Notes from the AMA today15 Jan 2021 15:35
Courtesy of EB from Telegram;
Notes from Ask Me Anything Zoom Call - Friday 15th January 2021 with Janis Legler (Chief Product Officer at Mode)
- Not too late to invest in BTC. Compares it to gold.
- MODE only offer BTC unlike other competitors. Will offer other assets in the future but for now only focused on BTC.
- Observing ETH community. No plans to list it in Q1 or Q2. But it is on their radar.
- Will not consider “unregistered securities” such as LTC
- “Lawsuit will not have any impact on our product in anyway”.
- Janis has studied BTC in depth and believes it “shouldn’t be taken for granted”. Feels it is inevitable the world will “move to a BTC standard”.
- Janis is VERY passionate about BTC
- MODE have the fastest sign up process in the U.K. and this is what separates them other platforms such as Coinbase, Binance and Revolut
- Android app launch first week of February which could double their user numbers
- BitGo are MODE’s strong custodian to ensure “customer funds are in safe hands”.
- MODE raised funds through IPO. All funds not needed straightaway because they’re already cash generating. Consequently, company decided it was prudent to have a portion of the cash reserves allocated to BTC as an “inflation hedge”. Also viewed a positive commitment to BTC network. JL thinks it will become more common for listed companies to invest cash reserves into BTC.
- Vision for MODE in 5 years: become core part of the digital economy, encompassing e-payments and e-commerce. Ambition to become household name.
- Upcoming “interesting tech developments”.
- No plans to introduce a MODE payment card but working on launching payment method in Q2. Businesses will be able to accept BTC payments through open banking technology. Beneficial for MODE app users, including offers and rewards.
- Plans to offer BTC cashback for purchases made through the app.
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