Newcastle fintech firm Bottlepay has been snapped up by a leading US bitcoin company in a shares deal reported to be worth up to $300m.
Bottlepay was set up two years ago by Partnerize co-founder Pete Cheyne, aiming to help people to make small digital payments to firms in an economic way.
The Hoults Yard based business created an open payment network, which is disrupting the digital economy by facilitating instant payments in a range of currencies, including bitcoin, using its Lightning Network, making global transactions viable.
Users can send payments in bitcoin or other currencies like pounds and euros instantly and without fees. The app is available throughout the 海角视频 and Europe and offers multiple integrations with some of the world’s largest social networks like Twitter and Discord.
Now NYDIG – which invested in the firm in a seed funding round earlier this year – has announced that it has acquired Bottlepay.
Financial terms were not disclosed, but it has been reported that NYDIG is paying for the deal in shares worth between $280m and $300m.
Bottlepay founder Pete Cheyne said: “When we set out to build Bottlepay, we wanted to unlock the financial infrastructure of the future.
“We believe we’ve done so in a way that will revolutionize the payments industry and make it more equitable for everyone from small businesses and creators to end consumers. We’re excited to be joining an industry leader like NYDIG who shares our vision for the future of money.”
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The acquisition will allow NYDIG to integrate Bottlepay’s Lightning Network infrastructure into its existing full-stack Bitcoin platform. NYDIG’s Bitcoin platform is built to the highest security, regulatory, and operational standards.
In a joint statement, Ross Stevens, founder and executive chairman of NYDIG, and Robert Gutmann, co-founder and CEO of NYDIG, said: “We believe that the next chapter of Bitcoin will be about Bitcoin – big B – the network.
“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 rigor 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. We are excited to welcome Bottlepay to the NYDIG team.”
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Malcolm Cowley, CEO of Bottlepay, added: “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.”
The deal comes nine months after NYDIG was involved in the seed funding round for the firm, which raised £11m and valued Bottlepay at £51m.