A U.K. tech firm has raised a £1.6 million ($2 million) investment for an app that allows users to send Bitcoin (BTC) using their social media accounts. As reported in the North East Times, Oct. 11, Newcastle company, Block Matrix, received the funds to further develop its Bottle Pay platform.
“Allow everyone to use Bitcoin”
The Bottle Pay platform lets users transfer Bitcoin using their social media accounts. This enables payments to any social media contact regardless of whether they have a Bottle Pay account.
The Bottle Pay app will allow users to easily access the platform. Founder, Pete Cheyne, explained:
“We are trying to break down the barriers to allow everyone to use Bitcoin. [...] What we want to do is to let people authenticate into the app with an account they already have and trust.”
Future developments
Block Matrix is planning to increase the number of active users of Bottle Pay tenfold over the next year before seeking further investment through venture capital.
The company also has plans to enter the retail and commercial services market with a payment platform allowing merchants to accept Bitcoin payments through Bottle Pay.
Meanwhile, there have been other platforms trying to integrate digital currency payments into social media directly.
Blockchain-based internet browser, Brave, for example, enables users to tip for social media content on Twitter, Vimeo and Reddit, using its native Basic Attention Token (BAT).
In August, Cointelegraph reported on another company Appics applying blockchain technology to reward users for their time and creativity spent on online content.