Saturday, 19 September 2020

New Bottle Pay App by Block Matrix Lets Users Send Bitcoin on Social Media, Secures $2 Million

A UK tech company known as Block Matrix is developing an app dubbed Bottle Pay that will let users to transfer Bitcoin via their social media networks. The company has announced that it has received a funding of about $2 million to fully develop the app, North East Times reports.

The Newcastle based company says the Bottle Pay platform user’s experience is seamless as possible and will allow users to transfer Bitcoin to any of their social media contacts irrespective of whether they have an account with Bottle Pay or not.

According to the company’s founder Pete Cheyne, the aim of the Bottle Pay app is to allow everyone to easily use Bitcoin. Cheyne explained that his company is looking forward to eliminating the barriers prohibiting the masses from using Bitcoin. He continued to explain that all that people will do is authenticate into the platform using an account which they already use and trust.

Currently, Block Matrix is in the process of enhancing the number of active users within the platform and is targeting to increase the number of users tenfold in the next one year before it can seek more investment from venture capitalists. Currently, the company enjoys a user base of more then 15,000 wallets and is targeting to hit the 1 billion users mark.

Plans are also underway for the firm to venture into the retail as well as commercial sectors with another payment platform which will let businesses to accept Bitcoin payments via Bottle Pay.

Interestingly, Bottle Pay platform will not allow its users’ to authenticate the platform using Facebook because they hide the canonical ID of users. They say they can't reliably link a wallet to an Facebook account as they can on Twitter. Not linking Bottle wallet to Facebook account is not because of Libra or anything similar, as some stated. However, at the moment users can authenticate their accounts using Instagram.

Meanwhile, according to Cointelegraph there are other platforms which are also working on integrating digital currency payments into various social media networks directly. For instance, Brave, a blockchain-based web browser, allows users to tip for social media content on various social media platforms like Reddit, Twitter and Twitter using Basic Attention Token (BAT).

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