CEO of BTCC Bobby Lee has the new Mobi wallet, which “enables users to send bitcoin and 50 other types of money to anyone by typing in a recipient’s phone number.” The company is being touted as bitcoin’s version of PayPal, which requires a simple email address for users to receive money in exchange for goods and services.
Mobile wallets have become all the rage. Recently, bitcoin startup Coins raised over $5 million which it will use to develop new apps that allow customers to maintain financial services via their smartphones. The company is particularly focused on Southeast Asia; while the region boasts increased smartphone usage over the last five years, it also houses a wide array of unbanked residents.
While attending Money 20/20, Lee spoke to reporters about the wallet’s functions and what he and his associates aim to accomplish in the future:
“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… Telescope, Telegram, Skype, these are all global communication platforms. There’s no truly global platform for money… We can already send information around the world instantly. Why shouldn’t it be the same with money?”
Perhaps the best thing about the app is its alleged simplicity. Recipients don’t necessarily need to possess a Mobi wallet in order to receive their funds; all they need is a valid phone number. Lee further explained:
“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… Gone are the days of QR codes and long addresses.”
With the app, users can immediately convert their bitcoins into over 50 kinds of separate currencies, including gold and silver. Customers literally have a world of coins at their fingertips.
