Mode Global Holdings PLC Bitcoin buying surges in record November (2612H)
December 02 2020 - 3:02AM
UK Regulatory
TIDMMODE
RNS Number : 2612H
Mode Global Holdings PLC
02 December 2020
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, 2(nd) 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.
+++
Media contact:
James Isola/Kate Pledger
Tel: +44 (0)207 379 5151
ModeBanking@maitland.co.uk
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