The free feature allows Mode users to sync their contacts on the Mode app, and send instant Bitcoin transfers to other Mode users. Mode already provides a way for everyday investors to own a piece of Bitcoin, by enabling them to deposit GBP funds via Open Banking and Faster Payments, and use those funds to buy from as little as GBP 50 worth of Bitcoin.
The new feature will allow Mode users to benefit from transfers to their friends without needing the network to validate the transaction. Mode have said that even if users don’t have friends using the app, they can invite them through a referral link and receive GBP 10 worth of Bitcoin each. This move comes off the back of sharply rising Bitcoin network transaction fees, which have soared by as much as 547% in August 2020, according to the official press release.