Mode Launches An App to Purchase Bitcoin Using Bank Cards

News / 04.02.2020

Mode is a British company that offers financial services and is backed by Twitter’s joint founder, Biz Stone. The company has launched its Bitcoin (BTC) banking app devices running iOS.

The app is now available worldwide, except in the U.S. This was revealed by Finextra which focuses on fintech, on February 4. The app can be used to purchase Bitcoin using bank cards or through a bank transfer. The additional processing of the funds is through digital assets custodian BitGo.

It seems the app permits almost instant funding of credit through a Faster Payments process. According to Ariane Murphy of the company, the app caters for issues regarding transaction restrictions, low speed or high cost, security lapses and poor user experience common to Bitcoin apps.

Any interested users need to undergo a Know Your Customer procedure before they can use the app and it is done through an identity verification technology powered by AI.

The company was established in 2018 and its parent firm known as R8 Group is a fintech company based in UK. R8 Group opened a waiting list for the app about four months ago, as it was accessible to users only through invitation.

The people within the cryptocurrency domain have been looking forward to an approach to speed up slow Bitcoin transactions. Another layer is added to the blockchain of Bitcoin by the Bitcoin Lightning Network, allowing the creation of payment channels between any two parties on that additional layer. This allows transactions to happen almost instantly at very low or even non-existent fees.

In recent times, researchers at the Massachusetts Institute of Technology have proposed another way out and it is capable of remarkably reducing transaction times on Bitcoin blockchain and likewise enhances profits.

 

Featured image courtesy of ModeBanking. Source: Cryptopress.

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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.