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Mode picks BitGo custody tech for bitcoin banking app

Source: BitGo

Mode, the London-based fintech behind one of the UK’s most serious Bitcoin banking apps, has officially announced that it is working with BitGo, a leader in digital asset financial services.

This partnership provides peace of mind to Bitcoin investors through Mode’s seamless interaction with BitGo’s custody services.

Mode is a Bitcoin banking app which makes buying and storing Bitcoin – the world’s most popular digital asset – easier than ever.

The Mode app transforms the way current digital asset apps operate, providing a simple user journey, alongside instant Bitcoin purchases, easy GBP funding methods (EUR coming soon), and providing leading Bitcoin custody through its partner, BitGo.

BitGo provides institutional clients with security, custody, and liquidity solutions. BitGo processes over 20% of all global Bitcoin transactions and the company’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 protections for assets held in cold storage.

Through BitGo, Mode users will have 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.

Mode is aiming to be one of the first Bitcoin companies to adhere to the same compliance and regulatory standards expected from traditional banks. Mode is working with partners like BitGo to help solidify its commitment to compliance from its inception.

“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” said Janis Legler, Head of Product and Partnerships at Mode.

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.” 

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