Co-founder of Twitter, Christopher Isaac “Biz” Stone has invested in Mode Banking. The latter is a fintech application that enables users to buy Bitcoin conveniently. Also, Mode Banking offers global support, except the U.S., according to Theblockcrypto’s report on February 4, 2020.
Biz Stone Invests in Mode Banking
Per the report, Christopher Isaac “Biz” Stone has invested in Mode Banking, an application that allows users to buy Bitcoin. Mode Banking enables users to purchase at least £50 (~$65) worth of BTC with a trading fee of 0.99%. Also, the Bitcoin trading app can be used by people around the world. However, U.S. residents have been excluded.
Furthermore, Mode Banking is marketed as an application that enables users to create an account in less than 60 seconds. Users can also complete the Know-Your-Customer (KYC) procedure on the app in less than two minutes. Despite the claim, a test carried out on the app resulted in the inability of the users to verify their KYC even after 45 minutes.
Mode Banking Aimed at Tackling Access Problem
Explaining the major problem Mode Banking seeks to tackle, Stone, said there are several ways to access the Bitcoin market today. Nonetheless, very few avenues appeal to the everyday person who just wants to buy and hold Bitcoin. In line with that, the majority of current apps all have a common problem of accessibility at their core.
To that effect, Mode Banking provides a simple user interface and experience, thereby “rivaling that of the major challenger banks,” he said.
Bitcoin purchased from the application is stored on BitGo’s custodial wallet. BitGo has insured its custodial wallet with $100 million, thereby ensuring that there is a way to restitute clients in any case of a hack or theft. Reportedly, UK fintech group R8, Mode’s parent firm had raised $5 million from investors in a funding round in April 2019. And Stone was one of its investors.
Jack Dorsey Also Invests into the Cryptocurrency Space
Like Stone, Jack Dorsey is also invested in the cryptocurrency space. On January 21, 2020, financial services company Square co-founded by Dorsey revealed that it is developing a Lightning Development Kit (LDK). LSK promotes the use of Bitcoin as a global currency that can neither be stopped, tampered, nor rigged.
What’s more, Square developed the Cash App, a peer-to-peer payment app that allows users to send, receive, or request money. Unlike the traditional bank accounts where a user needs a unique account number to receive payments, this app uses the user’s email or phone number.