Block Matrix revealed yesterday that it has raised $2 million in seed funding from a group of private investors to develop its leading product, Bottle Pay, a lightning network-based payment service.
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Currently, Bottle Pay is limited to web-based and browser extensions, allowing users to make bitcoin payments via social media platforms such as Twitter, Reddit and Telegram, and chat apps. Users simply log in to Bottle Pay, bind their social media accounts, send Bitcoin to Bottle Pay's Lightning Network Wallet, and start sending and receiving Bitcoin without the need to create additional wallets.
According to the Bottle Pay team, since the launch in June, the application's payment has increased by 100%.
Bottle Pay Operations Director and co-founder Peter O'Donoghue said:
“Bottle Pay provides users with a new and convenient way to exchange value and will provide a means of technology stack development. In general, our goal is to provide tremendous social and economic value through the technology we are creating.”
Many users see Bitcoin as a hedging, not a payment mechanism. O'Donoghue said that there are more and more sayings that Bitcoin is a hedge, but "there is a lot of problems in the world because of currency instability and political system." ". In this case, Bitcoin can help reduce the friction of global payments.
O 'Donoghue also pointed out that the user experience is one of the reasons why bitcoin payments have not fully realized their potential. He said:
“Getting Bitcoin is still challenging, and spending Bitcoin is often cumbersome, and integrating it into your existing infrastructure is also complicated.”
Bottle Pay is not the first social media-centric bitcoin payment platform. Tippin.me also provides similar services for the Bitcoin Lightning Network. In addition, there are a large number of payment services based on cryptocurrency networks such as Ripple and BCH.
When asked if Bottle Pay had plans to compete with these service providers, O'Donoghue responded, "We don't think we are competing with other reward services. We are not even in the same 'Red Sea' (referring to the existing competition). White-hot bloody, cruel market. He said that Bottle Pay is for more comprehensive bitcoin payments. "We plan to use our unique services to take advantage of the latest bitcoin technology advancements to achieve our goals and include a perfect user experience. ”
Although Block Matrix has established a project on the EOS network. O 'Donoghue said that Bottle Pay will only focus on Bitcoin.
"We believe that no other cryptocurrency project has the same level of trust and authority as Bitcoin, which is why we build products on the Lightning Network."