In Brief:
- NYDIG has acquired Bottlepay, a startup focused on Bitcoin’s lightning network, for around $300 million.
- The purchase was confirmed by paying in shares equal to 3% shares of NYDIG’s stock.
- The acquisition closed earlier this week.
The New York-based crypto company, NYDIG purchased British Lightning payment startup, Bottlepay. NYDIG will acquire the company in a deal worth approximately $280 to $300 million. NYDIG has confirmed its purchase by paying in shares that are equivalent to 3% of NYDIG’s shares.
Though the NYDIG spokesperson declined to comment on the matter, the people familiar with the deal informed about this purchase. The acquisition was completed earlier this week.
Bottlepay is a Lightning network platform, founded in 2019. The company facilitates lightning payments translates to – instant payments in a wide range of currencies including bitcoin. Bottlepay focuses on faster payments to make deposits and trades speedily.
NYDIG is a bitcoin company aimed to build an inclusive financial system that helps institutions to create their own financial products and trading tools.
NYDIG has been quite active on the bitcoin trading front recently. Only last month, it landed a deal with Chainalysis to help the firm’s balance sheet to purchase and custody bitcoin. A renowned asset management company, Soros Fund Management also invested in NYDIG. Along with this, Wells Fargo and JPMorgan have partnered with NYDIG to offer bitcoin funds for their clients in August.
Earlier in this year, NYDIG collaborated with Fiedelity National Information services allowing hundreds of U.S. banks to offer crypto services for customers. Soon after, NYDIG along with enterprise tech giant NCR corporation enabled 650 U.S. banks to offer bitcoin purchases to their customers.
