Mode Introduces an App for Bitcoin Purchase Using Bank Cards

News / 04.02.2020

Mode is a British company established in 2018, and its parent firm is known as R8 Group. Mode offers financial services and gets backed by Twitter’s joint founder, Biz Stone. The company recently launched its Bitcoin (BTC) banking app devices, running iOS.

The new app is now available globally, apart from in the US. This app can get utilised in buying Bitcoin using bank cards, or through bank transfers. The additional processing of the funds is through digital assets custodian, BitGo.

How the Mode App Works

The app allows almost instant funding of credit through a faster payment process. Ariane Murphy of the company noted that the app caters to transaction restrictions, low speed or high cost, security lapses, and poor user experience common to Bitcoin apps.

Interested users require to undergo a Know Your Customer (KYC) procedure before using the app. It gets done through an identity verification password by AI.

More Cryptocurrency Innovations to Enhance the Sector

The people within the cryptocurrency domain are looking forward to an approach to speed up slow Bitcoin transactions.

On the other hand, Bitcoin Lightning Network allows creating payment channels between any two parties on that additional layer. It makes the transaction happen almost instantly, at cheaper fees.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.