BTCC Limited launched a mobile application called Mobi, a new convenient and ergonomic bitcoin wallet that will enable users to send bitcoins and more than 50 additional currencies including gold and silver to recipients using phone numbers.
BTCC Limited, formerly BTCChina is a bitcoin exchange and mining company based in Shanghai, China. It holds the distinction of being the first bitcoin exchange in the country.
Company CEO, Bobby Lee made the announcement at the Money20/20 conference held in Las Vegas.
The out of the box application will enable quick access to funds and simplify digital currency payments.
The Mobi wallet bears novelty in the bitcoin world as it has the potential to serve a very wide customer base, a point that Bobby Lee reiterated.
He said that the company is seeking to avoid going the regulated way that many bitcoin exchanges seem to be doing.
The application employs the bitcoin wallet to enable users to hold funds in an exchange rate matching their favored currency.
The wallet allows trading in bitcoins with value prices locked to these preferred currencies.
For instance, when a user sends a specific amount of commodity money to their wallet, they are essentially sending the equivalent amount in bitcoin.
If they seek to send this amount to another party, they simply have to enter the party’s phone number.
Through this system of identifying the customer’s end, the application will be able to cater to a greater number of consumers via a digital currency.
If Mobi turns out to be successful, it would be great news for bitcoin users.
One of the problems that affect the cryptocurrency’s ability to attract new users is the multiple steps involved in making simple transactions.
Bobby Lee stated that he was positive Mobi can be the solution to this general problem. According to his presentation, the bitcoin wallet would essentially eliminate usernames, passwords, emails and two-factor authentication.
Lee claimed that the main goal of the BTCC and the reason behind the development of the wallet is seeing the bitcoin become a global transaction option with worldwide adoption.
The company hopes that through blockchain technology, the success and proliferation of physical money can be replicated in digital currencies. Mobi users would in time be used to treating the digital form of their money as real value currency.
It is important to note that Mobi is not the only wallet that made its debut on Money 20/20 conference.
Bit-Pay, a bitcoin merchant, and the mobile wallet firm announced a new version of their Copay wallet service that would integrate with Intel’s security extension software greatly enhancing wallet security.
Both launches signal great news for the bitcoin community in terms of convenience and security.
The BTTC’s application has been linked with Kenya’s widely successful MPESA. It is the mobile money transfer and financing service developed by Vodafone for Safaricom.
BTCC being among the world’s largest bitcoin exchanges by volume can play a crucial role in increasing the adoption of bitcoin through this innovation. Mobi is currently available in public for testing.