Biz Stone, the Medium & Twitter co-founder has invested in a financial services company called Mode. The company has just released a BTC (Bitcoin) banking application for use in iOS gadgets.
The UK-based firm said that the application will be available globally, but users in the United States would not have access to it yet. This is according to a statement the firm sent to Finextra, a media outlet that is focused on fintech companies on 4th February.
Clients will be able to start using the application with as little as $65 or £50. They will also be able to purchase bitcoins through bank transfer or using their bank cards. All funds uploaded to the application will be processed by BitGo, the custodian of the digital asset.
Mode Set to Address Security and Speed Issues
The application from Mode supposedly enables clients to upload funds to their accounts instantaneously through the use of a Faster Payments process. Mode’s head of communications and marketing, Ariane Murphy stated 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.”
Before one can start using this application, all clients will be required to undergo a detailed KYC (Know Your Customer) process. This particular procedure will be implemented through the use of verification technology powered by artificial intelligence.
Mode was founded in 2018, and its parent company is the R8 Group, a fintech company based in the United Kingdom. A waiting list for users who would like to use the Mode application was started in October 2019. At the time, applicants were only able to get on to the waiting list by invitation only from others.
Bitcoin Blockchain Still Plagued by Speed Issues
Players in the industry have for a while now been looking into ways that they can speed up BTC transactions. The Lightning Network includes an extra layer to the existing BTC blockchain making it possible for clients to produce compensation channels among any 2 participants on an additional level.