Bitcoin (BTC) investment firm New York Digital Investment Group (NYDIG) has announced the acquisition of UK micropayment service Bottlepay for an estimated fee of between $ 280 million and $ 300 million.
NYDIG previously participated in the company’s $ 15.4 million seed funding round in February.
Bottlepay’s mobile application service leverages the Bitcoin Lightning Network and enables users across the UK and Europe to transfer small amounts, called micropayments, from Bitcoin and traditional fiat currencies such as the pound sterling and the euro.
In March, following previous integrations from Discord and Reddit, the digital application announced the integration of Bitcoin payments with the social networking platform Twitter, allowing account holders to send the asset using the simple tweet format of “@bottlepay send 1,000 sats to @twitteruser”.
Bottlepay founder Pete Cheyne shared his optimism about the future of payment services following its acquisition by NYDIG:
“When we started building Bottlepay, we wanted to tap into the financial infrastructure of the future. We are excited to join an industry leader like NYDIG who shares our vision for the future of money. “
Related: NYDIG raises $ 100 million and launches a bitcoin-powered insurance initiative
Bottlepay ceased operations in late 2019 after new anti-money laundering rules were introduced in the European Union on the project.
Following this saga, Bottlepay overhauled the core infrastructure of its Bitcoin wallet to comply with the European Union’s 5th Anti-Money Laundering Directive, an initiative to improve the transparency of digital transactions across Europe.
Ross Stevens, Founder and Executive Chairman of NYDIG, and Robert Gutmann, Co-Founder and CEO of NYDIG, shared a joint statement on the regulatory credibility they experienced within the Bottlepay service:
“The Bottlepay team has built a world-class infrastructure for Lightning and Bitcoin payments with the same rigorous regulatory and compliance priority that our customers have come to expect from NYDIG today. NYDIG is committed to making Bitcoin available to everyone, and this acquisition brings us one step closer to that goal. “