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Today, we are happy to announce that we are rolling out new banking capabilities including individual sort code and account numbers for all of our users, as part of our long-term commitment to delivering a truly digital banking app.

Powered by Modulr’s resilient and reliable payments platform, users who sign up to Mode will receive their own unique sort code and account number, adding an essential feature that our users, and the growing community of people interested in holding digital assets, can use to receive their salaries or pay their mortgage or rent. …


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We’re happy to share that in the last week of March we saw the volume of Bitcoin traded through our app increase by almost 1,000% compared to our average weekly trading volumes up until March. Ninety per cent of these trades were purchases.

Our surge in trading activity was immediate after two main events that took place last month; the global markets crash at the beginning of March and the UK’s official lockdown announcement due to COVID-19 on March 23rd.

Following the markets crash, our users reported Bitcoin as having been undervalued and strongly believed this was a good ‘buying’ opportunity. …


5% APY for the first 8 weeks

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Today, we are proud to announce that we are rolling out a brand new interest-generating product for Bitcoin, alongside a new app redesign for 2020, making Mode one of the most attractive mobile banking apps to buy, store, and grow Bitcoin in the UK.

Through our new feature called ‘Bitcoin Jar’, holders of Bitcoin can start earning interest on their Bitcoin, unlocking the full potential of their digital assets rather than simply holding them speculatively in a wallet or on an exchange, waiting for the value to rise.

Our Bitcoin Jar aims to give people access to higher-interest earning products than those they are accustomed to by offering a 5% APY for the next 8 weeks with no lock-up periods — making it one of the most flexible, high-yield products in the Bitcoin market. …


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We are proud to officially announce that we have selected BitGo, a global leader in digital asset financial services, as our Bitcoin custody provider to offer a best-in-class storage solution for our users.

As part of our quest to make buying and storing Bitcoin — the world’s most popular digital asset — easier than ever, we want to transform the way current digital asset apps operate. This includes providing a simple user journey, instant Bitcoin purchases, easy Sterling (GBP) funding methods (EUR coming soon), and finally, providing leading Bitcoin custody for our users via BitGo.

BitGo provides cryptocurrency security, custody, and liquidity solutions, processing over 20% of all global Bitcoin transactions. BitGo’s client base spans more than 50 countries — including some of the world’s largest cryptocurrency exchanges. …


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When you download and sign up to a new app, especially a financial app, you may be asked to provide identity information.

Whilst this might seem like a personal request, online businesses who you trust with your money have similar legal requirements as banks and traditional financial institutions — they have to know their customer.

This is because the internet has made the way we trust and verify data incredibly difficult — and as a result cybercrime, the theft of funds or data online, has become a growing threat.

Researchers in the U.S. found that up to $600 billion was stolen by cybercriminals in 2018 alone — that’s more than the entire GDP of Sweden — and unfortunately, this number is growing year-on-year. …


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Today, we announce our partnership with Onfido, the global identity verification provider, to seamlessly verify and connect UK and European citizens to a thriving Bitcoin market.

Through this partnership, we expand our network of industry-leading financial technology partners, each sharing our core values of security, compliance, and technological innovation. By using Onfido’s AI-enabled verification technology, during our users’ onboarding and ‘Know Your Customer’ (KYC) process, applicants simply take a photo of their government-issued ID and a selfie; Onfido checks the ID seems genuine and matches it to the user’s face. This ensures the person presenting the identity is its legitimate owner and is physically present. …


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Biz Stone, co-founder of Twitter, Medium, and early Google employee

As our community will know, we recently launched our mobile Bitcoin banking app for iOS. The Mode app makes Bitcoin — the world’s most popular digital asset which has been compared to ‘digital gold’ — accessible to everyone at the touch of a button.

We’ve had great feedback on our app so far, but the best endorsement to date comes from Twitter co-founder and entrepreneur Biz Stone. So, what does Biz love about the Mode app?

We’re going to find out below, but first let’s look at why Bitcoin is becoming such a sought-after asset, and how existing digital asset apps are failing their users where it matters most. …


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People love to make comparisons between Bitcoin and gold, and the term ‘Digital Gold’ to refer to Bitcoin is being used more and more. While there are quite a few similarities, we want to address some of these comparisons and do some clarifying.

⚖️ Gold and Bitcoin are pretty similar

Gold’s beautiful hues, malleable nature, inability to corrode and scarcity allured the earliest societies. In the modern world, all sorts of industries from aerospace to dentistry rely on the physical properties of gold to create well-designed products. But its economic value is derived from its scarcity.

Gold’s scarcity has made it a natural store of value even before government-backed currencies. And it’s still going strong. When compared to the majority of assets out there, if you had invested £100k in gold in 2006, you would have had £286k in 2016, greatly outperforming other traditional investment assets such as property, FTSE, bonds and savings. …


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Bitcoin. It’s that thing that got that annoying guy you met at a dinner party a new Ferrari. Or the thing you heard you can buy penguins with on the internet. Or that thing that everyone was too busy to look into until it got valued at $20,000. Or that thing that you’re not too sure how to buy or use. Or that thing that doesn’t really sound like it should work…but does. So…what is this… thing? What is Bitcoin?

Bitcoin, the world’s top cryptocurrency, broke into the public consciousness in 2017 when its valuation hit just shy of $20,000. People began to hear some wild stories about the people involved with it. Things like; if you’d invested $10 in 2009, you’d have made $86 million dollars if you sold it in 2017. Or, no one knows who invented it, but whoever it is must be a trillionaire by now. Or it was made by a robot from the future. …


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We founded Mode with a vision: to build a next-generation banking ecosystem for the decentralised economy — integrating the best attributes of traditional and digital finance. Thus, it has become paramount to us to create an environment where people could not only get easy access to this early form of digital assets — cryptocurrencies — but also tap into the value hidden within them in the safest and most secure possible way.

Earlier in 2019, we launched our first product; a flexible crypto-backed lending solution for businesses. …

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Mode

Accelerating the world’s transition to a truly digital financial system.

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