Bitcoin service provider BTCC’s new wallet Mobi had users from more than 100 countries just seven days after it launched, according to a tweet from the company on Sunday. But the launch hasn’t been sans tribulations. The company ran into several technical difficulties last week with Twitter integration.
“So several users also encountered [an] error message,” CEO Bobby Lee said about Mobi’s Twitter integration in an AMA held on Reddit on Sunday. “We have fixed most of the issues, and have updated the app on both iOS and Android.”
Twitter Integration Highlighted in Reddit AMA
BTCC, based in Hong Kong, believes sending bitcoins today is way too hard, often entailing multiple messages back-and-forth between sender and receiver.
Mobi, the company’s new global mobile wallet for storage released last Monday, enables conversion and transfer of over 100 currencies. Mr. Lee is particularly excited for the platform’s Twitter integration. All Mobi users need is a phone number or Twitter handle to complete digital currency transactions.
“We integrated Twitter into Mobi to make Mobi the defacto global payment platform that allows anyone to send money to anyone else in bitcoin and in any other fiat currency value,” he said in the Reddit AMA. “With Mobi, you can send money to any of the 2 billion smartphone users worldwide regardless of whether or not they have Mobi installed. The same applies for Twitter: with Mobi, you can send money to any of the 320 million Twitter users worldwide, regardless of whether or not they have Mobi installed.”
A hosted wallet, Mobi uses Bitcoin as its underlying digital asset, but the company is open to additional crypto-currencies. The platform, which also supports Visa debit card payments, is available on iOS or Android.
“The Mobi Visa debit card is currently denominated in USD,” said Mr. Lee in the Reddit AMA. “We are looking into making it available in other currencies, such as EUR and GBP. Since it is a USD card for now, all Visa transactions in non-USD currencies will incur a foreign currency transaction fee. ‘Domestic’ means USD-denominated transactions, and international means all non-USD currency transactions.”
Designed to make bitcoin easy, the app is designed to allow for instant conversion, storage, and transfer of currencies like the US dollar, the British pound, the euro, gold, silver, and bitcoin. Furthermore, no signups or login procedures are necessary.
Mr. Lee thinks of Mobi, which supports fifteen languages, as eliminating “friction in money transfer” and making money “truly” global.
“With Mobi multi-currency wallet on mobile phone, we are embracing the mobile phone,” CEO Bobby Lee tells Crypto Insider. “That means when you run Mobi you can send money to anyone in the world with a smartphone, and the user doesn’t need to have Mobi installed.”
To be sure, BTCC, which has been in business for six years, has a vision greater than payments.
Like a Real World Wallet
“Mobi is not only a digital wallet,” Mr. Lee assures. “All too often, the companies focus on payments and remittances, but those are end-point behaviors. Physical wallets don’t have a payment feature. Their feature is they have openings to hold credit cards and bills and this is what allows payments to be made easily.” Mobi is designed in a similar way, but for the digital world, the CEO explains.
Mobi allows users to convert their funds to a fiat currency to hedge Bitcoin volatility. Mobi uses a combination of public blockchain and private blockchain technology, Mr. Lee tells Crypto Insider. “Mobi is compatible with the public blockchain,” Mr. Lee says. “As well, what we call our in-network Mobi-to-mobi transfers take place on Mobi’s private blockchain, which allows for instant transfers.”
Solving such questions has been on BTCC’s mind for many years, starting with its very first Bitcoin wallet.
“We have been thinking a lot about this problem,” Mr. Lee says. “This is our third generation wallet, and over the years we have learned a lot.”
He adds: “Adoption is hard.”