After Shutting Down Ahead of EU’s 5AMLD, BottlePay’s Set to Relaunch New Lightning Payment App
BottlePay, a social payment app that choose to shut down its operation in December of 2019 amid regulatory concerns, is ready for a relaunch with a new Lightning Payment App. The firm has restructured its products and services to comply with Europe’s 5th anti-money laundering directive (AMLD5). The new payment app also offers an exchange wallet with social features on Reddit, Twitter, and Discord and set for a beta launch in August.
Some of the features of the new payment app include scheduled payments to buy more bitcoin, which is quite similar to Square’s Cash App. However, this feature would be first rolled out in Europe. Users would also have the option to opt for a custodial or non-custodial wallet.
Some people pointed out the video didn't display well on mobile devices, so here's a cropped version to fix that. Hope this helps 🙌🏻 pic.twitter.com/oGdqJHICWR
— Bottlepay (@bottlepay) July 1, 2020
Pete Cheyne, a co-founder of BottlePay, said, “Lightning works in the background, without users having to manage channels.” Adding,
“There will be a small fee for exchanging between fiat and bitcoin, and vice versa. … There will also be tiers because people are interested in our app for different use cases.”
Mark Webster, CEO of BottlePay, revealed that his team of 11 employees was funded continuously by their angel investors, who were responsible for trading equity worth $2 million in 2019. He explained that the firm has no immediate plans to support any token. Webster also revealed his plans for expanding his workforce up to 35 people by 2021.
Webster went on to reveal that most of the recent hiring has been in the legal and marketing department, which helped them in restructuring their product. He said,
“I think Lightning is at the core of the strategy. As consumer demand increases, we can open more channels. You can store a fiat balance, Scan a Lightning code, and pay that from your pound or euro balance.”
The scheduled beta launch in August will be limited to the European citizens. Still, Webster said that he hopes to expand the reach of his application in the United States and hopes to launch a Telegram integration by 2021.