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Mode to enhance Bitcoin banking app with BitGo’s Custody Solution

London-based FinTech, Mode has announced its partnership with digital asset and financial services provider, BitGo in a bid to integrate with the latter’s custody services. Mode states that the partnership will allow its users to own secured Bitcoin accounts with complete access to their holdings.

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

BitGo claims that its solution aims to provide institutional clients with security, custody, and liquidity solutions. The company’s client base spans more than 50 countries. In 2018, BitGo created the BitGo Trust Company, a qualified custodian purpose-built for digital assets. Built on BitGo’s multi-signature security, BitGo’s custody offering has been designed specifically for securing today’s digital assets and carries $100 million in insurance protection for assets held in cold storage.

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.”

Recently, Mode entered into a partnership with global identity verification provider, Onfido to boost the former’s mobile application for verifying and connecting the UK and European citizens to Bitcoin market.

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