Newcastle fintech firm Bottlepay has announced it is closing its app two years after the company was acquired by a US crypto company in a $300m shares deal.
The company has been disrupting the digital economy since its launch in 2019, driven by initial seed funding of £11m and a subsequent takeover by leading bitcoin company New York Digital Investment Group (NYDIG). The deal value was never confirmed by NYDIG but was understood to have been paid in shares worth between $280m and $300m.
Bottlepay announced the app’s closure on social media and on its website, saying: “We’re very sorry to say that the Bottlepay consumer app will be closing on Monday 24th July 2023. Before that date, you should withdraw your funds, either as Bitcoin or fiat currency, from the Bottlepay app. Over the coming days, we will be stopping all deposits and exchanges from fiat to Bitcoin. Therefore, you will only be able to exchange from Bitcoin to fiat and withdraw both fiat and Bitcoin.
