"Bitcoin as money, that's the killer app."
Bobby Lee, CEO of BTCC, has high hopes for Mobi, the bitcoin exchange startup's new mobile app, released at Money2020 in Las Vegas today. In contrast to other hosted wallets, Lee argues that Mobi succeeds at a difficult balance of being both "bitcoin first" and accessible to a global consumer base.
Rather than enable the wallet to hold US dollars, euros or renminbi, Mobi uses bitcoin to provide users with the experience of cash, enabling them to lock their value into an exchange rate that matches their preferred currency.
Lee told CoinDesk:
For example, when Lee sends £10 to his wallet, he's actually sending around 18,000 bits, the smallest denomination of bitcoin. Also noteworthy is that if he were to send the money to someone else, all he'd have to do is enter their phone number.
This feature, Lee suggests, is perhaps the key attribute of Mobi, which he said would remove the friction sometimes inherent in onboarding new bitcoin users.
"There's no email, no password, no usernames, no two-factor authentication. If you own the phone number, you own the coins for that wallet," Lee continued.
Onstage, Lee further argued that users will simply become accustomed to treating the "dollars" and "yuan" in their Mobi accounts as real value given the effectiveness of its hedging system.
Over time, Lee told the audience that by using bitcoin as a payments rail, BTCC will be able to better penetrate a global market than other wallets attempting to straddle both the bitcoin and fiat worlds.
"Telescope, Telegram, Skype, these are all global communication platforms. There’s no truly global platform for money," he continued.
The wallet is now available in public beta.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in BTCC.
Image via Pete Rizzo for CoinDesk
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.