With its new product, Mode aims to bring down barriers and open up the world of cryptocurrencies to everyone, not just the tech-savvy and the traders. The Mode app will be an easy pathway for everyone else to get immediate access to this revolutionary new asset class.
Mode will release an early version of the app for iPhone-users in October. Through it, users will be able to easily buy Bitcoin and safely store it within the app. Products for investing, saving and borrowing are already part of the company’s product roadmap. Further details on these will be announced in the following months. Initially, the app will be available via invitation only but anyone can join the waiting list via www.modebanking.com.
The new offering has been designed to address the issues faced by the cryptocurrency consumer market such as transaction restrictions, low speed/high cost, lack of security and poor user experience.
Mode is part of R8 Group, a UK fintech group which raised $5m in an oversubscribed funding round in April 2019, and is backed by an experienced management team with extensive experience in the financial services and technology sectors, including serial entrepreneur Jonathan Rowland and Twitter co-founder Biz Stone.
Mode launched their first product earlier this year, giving businesses a flexible lending solution whereby they could leverage the value of their digital-asset holdings to finance business operations or a new business idea.
Ariane Murphy, Head of Communications and Marketing, Mode, said: “We’re hugely excited about the future potential of Mode and this launch is our latest step towards building a secure, integrated full-feature platform.”
“From launching our lending product for businesses earlier in the year, we identified a clear consumer appetite for something new as there isn’t currently anyone offering the all-in-one experience retail customers are searching for on neo-banking apps. We hope that through our Mode app we can meet the expectations of both the crypto community and the new people coming into the space, as well as continuously deliver new features and experiences. There’s lots to be excited about.”
Notes to editors
For further information please call Phil Anderson/Charlie Nelson/Wil Easton at Citigate Dewe Rogerson on 0207 025 6494/0207 025 6518/0207 025 6628.
Part of R8 Group, Mode is a London-based fintech firm founded in 2018 to build a next-gen banking ecosystem that combines the benefits of traditional and digital finance. Mode is launching a mobile app designed to make cryptocurrencies, and all their untapped financial benefits, accessible to everyone at the touch of a button.
The first version of the app will launch in Q4 2019 and will allow you to easily buy Bitcoin and safely store it within the Mode app.
Mode aims to bring down the inefficiencies of the current financial system and build a safe and regulated environment where investing, saving and borrowing becomes faster and more transparent for everyone.
Mode’s customers’ assets are held with one of the world’s most secure crypto custodians, who provide insurance on the assets they hold for up to $100m.
Mode has an experienced management team with over 130 years of experience in the UK and European financial services sector.
R8 Limited is a UK fintech group which was divested out of the Redwood Bank Group in 2017. R8 is building modern financial services needed to support the growing decentralised economy. The company was launched by Jonathan Rowland, Co-founder and Director of UK challenger bank Redwood Bank. Redwood Bank became the UK’s first 100% ‘born in the cloud’ business bank using Microsoft Azure Platform.
R8’s subsidiary companies include:
Mode: Financial services firm building the next-gen financial ecosystem combining the benefits of both traditional and digital finance and aiming to become a regulated institution in the UK.
JGOO: Marketing, e-commerce and payments platform connecting UK brands to Chinese shoppers, online and face-to-face. JGOO are official partners of WeChat Pay and Alipay.