UK fintech Mode has announced the launch of its new instant Bitcoin transfers feature, as part of its continued mission to open up access to the world of digital assets.
The free feature allows Mode users to seamlessly sync their contacts on the Mode app, and send instant Bitcoin transfers to other Mode users, anytime, anywhere.
Mode already provides an easy way for everyday investors to own a piece of Bitcoin, by enabling them to instantly deposit GBP funds via Open Banking and Faster Payments, and use those funds to buy from as little as £50 worth of Bitcoin in just a few taps.
The newest feature will allow Mode users to benefit from instant transfers to their friends – no matter where they are in the world – without needing the network to validate the transaction. Mode have said that even if users don’t have friends using the app, they can invite them through a referral link and receive £10 worth of Bitcoin each.
This move comes off the back of sharply rising Bitcoin network transaction fees, which have soared by as much as 547% in the month of August. Not only do users face the expense of transferring Bitcoin funds to friends, but due to the nature of the network, transfers can often take between 10 minutes and up to a day. Both factors inconvenience Bitcoin users and were fast becoming a roadblock in Mode’s mission to bring Bitcoin mainstream.
Janis Legler, Chief Product Officer at Mode, said:
“Launching our new peer-to-peer Bitcoin transfers feature means our users can easily introduce their friends and family to the world of Bitcoin, something they’ve been wanting for quite some time. It also marks our first step towards seamless transfers worldwide, which we hope will project us forward in becoming the next-generation truly digital banking app as the world prepares for an increasingly cashless society.”
Mode’s next move is to launch regular money transfers and continue to leverage the potential of ‘Open Banking’ technology and progressive regulation to provide further novel and innovative features for Mode users.