In Brief:
- NYDIG subsidiary Bottlepay is now registered as a Cryptoasset Business.
- Bottlepay is the first payment company on the Lightning Network to acquire the honor.
- Bottlepay is creating a worldwide and open instant payment network by leveraging the power of Bitcoin’s Lightning Network.
NYDIG announced that the Financial Conduct Authority (FCA) of the United Kingdom has approved its subsidiary Bottlepay, a Bitcoin-based worldwide payments company, registration as a Cryptoasset Business.
Bottlepay is the first payment company on the Lightning Network to acquire the honor, and one of only a few in the world to do so. The Lightning Network is a layer built on top of the Bitcoin blockchain that allows for faster transaction processing.
“Our registration with the FCA is an achievement not just for Bottlepay, but for the Lightning Network,” said Bottlepay founder Pete Cheyne. “This registration goes to show that we can build the financial infrastructure of the future while upholding the regulatory and compliance standards of today.”
Firms must demonstrate that they follow the UK’s anti-money laundering and counter-terrorist financing legislation in order to be registered with the FCA. To operate in the UK, businesses dealing in crypto assets must register with the FCA.
Bottlepay is creating a worldwide and open instant payment network by leveraging the power of Bitcoin’s Lightning Network. The software allows users to transmit payments in bitcoin, pounds, or euros instantaneously and without incurring any costs. Bottlepay also integrates with several popular social media platforms, including Twitter, Reddit, and Discord. Bottlepay’s infrastructure and APIs will be available to businesses soon, making it easy to integrate rapid bitcoin payments.
NYDIG, which was launched in 2017 and is based in New York, purchased British payments firm Bottlepay in November for around $300 million in stock.
