning Network for processing fast and swift transactions.
Through the application provided by Bottlepay, the users from the particular regions are able to send and receive small amounts. The users can make micropayments that are processed in the form of traditional fiat currencies and Bitcoin. The traditional fiat currencies being referred to are EUR and GBP.
Towards the end of the first quarter of 2021, Reddit and Discord had reportedly launched their digital applications for their users. Just like Reddit and Discord, Bottlepay also helped Twitter in the integration of payments for Bitcoins through the platform.
Bottlepay made it extremely easy for Twitter users to transfer funds to other Twitter/Bottlepay users with a unique and easy tweet format. This way
Pete Cheyne, the founder of Bottlepay has expressed his joy and optimism about the future of Bottlepay after being acquired by NYDIG. He stated that he is more than confident that Bottlepay would still be able to achieve the same and even higher goals after being acquired by the NYDIG.
NYDIG is currently counted among one of the major leaders in the cryptocurrency and finance industry. As NYDIG would use services and technology offered by Bottlepay, it will mix its own expertise with the protocol, taking it to the next level.
Unfortunately, the Bottlepay project ended up closing its operations due to the enforcement of the AML regulations back in 2019. It was the European Union (EU) that introduced the anti-money laundering regulations, forcing Bottlepay to cease its operations.