Mode secures FCA approval to add more tokens

RNS Number : 2908X

Mode Global Holdings PLC

26 August 2022

 

Mode Global Holdings PLC

Mode secures FCA approval to add more tokens to its platform

Mode Global Holdings PLC (LSE: MODE) ("Mode"), the LSE-listed fintech group, is pleased to announce that it has received confirmation from the FCA that Mode can add multi-tokens to the Mode App.

Launching later this year, Mode will be gradually adding 10 new tokens to its platform for users to buy and sell. These are: Ethereum, Cardano, Solana, Polygon, British Pound Tether, Polkadot, Dogecoin, Cosmos, USD Coin and Tether. These tokens will be made available through a phased approach.

Rita Liu, Mode CEO comments: "This expansion of tokens available on the platform will be a significant milestone for Mode, and the FCA's regulatory approval is, we believe, a testament to our secure and well-governed infrastructure, which makes this token expansion possible.

We've created a safe and compliant ecosystem that allows people to interact with Bitcoin, actively or passively - however they choose. The fact that we can now extend this to more tokens is exciting - both for our growing user base and the cryptosphere more broadly.

A key to wider adoption and integration is exposure. Therefore, our ability to offer more tokens to users on the platform will help users diversify their investment portfolios and, at the same time, enhances our product offering."

The addition of new tokens to the platform is just the latest innovation Mode has introduced to its users this year, following an expanded affiliate cashback programme that allows users to earn Bitcoin cashback from hundreds of retailers, as announced in May this year. Mode has also seen successful Bitcoin payroll partnerships launched with Heroes and Lano in February and May, respectively this year, indicating an increasing demand for crypto exposure despite market volatility.

On the business-to-business side, Mode has been working with retailers to help cut transaction costs, and by accepting payment through Mode, retailers can save on these transaction costs, receive funds instantly, speed up cash flow, and make transactions cheaper. Mode's reward solution also helps businesses reward customers in Bitcoin. With more tokens being brought onto the platform soon, Mode will be in a position to improve and expand all these user cases so that both customers and businesses can have wider choice.

For more information please do get in touch: [e-mail]

-ENDS-

Press contacts:

Fiona McAra, MRM

[phone]

[e-mail] 

Julie Sand, Mode Global Holdings PLC

[phone]

[e-mail]

Notes to Editors

About Mode:

Mode is an LSE-listed fintech company on a mission to build the world's most disruptive ecosystem where exchanging value and growing wealth is seamless for all. Mode is leveraging the power of Bitcoin and Open Banking to deliver on this mission and offer customers in the UK a one-stop app to shop, earn and grow their Bitcoin, all in one place. For businesses, Mode provides a cheaper, safer and smarter alternative to card payments that rewards shoppers with Bitcoin Cashback.

To learn more, visit our customer/business site at www.modeapp.com or our investor site at www.modeplc.com.

 

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