Our Head of Products and Partnerships, Janis Legler, explained: “We’re excited to offer our new Bitcoin Jar feature. Decentralised finance products are becoming increasingly sophisticated, rivalling that of traditional banking and savings products. At Mode, we see a strong future for interest-bearing accounts for digital assets, which is why we’ve made it our aim to make them available globally, to every kind of investor and traditional banking app user.”
We generate interest by working through partnerships with market-leading institutional lending providers including New York-based Celsius Network. Celsius Network generates yield by lending out Bitcoin and other digital assets to carefully vetted borrowers.
“Celsius is proud to be a part of Mode’s newest product launch,” says Celsius CEO, Alex Mashinsky. “With a commitment to do what is best for the crypto community, we are proud to partner with Mode, which shares our same values.”
Bitcoin Jar users are free to withdraw their funds at any time, with no lock-in periods and no fees on deposits or withdrawals. Interest is accrued daily, compounded and paid at weekly intervals. This provides a major advantage over most investment or interest-generating products which often come with withdrawal restrictions, fees and/or penalties.
We expect that the Bitcoin Jar will appeal to investors who have bought Bitcoin to hold as a long-term store of wealth, and who also want to earn interest on their assets. As users can also buy Bitcoin through our app with some of the most competitive fees in the UK, Mode is becoming one of the most attractive mobile banking apps to buy, store, and grow Bitcoin holdings.
Our existing iOS app, which went live in Q1 2020, has also undergone a major redesign to complement our new product launch. The new product and app design are part of our commitment to making Bitcoin and digital assets easily accessible to all. We are also very excited to share that we were recently nominated by the Crypto A.M. awards for ‘Best UX/UI’, led by the widely circulated London-based newspaper City A.M.
Now, it’s time to update your app, discover our new redesign & start earning 5% APY from today!