Mode Launches Crypto Banking Mobile App

ModeLondon-based fintech firm has opened a waiting list for its soon-to-be-launched crypto banking mobile app.  Mode aims to bring down barriers and open up the world of cryptocurrencies to everyone, not just the tech-savvy and the traders.

An early version of the app will be released for iPhone-users in October, who will be able to buy Bitcoin and store it within the app. The app includes products for investing, saving and borrowing, but further details on these will be announced in the following months.

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-featured 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 are lots to be excited about.”

Mode aims 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. As part of R8 Group, a UK fintech group that raised $5m in an oversubscribed funding round in April 2019, Mode is able to leverage the value provided by the group building the next-gen banking ecosystem for a decentralized economy which was founded by Jonathan Rowland.

Earlier this year, Mode launched a lending product whereby businesses could leverage the value of their digital-asset holdings to finance business operations or a new business idea.

Mode is r8’s core project. The financial services ecosystem aims to become a fully regulated, UK-based institution, providing the full scope of banking and financial services to the holders of both traditional and crypto-assets. Biz Stone, a co-founder and Creative Director of Twitter, has backed R8 Group. Stone also helped to create and launch Xanga, Blogger, Odeo, and Obvious.