January 26, 2022

LVL is Becoming a Bitcoin Bank

Introducing LVL V2
Chris Slaughter

We’re pleased to announce V2, a complete redesign of the LVL App to make it the best Bitcoin banking app in the world. Let’s jump right in.

We’ve been engaging with LVLitos through Premium chat, the LVL blog, and the @BankWithLVL Twitter handle. Since releasing our Master Plan and Focus on Bitcoin mission statement, the response from new and long-time LVLitos has been clear: you want LVL to focus on Bitcoin and making Bitcoin useful for day-to-day saving and spending. Today, we’re pleased to share our vision for V2, a complete redesign of LVL as the world’s first Bitcoin bank.

The driving point we hear is that there are plenty of platforms that help you invest in Bitcoin but very few are helping you use Bitcoin in your daily life: get paid in Bitcoin, spend Bitcoin easily anywhere, and earn Bitcoin rewards. We believe the product that solves these problems, the Bitcoin bank, is a necessary part of Bitcoin’s evolution from an investable asset to a true medium of exchange. The Bitcoin revolution is not just about investing dollars, it’s about replacing them.

We arrived at our mission to build the world’s first Bitcoin bank by listening to LVLitos. Now we’re excited to bring our vision for Bitcoin banking to the LVL community with LVL V2.

LVL V2 is designed to provide a truly hybridized banking experience for both fiat and Bitcoin. This means allowing users to get paid in, store, spend, and send either fiat or Bitcoin from one account without creating separate experiences for fiat or Bitcoin, or “on-ramps” or “off-ramps” between them. So we started by rebuilding the entire LVL app from the ground up, providing one balance view and a combined transaction history on the home screen, and fixing many outstanding bugs and nits along the way. By providing one interface for both fiat and Bitcoin, our hope is to make it an effortless choice to bank on Bitcoin exclusively in the future.

In addition to redesigning the wallet to make it easier to bank fiat and Bitcoin, we’re redesigning several features of the app based on feedback from LVLitos. Here are some upcoming changes in V2:

  • Get Paid in Bitcoin - Connect direct deposit to the LVL app and get a percentage of your paycheck automatically converted to Bitcoin each month.
  • Pay with Bitcoin - Pay with Bitcoin on the LVL Card through instant, zero-fee conversions on the LVL Exchange and our partnership with Mastercard.
  • Improved Trading Experience - Bitcoin trading is getting overhauled with cash-based Bitcoin buys and sells, a max button, and more clear pricing information.

Today, the LVL app is very segmented, with different tabs and windows for each asset and action. This is clunky, non-intuitive, and simply not a great experience. In this V2 redesign, we are implementing the following design principles:

  • Simplicity and ease of use - LVL V2 is built around a single screen with no tab navigator. Every user action can be initiated with two or fewer taps.
  • Bitcoin native - All financial transactions and payment methods are built with native support for Bitcoin. Bitcoin is treated as alternative currency not an investment.
  • Financial inclusion - The Bitcoin revolution is for everyone. LVL will continue to offer full access to bank accounts, Bitcoin wallets, and trading in a free tier.
  • Pretty colors - Yup.

LVL V2 is going into Beta testing soon, and is expected to go live for all users in February. This is the largest update the LVL app has received, and we are very excited to share it with everyone. V2 is also designed to be easier to maintain and develop. This will also allow future updates and iterations to be made much more quickly. 

For a while now, LVL has had lower fees, higher limits, and more traditional banking features than competing Bitcoin platforms. However, these services have been connected in a less-than-ideal user experience. Our goal with this redesign is to make the product as cutting edge as our services. Part of our mission is to increase the adoption of Bitcoin, and to do so, people who are brand new to Bitcoin need an easy way to get started. Simplifying the LVL app and focusing it on Bitcoin banking will make it easier for experienced Bitcoiners and the Bitcoin-curious to become LVLitos.

We want to stay laser-focused on listening to the needs of LVLitos and making V2 the best Bitcoin bank experience you can get. Here are two new ways to help make LVL V2 the best experience for you:

Introducing LVL’s public-facing roadmap where you can see what we are building behind the scenes and what’s coming soon. We will continue updating and adding more to this roadmap over time based on user feedback.

Have ideas for V2, here is a simple form you can use to easily submit feedback, feature requests, and issue reports. Your feedback goes directly to our team for review and helps inform the public-facing roadmap. Your feedback will help us build the best premium Bitcoin banking experience possible. This form is also linked on the roadmap.

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