On Feb. 4 Finextra reported that the British company made its app available globally, with the exception of the United States. Customers can start using the app with as much as £50 ($65) and buy BTC with bank cards or through a bank transfer.
We are proud to announce that we are now live in the App Store. Download Mode now 🤩 https://t.co/oFMtShnxZW pic.twitter.com/MMsqrxIWBK — Mode (@mode_banking) December 18, 2019
The funds are further processed through digital assets custodian BitGo. The app allows users to credit funds instantly by means of a faster payments process.
Ariane Murphy, head of communications and marketing at Mode, said:
“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.”
Mode requires a Know Your Customer procedure, which is carried out by AI-enabled identity verification technology.
Founded in 2018, Mode whose parent company is UK-based fintech firm R8 Group opened a waiting list for the app last October, initially making it available via invitation only.