Mode, a bitcoin banking app, announced today it has selected BitGo, a provider of digital asset financial services, as its storage solution and custody provider. The Mode app allows users to purchase bitcoin, fund their accounts with Sterling (GBP), with EUR funding coming soon.
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.
“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. 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.”
– Mode Head of Product and Partnerships, Janis Legler
Through BitGo, Mode users will have access to their own highly secured, individual bitcoin accounts with full access to their holdings. Assets will be held collectively across cold, warm, and hot wallets.
“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.”
– Pete Najarian, Chief Revenue Officer at BitGo