BitGo

UK Bitcoin App Mode Partners With BitGo for Digital Asset Custody

Bitcoin AppMode, the London-based Bitcoin banking app, has announced a partnership with BitGo for its custody services. Institutional clients will be provided with security, custody, and liquidity solutions from BitGo, which processes 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, the firm launched the BitGo Trust Company, a qualified custodian purpose-built for digital assets.

BitGo’s custody offering was built on its multi-signature security and is designed specifically for securing today’s digital assets. The offering carries $100 million USD in insurance protection for assets held in cold storage.

The partnership will allow Mode users to have 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 working with partners like BitGo to help solidify its commitment to compliance from its inception.

Janis Legler, Head of Product and Partnerships at Mode, commented: “BitGo was one of the first custody providers to recognize 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. 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.”

Mode has recently launched its Bitcoin banking mobile iOS app, available to users globally, except in the United States of America. The startup, which is advised and backed by Twitter co-founder Biz Stone, allows GBP deposits via bank transfer from £50. Mode charges a fee of 0.99% at the time of purchasing and selling Bitcoin.

Mode also plans to launch a Bitcoin interest-generating product that would allow users to earn passive income on their Bitcoin holdings without having to touch their assets. The product is expected to be released in 2020.