The fully compliant and revamped Bottlepay app returns by September 2020, featuring fiat integration and supporting Bitcoin tweets. The service will enable users to spend BTC from their national currency as Pete Cheyne (founder of Bottlepay) told the crypto news media yesterday.
As reported, the first version of this app was shut down by the creators at the end of 2019. Knowing that the 5AMLD EU regulation would be coming into effect by January 2020, the app wanted to be fully compliant and scalable. Therefore, Bottleplay returns by September as a joint decision by the team, however with a completely new interface and only the “essence” of the previous version preserved.
To do this, the app had to get acquainted with regulations, with a 25-year veteran in traditional finance and banking named Mark Webster became the company’s CEO. Private investors funded Bottlepay with $1 million, helping the app to double the team and make a comeback this year.
Now, Bottlepay returns and is in talks with other potential investors as it is looking to raise more capital to speed up its growth, as the founder said, without specifying. All this will allow for new features to be introduced such as buying Bitcoin (BTC) with a single tap and scheduling automatic BTC purchases.
Also, one of these in the integration of fiat currency in the app to avoid exposure to price fluctuations:
“One of the core features of the app is that our users can actually hold a balance in GBP or EUR, and spend that as bitcoin on demand. There’s no conversion process. There’s no need to hold bitcoin, and you can suddenly now interact with the new sort of digital payments world,” Cheyne said.
Finally, it's time for our first app preview! There's a lot to digest in this little clip, so here's a handy checklist:
🤹♀️ blended #bitcoin across layers 1&2
🔀 cross balance payments
🐦 social/sms payments
🤝 push/pull payments
🤩 rich media context
More to come next week! pic.twitter.com/wWhqZlRcpv
— Bottlepay (@bottlepay) June 26, 2020
The app will be available in the UK and the European Economic Area (EEA) first. Therefore, GBP and EUR will be supported initially and other fiat currencies will be added later. The company already talked with certain partners over expansion to other territories, too.
Meanwhile, the previous version was hitting over 100% in terms of month on month growth, adding “tens of thousands of users,” while not spending “a penny on marketing,” said Cheyne.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]