Good question. I work for Mode so I can explain more about the app:
Mode is an iOS mobile app designed to make Bitcoin accessible to everyone. Through the app, you can easily buy and store Bitcoin, and access it anytime, anywhere. You also have the ability to send Bitcoin to other wallets around the world or sell it whenever you want. Alongside Bitcoin, you can have a Sterling (£) account with free and pretty much instant deposits/withdrawals. As Stuart mentioned above, we are already planning new in-app products & features such as: using Apple Pay to buy Bitcoin, earning Bitcoin from your holdings (like savings accounts), crypto-backed loans, a payment card etc., These will be announced in the coming months.
To answer your question: What makes Mode a better solution? Well…
• We’ve designed a super-easy, super-simple interface that removes all the complexities associated with buying, exchanging and holding Bitcoin. We really want to make getting into crypto as effortless and as seamless as possible. And we mean it.
• In terms of fees, most wallets/exchanges (incl. Coinbase) make it complex, confusing and expensive to buy and sell crypto. They usually charge fees here, there and everywhere; usually a spread, plus a flat fee and/or a variable fee on the amount you pay. At Mode, we only charge 0.99% at the time of buying/selling Bitcoin. That’s it - No variable or hidden fees.
• We also don’t charge our customers for transferring money in and out of your account either, which is usually where others make money. And we will make your funds available in less than 5 seconds, a process that otherwise can take up to 5 days with some of the most renown crypto exchanges.
• Our onboarding and identity verification processes are one of the fastest out there. You won’t need to take pictures holding an A4 paper or wait hours for a response on whether you’ve been approved or not. Our process is automated and usually takes less than 2 mins from start to end.
• Finally, we are more than just a wallet. We want to become your all-in-one Bitcoin banking app, where you can do everything you’d expect from your bank account. That’s why the features and products we’re planning for the future focus on maximising the potential of your Bitcoin.
I hope this clarifies some of your questions! We have launched the first version of the app in BETA. Here’s the link if you want to test it out: https://apps.apple.com/gb/app/mode-the-bitcoin-banking-app/id1483284435 (invitation code: MODEBETA). Let us know what you think! My email is: ariane@ modebanking.com.
The crypto space is evolving fast but it’s still very technical and generally disconnected from our daily lives and banking habits, and we are essentially trying to bridge this gap.
All the best!