NYDIG Subsidiary Bottlepay Becomes the First Lightning Company to be a Registered Cryptoasset Business with the FCA
Registration marks a milestone in the maturation of Bitcoin's Lightning Network and will further the development of the financial infrastructure of the future
NEW YORK and NEWCASTLE, England, Jan. 11, 2022 /PRNewswire/ -- NYDIG, a leading bitcoin company, announced today that its subsidiary Bottlepay, a Bitcoin-based global payments company, has been granted registration as a Cryptoasset Business from the United Kingdom's Financial Conduct Authority (FCA). Bottlepay is one of a small number of cryptoasset firms to have secured such approval and is the first Lightning Network payments company to have done so.
FCA registration requires firms to demonstrate that they comply with the UK's anti-money laundering and counter-terrorist financing regulations. Businesses dealing with cryptoassets must register with the FCA to operate within the UK.
"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."
By harnessing the power of Bitcoin's Lightning Network, Bottlepay is building a global and open instant payment network. For consumers, the Bottlepay app can be used to send payments in bitcoin, pounds, or euros instantly and without fees. Bottlepay also offers multiple integrations with some of the world's largest social networks like Twitter and Discord. For businesses, Bottlepay's infrastructure and APIs will soon be available to make integrating instant bitcoin payments seamless.
"We are incredibly proud of what the Bottlepay team has accomplished," said Yan Zhao, President of NYDIG. "Securing FCA registration is a breakthrough event and is a testament to NYDIG's and Bottlepay's commitment to compliance. Together with Bottlepay, we will continue to work hard to make the Bitcoin network accessible to all."
NYDIG provides Bitcoin technology and financial services solutions to banks, insurers, corporations, and institutions. The firm and its products meet the industry's highest regulatory, audit, and governance standards. NYDIG has subsidiaries that maintain both a BitLicense and a Limited Purpose Trust Charter from the New York State Department of Financial Services.
Bottlepay is available in the UK and across Europe. For more information, please visit bottlepay.com.
NYDIG is a bitcoin company powering a more inclusive economic system. Delivering technology and financial services to businesses in a broad range of industries, its full-stack bitcoin platform is built to the highest security, regulatory, and operational standards. NYDIG is the gateway to a new era of financial products that make bitcoin more accessible for all. Learn more at nydig.com, or connect on LinkedIn and Twitter.
Bottlepay builds payment products on top of the Bitcoin and Lightning networks so that consumers and businesses can leverage the open monetary system of the future. Bottlepay adheres to the UK's anti-money laundering regulations.