Twitter-Backed Fintech Startup Launches Bitcoin Banking App

Fintech Startup Launches Bitcoin Banking App

Mode, the financial services firm backed be Twitter co-founder Biz Stone, has rolled out its Bitcoin (BTC) banking app on iOS devices.

Fintech-focused media outlet Finextra announced that the British company made its app available internationally, with the exception of the United States.

With as much as £ 50 ($65) customers can start using the app and buy Bitcoin with bank cards or through a bank transfer. The funds are further processed by BitGo, the custodian of digital assets.

The app ostensibly allows users to credit funds via a Faster Payments process almost instantly. Ariane Murphy, head of communications and marketing at Mode, said that:

“The Mode app addresses transaction restrictions issues, low speed/high cost, lack of security and most importantly, tackles the poor user experience typically associated with Bitcoin apps.”

Mode requires users to undergo a Know Your Customer process prior to using the app, which is conducted using AI-enabled identity verification technology.

Mode, the UK-based fintech firm R8 Group’s parent company founded in 2018, opened a waiting list for the app last October, making it available initially only through invitation.

Industry players have long been on the lookout for ways to accelerate sluggish Bitcoin transactions. The Bitcoin Lightning Network adds a further layer to Bitcoin’s blockchain, allowing users to create payment channels on that extra layer between any two parties. It means almost immediate purchases, with fees that are extremely low or even inexistent.

A group of researchers at the Massachusetts Institute of Technology recently revealed a new solution that can significantly reduce transaction times based on Bitcoin blockchain and even boost profits.

It is worth noting that, Jack Dorsey, CEO of Twitter, decided to release emojis for Bitcoin as of February 2. This raised concern if the other giant messaging companies like Telegram will follow suit. Thus, when a Twitter user types Bitcoin, a picture showing its symbol will appear next to it.

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Abdulhay Mahmoud 414 Articles
Abdulhay Mahmoud is a creative writer with over 15 years of experience in journalism, translation, and investor relations. He has B.A in English and Literature from a reputable University. He recently became a contributor at Cryptolydian.com to fulfill his thirst in reporting digital coins and blockchain-related news, an interest was built over the years.