Twitter co-founder backs an app that lets users buy bitcoin

Christopher Isaac “Biz” Stone, co-founder of Twitter and Medium, has invested in a fintech app that allows users to trade bitcoin.

The app, Mode Banking, claims to allow opening an account in less than 60 seconds and completing know-your-customer (KYC) requirements in less than two minutes, according to a statement shared with The Block. However, a test user at The Block, could not verify their KYC even after 45 minutes.

The Mode app is accessible globally, except in the U.S, and users can buy bitcoin from £50 (~$65). The London-based firm charges a trading fee of 0.99% and also supports the U.K.’s faster payments scheme for instant GBP transfers, per the statement.

Once bought, users’ bitcoins are then stored with crypto custodian BitGo, said Mode.

“Although there are multiple existing ways to access the Bitcoin market right now, few appeal to the everyday person, who wants to buy and hold some Bitcoin. Most of the current apps all have one problem at their core—access," said Stone, who is also an advisor to Mode.

He added that Mode offers a simple user interface and experience, “rivaling that of the major challenger banks.”

Mode's parent firm R8 Group raised $5 million in a funding round last April, from investors including Stone.

Another co-founder of Twitter, Jack Dorsey, also offers an app (Cash App via his other firm Square) that lets users buy bitcoin.