Last checked at 2 Dec 2020 09:02
Mode reports 950% increase in trading volumes
Bitcoin buying surges in record November
Bitcoin Trading Volume Growth: http://www.rns-pdf.londonstockexchange.com/rns/2612H_1-2020-12-2.pdf
(London, 2nd December) - Mode Global Holdings, the LSE-listed fintech group, reports that trading volumes surged 950% in November compared to August and assets under custody increased by 210%, as more customers used the Mode app to buy and hold Bitcoin. 80% of these trades were purchases.
Jonathan Rowland, Executive Chairman of Mode: "We've seen unprecedented interest in buying and holding Bitcoin just as the market rally really took off. That coincided with the chaotic US elections that brought with it market volatility, as well as a second UK lockdown with all the economic uncertainty this entails. Longer term, economists anticipate that the unprecedented fiscal support we're seeing launched to tackle the pandemic crisis will boost inflation. We believe that this will only increase demand for inflation hedges and diversification strategies such as investing in Bitcoin."
Mode's increase in trading volumes and assets under custody mirrors the strong performance of Bitcoin over the last few months, which has gained as much as 75% in USD terms since August and is up almost 300% since March's low this year.
Mode's shareholders have benefitted from that price bounce: in October, the Company diversified its own treasury holdings, allocating up to 10% of cash reserves to Bitcoin.
Over the last four months, Mode has seen a significant surge in active trading users, with November seeing almost five times more users buying and selling Bitcoin compared to August.
Bitcoin Under Management Growth: http://www.rns-pdf.londonstockexchange.com/rns/2612H_2-2020-12-2.pdf
The increased appetite for Bitcoin also comes after Mode became one of the first consumer-focused, digital banking apps to list on London's main market. It also follows the launch of Mode's innovative, flexible, interest-bearing product earlier this year. The Bitcoin Jar offers savers 5% interest APY, and so far 80% of the Bitcoin held via Mode's app has been switched from users' Bitcoin accounts into their jars, further demonstrating long-term commitment to Bitcoin as well as the attraction of yield in a near zero-interest rate economic environment.
About Mode
Mode is a UK fintech listed on the London Stock Exchange building financial products that will help accelerate the world's transition to a digital financial system combining the best of banking, payments, investment, loyalty, and digital assets.
To date, Mode has launched a next-generation app that allows users to access sterling pound, euro and bitcoin accounts, all in one place, and grow their digital assets through one of the highest-yielding and most flexible interest accounts for Bitcoin.
Mode also offers marketing, e-commerce and payments services for UK businesses looking to attract, engage and retain high-value customers globally. Mode is an official partner of WeChat Pay and AliPay.
The company was founded by Jonathan Rowland, Co-founder and Director of UK challenger bank Redwood Bank, the UK's first 100% 'born in the cloud' business bank using Microsoft Azure Platform.
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Media contact:
James Isola/Kate Pledger
Tel: +44 (0)207 379 5151
ModeBanking@maitland.co.uk