Mode, a financial services firm backed by Twitter co-founder Biz Stone and is owned by the R8 Group, has reportedly launched its Bitcoin banking mobile app. Cointelegraph reported that the UK startup has made its mobile app available globally, except in the U.S. Customers outside of the U.S. may start using the app with as much as £50 ($65) and buy Bitcoin with bank cards or through a bank transfer.
“Our new app not only enables us to capture the huge growth in the Bitcoin marketplace, but also tackles many of the issues people have with the current platforms and storage services available, which our research shows are significant. 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.”
R8 Group previously revealed details about the mobile app this past summer by explaining that the new offering “has been designed to address the issues faced by the cryptocurrency consumer market such as transaction restrictions, low speed/high cost, lack of security and poor user experience.” Stone also shared why he loves the Mode app:
“Mode’s launch has been supported by this research, which we think is a clear sign that there are huge improvements to be made in the digital asset industry – especially when it comes to attracting everyday users and building beautiful solutions. Through its new easy to use app, Mode is aiming to open up the Bitcoin market to everyone, not just tech-savvy traders or professional investors. Instead of huge deposit limits, our users can buy Bitcoin with as little as £50, and our fixed and transparent transaction fee of 0.99% is one of the lowest in the industry.”
R8 Group raised $5 million last year in an oversubscribed funding round and is backed by an experienced management team with extensive experience in the financial services and technology sectors, including Stone and entrepreneur Jonathan Rowland