Mobi offers in-app conversion of more than 150 global currencies, including dollar, euro, pound, gold and silver. It also enables users to send money to any Twitter account and phone number, as well as an optional Visa debit card.
“Mobi is the only app that supports instant conversion, storage and transfer of 100+ currencies so it can be used worldwide compared to AliPay and WeChat which only supports CNY, and can only be used in China,” said Bobby Lee, CEO of BTCC.
“With Mobi you can send any form of money to anyone, anywhere. Mobi eliminates friction in money transfers, making money truly global,” he added.
By using a distributed ledger, the wallet enables instantaneous transfers and lets users send money via their smartphone or a Twitter account, without requiring complex digital wallet addresses. Despite the usage of a private blockchain, the wallet supports transfers in virtual currency via the public bitcoin blockchain.
Visa debit card is linked to a Mobi account, allowing you to withdraw funds at more than two million Visa-supported ATMs worldwide and spend your money at any store that accepts Visa. The debit card automatically deducts funds from a user’s wallet balance.
According to Lee, Mobi is a “killer app for bitcoin” that will help to boost bitcoin awareness and drive its adoption worldwide. “Mobi will take bitcoin mainstream, with mobile-number accounts, Twitter payments, 100+ currencies, and a Visa debit card,” he said. “Mobi is the killer app for bitcoin.”
The app will be available in 15 languages, such as English, Japanese, Russian, French, German, Spanish, Korean, and Portuguese.
BTCC was among the three leading Chinese exchanges that faced an increased government control earlier this year. Together with OkCoin and Huobi, BTCC conducted meetings with the People’s Bank of China (POBC) that started investigation of the local bitcoin exchanges to find out whether there is market manipulation, unauthorized financing, money laundering, or other issues.
The move was part of the government’s efforts to stem capital outflows and prevent the fall of digital currency. As a result of the inspection, PBOC discovered violation of rules in the operations of the companies.
In January, BTCC announced that it will begin charging a 0.2% transaction fee that will help to prevent high volatility and curb manipulation in the bitcoin market.