NYDIG-Subsidiary Bottlepay Gets FCA Approval as Crypto Business

The United Kingdom’s Financial Conduct Authority (FCA) is slowly approving the registration of crypto companies one at a time: the most recent one being NYDIG subsidiary Bottlepay, which is a Bitcoin-based payments company.

Announced on Tuesday, the company highlighted that it has become the first Lightning Network payments company to receive the British financial market regulator’s approval as a crypto business.

“Our registration with the FCA is an achievement not just for Bottlepay, but for the Lightning Network Lightning Network The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t The Lightning Network is a second-layer payment protocol that operates on top of a blockchain-based cryptocurrency. It enables fast transactions among participating nodes and has been touted as a solution to the Bitcoin scalability problem.This framework features a peer-to-peer (P2P) system for making micropayments of cryptocurrency via a network of bidirectional payment channels without delegating custody of funds.Transactions on the Lightning Network are only added to the blockchain when the t Read this Term,” said Pete Cheyne, the Founder of Bottlepay. “This registration goes to show that we can build the financial infrastructure of the future while upholding the regulatory and compliance standards of today.”

Lightning Network

The lightning network was introduced to overcome the limitations of the Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term network and make it suitable for making small and instant payments. However, the majority of the crypto industry is yet to adopt the supplementary technology.

Meanwhile, Bottlepay is focused on building an instant payment network and is allowing users to make payments in Bitcoin, pound sterling and euro.

“We are incredibly proud of what the Bottlepay team has accomplished,” said NYDIG President, Yan Zhao. “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.”

The FCA mandated the registration of all cryptocurrency platforms operating in the United Kingdom last year. Though the initial deadline was short, the regulator extended it until March 2022 due to the massive backlog on its part to review the submitted applications. So far only a handful of crypto companies have gained the FCA’s nod, but interestingly dozens of companies withdrew their applications, meaning they do not want to offer their services in the British market.