Hey, I hope I understand your question right: you want to remove the white background of the selected layer in your screenshot?
In that case, it's not possible with blending modes, because there is no background to blend it with. A better solution is this:
1) Select the layer you want to make transparent (make shure your background layer is transparent)
2) Select in the layer panel the FX-button and after that Blending Options
Manage transparency of the white part by dragging the arrows in the screenshot below. When you just drag, the surrounding area's (from black to white) will be very hard. I'd suggest that you hold ALT / Option while dragging. You can grab only the left part of the arrow. Then the transition between white and black then becomes much smoother.
I hope this works for you!
Yep, that worked! Thank you so much. That's a very useful trick to know for the future.
You're welcome! I think it's really a great trick to use sometimes