As our community will know, we recently launched our mobile Bitcoin banking app for iOS. The Mode app makes Bitcoin – the world’s most popular digital asset which has been compared to ‘digital gold’ – accessible to everyone at the touch of a button.
We’ve had great feedback on our app so far, but the best endorsement to date comes from Twitter co-founder and entrepreneur Biz Stone. So, what does Biz love about the Mode app?
We’re going to find out below, but first let’s look at why Bitcoin is becoming such a sought-after asset, and how existing digital asset apps are failing their users where it matters most.
Current challenges for digital assets
Although many experts agree that digital assets may be the future of finance, the current user experience offered by some apps leaves a lot to be desired. Recent research by Mode revealed that among those who already hold digital assets, over 40% of users described the process of buying Bitcoin as ‘poor or average’, while just 13% felt that current apps gave an ‘excellent’ customer experience.
Users are also concerned about the safety of their funds, with over 35% of users surveyed claiming that they perceived the security of existing platforms either ‘average or poor’, with only around 40% of users claiming that security is ‘good’ with current solutions.
Despite this overall poor experience, research shows that around 42% of Bitcoin holders plan to buy more Bitcoin in the near future, and a huge 51% of respondents who didn’t own Bitcoin yet said that they were planning to invest soon.
Mode’s launch has been supported by this research, which we think is a clear sign that there are huge improvements to be made in the digital asset industry – especially when it comes to attracting everyday users and building beautiful solutions.
Through its new easy to use app, Mode is aiming to open up the Bitcoin market to everyone, not just tech-savvy traders or professional investors. Instead of huge deposit limits, our users can buy Bitcoin with as little as £50, and our fixed and transparent transaction fee of 0.99% is one of the lowest in the industry.
Mode is part of R8 Group, a leading UK-based fintech group which raised over $5 million through a hugely successful funding round in April 2019. The R8 Group is backed by an experienced management team with extensive experience in the financial services and technology sectors, including serial entrepreneur Jonathan Rowland, and of course Twitter co-founder Biz Stone.
Changing the way we think about Bitcoin
Biz Stone is an American entrepreneur, who previously co-founded the likes of Twitter and Q&A platform Jelly. Likewise, Biz has also been named by Time magazine among the top 100 most influential people in the world.
Biz joined Mode as an adviser and investor in the project, and also acts as a non-executive director of R8, Mode’s parent company. Biz explained that although there are already many ways for investors and traders to access the Bitcoin markets, most of them didn’t appeal to everyday users – who simply wanted to buy and hold Bitcoin for the long term.
Sharing the key issues with most of the existing Bitcoin solutions, Biz explained: “Most of the current apps all have one problem at their core—access.”
Instead, Biz thinks it’s time we changed the way we thought about Bitcoin, and make the digital asset more accessible for the everyday user.
At Mode, we totally agree. That’s why we’ve worked hard to remove needlessly complex processes from our app, which according to Biz has resulted in a “beautiful and responsive UI and UX rivalling that of the major challenger banks”.
We’ve done all of this whilst also launching a brand-new product to market, which in the near future will include Bitcoin interest-generating accounts, and euro deposits.
Tweeting his support for the platform, Biz shared:
From everyone at the Mode team, we’d like to thank Biz for his support, and of course all of our customers who have given us great feedback so far. We’re looking forward to sharing more features with you soon!