We are proud to officially announce that we have selected BitGo, a global leader in digital asset financial services, as our Bitcoin custody provider to offer a best-in-class storage solution for our users.
As part of our quest to make buying and storing Bitcoin — the world’s most popular digital asset — easier than ever, we want to transform the way current digital asset apps operate. This includes providing a simple user journey, instant Bitcoin purchases, easy Sterling (GBP) funding methods (EUR coming soon), and finally, providing leading Bitcoin custody to our users via BitGo.
BitGo provides cryptocurrency security, custody, and liquidity solutions, processing over 20% of all global Bitcoin transactions. BitGo’s client base spans more than 50 countries — including some of the world’s largest cryptocurrency exchanges.
In 2018, BitGo created the ‘BitGo Trust Company’, the first qualified custodian purpose-built for digital assets. Built on BitGo’s pioneering multi-signature security, BitGo’s custody offering is designed specifically for securing today’s digital assets and carries $100 million USD in insurance protection for assets held in cold storage.
Through BitGo, our users will have access to their own highly secured, individual Bitcoin accounts with full, round-the-clock access to their holdings. Assets will be held collectively across cold, warm, and hot wallets.
At Mode, we’re aiming to be one of the first companies operating in the Bitcoin space to adhere to the same compliance and regulatory standards expected from traditional banks. That’s why are working with partners like BitGo to help solidify our commitment to compliance from day one.
Our Head of Product and Partnerships, Janis Legler, commented the partnership by saying: “BitGo was one of the first custody providers to recognise that digital assets required the same security, risk mitigation, and checks and balances as traditional assets. BitGo’s compliance-first approach to the digital asset markets created a natural synergy between us”.
Janis added: “Teaming up with BitGo has allowed us to offer Mode users a safe storage solution for their digital assets, while keeping them instantly accessible should they need to make a withdrawal. BitGo’s Wallet APIs have also allowed us to replicate the banking experience from mainstream FinTech apps in the context of Bitcoin, ensuring user privacy despite executing transactions on-chain.”
Pete Najarian, Chief Revenue Officer at BitGo said: “Mode is one of the most highly regarded new companies operating in the cryptocurrency space. Their vision to translate the benefits of digital assets into traditional finance closely aligns with our beliefs of what the institutional market needs. We are pleased to partner with Mode to help build confidence and trust in digital assets.”
Look out for Mode’s upcoming blog post on the importance of fund safety and custody!