Link copied 
Mode, a London-based fintech firm, has launched its bitcoin banking app to make the leading digital currency “accessible to everyone at the touch of a button.” The iOS app is available to users globally, except in the U.S.
The company said the app has been launched to “bring down the barriers and open up the Bitcoin market to everyone.” On these lines, users just need £50 to get started. They will be required to complete the Know Your Customer (KYC) requirements to open a Mode account. Once whitelisted, they can deposit GBP via bank transfer and buy Bitcoin within seconds.
According to a press release, Mode charges a fee of 0.99% at the time of buying and selling bitcoin. Users can buy the digital currency with bank cards or via a bank transfer, which is then safeguarded through leading digital asset custodian, BitGo.
The company doesn’t, however, charge for transferring GBP in and out of users’ accounts. The company said that funds are credited almost instantly via Faster Payments.
Commenting on the launch, Ariane Murphy, Head of Communications and Marketing, Mode, said that the app has been pilot tested with around 1,000 early subscribers, adding that their feedback was “very positive.”
“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,” said Murphy. “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.”
Founded in 2017, Mode is advised and backed by Twitter co-founder Christopher Isaac "Biz" Stone, who also acts as a non-executive director of R8, Mode’s parent company – a UK fintech group which raised $5 million last April. Prominent members of the R8 Group include serial entrepreneur Jonathan Rowland and Biz Stone.
“Mode has removed needlessly complex processes from their app, building a beautiful and responsive UI and UX rivalling that of the major challenger banks—while also launching a completely new and innovative Bitcoin product,” Biz Stone said.
Mode said that it plans to launch a bitcoin interest-generating product later this year, allowing users to “earn passive income on their bitcoin holdings without having to touch their assets.”
