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BTCC Launches New Mobile Bitcoin Wallet ‘Mobi’

Bitcoin exchange startup BTCC has unveiled its new mobile Bitcoin wallet, as part of the company’s ongoing drive to reach a wider worldwide audience.

Mobi is a free app which enables consumers to exchange, store, and exchange Bitcoin, pegged to their local currency for a more native user experience.

BTCC launched the app at the Money2020 conference in Las Vegas, amidst high hopes it can claim the definitive space in the burgeoning market for Bitcoin on mobile.

Instead of holding local currency, the Mobi wallet holds Bitcoin to provide a currency-like user experience, designed with consumers in mind to deliver more streamlined functionality. The team behind the app feels this is the missing link between existing mobile Bitcoin services and an app with the ability to cross consumer markets and achieve reach on a global scale.

BTCC CEO Bobby Lee said that by targeting consumers from the ground up, Mobi could be set to become a global player in the industry.

"Circle is going a very regulated way, they're doing dollars, euros and CNY. But for us, we want to be fighting from the bottom. We want to make a truly global payment platform."

Mobi allows users to transfer money between account holders simply by using their phone number, without the need for passwords, two-step authentication and other barriers that have traditionally existed in Bitcoin transactions.

According to the development team, the owner of the phone number owns all the Bitcoin attributed to it, without the need for consumers to get to grips with the inner workings of Bitcoin transactions.

Users can transfer in their local currency, which will be converted into bits and reflected in the receiver’s account, operating much like a standard e-wallet but with a slick user focus. By using the blockchain structure to process transfers, Mobi capitalizes on the security and flexibility of this technology, while developing a platform that is genuinely consumer friendly and easy to use.

The app launched in its public beta version this week, promising to become the ‘killer app’ for which the industry has been waiting. As an ever-increasing number of consumers use the Bitcoin framework, the demand for this type of service clearly exists. It remains to be seen whether Mobi can be the app to change the game.