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Bitcoin Banking App Goes Live with Near Instant Transactions & Extremely Low Fees

Bitcoin Banking App Goes Live with Near Instant Transactions & Extremely Low Fees
  • Mode has just rolled out its own bitcoin banking app on devices for Apple and iOS now.
  • To start off the app as a customer, you need as much as £50 ($65) and buy bitcoin with bank cards or via a bank transfer.

The financial services firm, Mode, has just rolled out its own bitcoin banking app on devices for Apple and iOS now.

The United Kingdom-based company made its app available on a global scale this week. That being said, it currently isn’t available in the United States. To start off the app as a customer, you need as much as £50 ($65) and buy bitcoin with bank cards or via a bank transfer. These funds will then be processed via the digital asset custodian, BitGo.

The app allows users to credit funds almost instantly by means of a faster payment process. The head of communications and marketing at the United Kingdom-based firm, Ariane Murphy has said the following:

“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 using the app, Mode needs users to undergo a Know Your Customer process, which is carried out by AI-enabled identity verification technology. The company was founded in 2018 and opened a waiting list for the new application near the end of last year in October. In fact, the app was only available to those via an invitation first.

Many members of the crypto community have always been missing something but Mode seems to be the answer. With the lightning network from bitcoin, an extra layer is added to bitcoins blockchain. This enables users to create payment channels between any two parties on such an extra layer. Because of this, near-instant transactions are available with extremely low - and even non-existent - fees.

It will be interesting to see how this app goes. For more news on this and other crypto updates, keep it with CryptoDaily!

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