Crypto AM: Shines its spotlight on Mode

Start A New Decade of Digital Banking with Mode

We’re constantly reminded that we live in the age of digital banking. Most high street banks have been actively reducing their number of physical branches year-on-year since 2015, and according to comparison site Finder.com, an enormous two-thirds of UK banking customers say they are planning to move to a fully digital bank in the future.

But what does it actually mean to be a digital bank, and how can we define digital banking in 2020? During the last decade, virtually every traditional bank has focused heavily on its digital apps and offerings, and challenger banks have gained more traction than ever before. But with the start of a new decade, are we ready to usher in the next era of digital banking products?

Most digital banking apps on the market today continue to exclude one of the most exciting emerging parts of the modern financial world – digital assets. With almost a quarter of institutional investors already having exposure to digital assets as part of their portfolio, and nearly 50 million Bitcoin wallets worldwide, digital assets are driving a new decade of digital finance – but they’re still absent from most consumer-facing banking apps.

To meet this demand, modern digital banking customers deserve a banking app that combines the security and trust of traditional banks with the innovation of digital assets once and for all – something that London-based fintech Mode Banking feels is integral to making digital banking truly digital.

Mode has set out to challenge this status quo, by giving everyday banking customers the tools to integrate digital assets into their banking experience in a secure, user-friendly, and compliant manner.

Let’s find out how the Mode team are achieving this!

How Is Mode Challenging the Status Quo?

The Mode team’s vision has been to create the number one banking app that empowers everyday consumers to access the new and exciting world of digital assets, with the trustworthiness of the traditional banking world.

Mode customers can already access one of the most user-friendly banking apps in the market with fully-functioning GBP and Bitcoin accounts all in one place. Just like traditional banks, Mode provides its customers with their own sort codes and account numbers, whilst also giving access to Bitcoin purchases, custodial storage through their trusted partner BitGo, with their own unique crypto addresses, and a novel, high-interest generating product, the Bitcoin Jar.

At a time when interest rates are at historic lows, just 0.10% in the UK, Mode’s Bitcoin Jar lets customers access one of the world’s highest-yielding, most flexible interest products which generates up to 5% APY on otherwise idle Bitcoin holdings.

This new product, which has proven highly popular, lets customers earn compounded interest on their digital assets with unlimited deposits and withdrawals, weekly payouts in Bitcoin, and a small minimum first deposit of 0.01BTC – made possible by a strategic partnership with the great team at Celsius Network.

Products like the Bitcoin Jar are proving to be one of the most important breakout use cases for the digital asset financial ecosystem, with interest-income and crypto-lending becoming a $10 billion industry. This industry, which was born less than three years ago – in Q4 2017 -, is already providing tangible utility and significant returns at a time when traditional interest-generating products are scarce. 

What’s On The Horizon For Mode?

In its short history, since the app was initially launched in January 2020, Mode has grown fast. The app has already seen strong weekly user growth, with thousands of UK customers already signed up, and an enormous +230% month-on-month growth of digital assets under management.

In the coming months, Mode will be launching EUR accounts, enabling peer-to-peer and third party payments, and allowing customers to link their traditional bank accounts to the Mode app via open banking, to make GBP top-ups and Bitcoin purchases easier than ever.

The Mode Android app will arrive in Q3 2020, and Mode’s ambitious team also has other plans in the pipeline to develop ‘killer features’ where users will be able to spend digital assets as they would with a regular bank, engage with their favourite brands and receive exclusive offers and rewards.

To boost trust in Mode and cement its position as a global player, a Mode group company has applied for an E-Money Institution Licence from the FCA, which it hopes to obtain very soon. This will allow Mode to offer customers a broader range of e-money services, including open banking enabled functionalities, to drive a deeper immersion of digital assets within people’s daily lives.

Mode has already been nominated for the ‘Best UX/UI’ award in CityAM’s ‘CryptoAM Awards’ earlier this year. Working alongside their valued customers, Mode has consistently rolled out up to five new features per month, and the Mode team has plenty planned for the rest of 2020.

Ready to start your Bitcoin journey with Mode? You can Mode for iOS today to start generating interest on your Bitcoin, try out the app’s innovative features, and be among the first to enjoy the real digital banking experience!

Mode does not provide advice to clients in relation to any purchase or use of digital assets. Please seek your own legal, tax or investment advice as you deem appropriate.

When you purchase Bitcoin, your capital is at risk which means that just as the value of Bitcoin may go up, it may also go down. The funds (BTC or GBP) you keep with Mode are not covered by the Financial Services Compensation Scheme. Any GBP funds are safeguarded in accordance with FCA requirements.