UK tech startup raises £1.6m for Bitcoin app

Ben Heathcote | October 14, 2019

App Deals

Block Matrix, a UK tech company based in Newcastle, has secured a £1.6 million investment to develop a new Bitcoin app. According to the North East Times, the Bottle Pay platform allows users to transfer the cryptocurrency using their social media accounts.

The startup says the platform means that users can send Bitcoin to any existing social media friends and connections, even if they don’t have a Bottle Pay account. The company hopes this will make the digital currency more accessible, particularly to those who aren’t familiar with the industry.

The funding came from private investors, which has allowed Block Matrix to expand its team to eight members of staff. Along with developing an app to go along with the Bottle Pay platform, the company also hopes to expand into the commercial and retail sector with a merchant services platform.

“We are trying to break down the barriers to allow everyone to use Bitcoin,” said Block Matrix founder Pete Cheyne, who was one of the original founders of Newcastle-based Partnerize in 2010. “Our initial focus will be Bottle Pay. That is where we raised the seed fund from, off the back of the product.

“What we want to do is to let people authenticate into the app with an account they already have and trust. It is for those who are not familiar with Bitcoin, to build up that trust. Our first product is consumer focused. We have tried to streamline it and make it like a chat message.”

According to NET, Block Matrix is planning to grow number of Bottle Pay users from 11,000 to 100,000 over the next year.

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