U.K. tech firm, Bottle Pay has reportedly raised £1.6 (an equivalent of $2 million) million investment for an application.
According to reports, the Bottle Pay application allows users to send Bitcoin through their social media accounts. Additionally, the investment is expected to be used for the development of the new app.
Bottle Pay is an application that was created by Newcastle-based, Block Matrix. The application allows users to transfer and receive Bitcoin using their social media accounts. Hence, it allows users to send Bitcoin to any existing social media connections, even without a Bottle Pay account.
The company’s major aim is to ensure Bitcoin is more accessible for all users. Notably, those who aren’t familiar with blockchains or digital currency.
Founder of Block Matrix, Pete Cheyne commented on the development. He said: “We are trying to break down the barriers to allow everyone to use Bitcoin. Our initial focus will be Bottle Pay. That is where we raised the seed fund from, off the back of the product”.
“We want people to authenticate into this app with an account they already have and trust. It is for those who are not familiar with Bitcoin, to build up that trust. Our first product is consumer-focused. Thus, we have tried to streamline it and make it like a chat message,” Cheyne noted.
The £1.6 million investment was raised from a private UK investor. Interestingly, it has helped the company expand its team from five to eight members of staff.
Based on reports, Block Matrix plans to increase Bottle Pay users from 11,000 to 100,000 within a year. Afterward, the company will raise more money through venture capital funding.
In the long run, the company wants a commanding customer base of one billion users. Cheyne said: “We want to have the biggest group of liquid Bitcoin users in the world.”
Also, the company plans to venture into the retail and commercial services market. This will be with a payment platform that allows merchants to accept Bitcoin payments through Bottle Pay.
Importantly, this is not the first time a company has attempted to integrate digital currency into social media. Last month, Brave announced its new version will enable users to tip on ad-free video platform Vimeo. As well as social news site Reddit, using its native Basic Attention Token (BAT).
To remind, days ago, the United Nations children’s agency, UNICEF announced its cryptocurrency fund. Thus, receiving, holding and disbursing donations in Bitcoin and Ethereum which helps save children.