Here’s why we decided to build the Mode app

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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. Our solution was designed to enable companies holding cryptocurrencies to unlock the value of their digital assets to fund their operations or their new business idea.

However, throughout the implementation of our business product, we remained frustrated at the various issues you, as a retail customer, have to face. Over the last 12 months, we’ve tried pretty much every crypto app and website out there and we were surprised to find that, despite how quickly the space is evolving and the numerous new products that have launched, there are many issues yet to be addressed around buying and storing crypto assets. We also realised these were, up to a large extent, the same gatekeepers affecting the pace at which digital assets become widely accepted.

The primary limitations we have identified are transaction restrictions, lack of security, costly inefficiencies resulting in complex fee structures and poor user experience. Below we explain how we aim to solve these issues through our new app and provide you with a product that you can trust.


Transaction Restrictions 🛑

Following the astronomical climb of Bitcoin in the final months of 2017, interest in cryptocurrencies and their unusual trading opportunities crept into the public consciousness. Currently, platforms such as Revolut and Robinhood only allow you to speculate on the price of Bitcoin which means you do not own your crypto nor can you send your funds to an external wallet. Such products restrict you from accessing fast, cheap and global transactions — the very nature of cryptocurrencies.

At Mode, we want you to unleash the full potential of your crypto assets by being able to send them anywhere and anytime (without restrictions), while at the same time having them stored safely and securely. Over the coming months, we will roll out various products to allow you to generate a return without having to be technically savvy. Instead of having your funds just sitting on an exchange, you will be able to generate value through solutions like crypto savings accounts, investment products, and more without having to worry about the legitimacy of their financial interactions.


Security Risk ⚠️

Despite the numerous crypto exchange hacks that have reached the headlines with tantalising amounts of money being stolen, and the continuous warnings from experts to avoid so-called ‘hot wallets’ as they are vulnerable systems, a high number of people still opt to leave their funds on exchanges.

hot wallet is connected to the Internet, while a cold wallet is kept offline.

Another popular location for storing assets are ‘hardware wallets’ (physical USB-stick-like devices). This alternative is safer than a crypto exchange as it’s a ‘cold storage’ solution, however, it requires a high understanding of the technical elements of everything involved, carries a high risk — loss of private keys or theft — and no insurance is provided.

To alleviate the inherent risk of leaving your assets in a non-secure, non-insured state, we have partnered with an industry-leading crypto custodian to offer you a top-notch secure and compliant storage solution that blends the best elements from hot and cold storage. As our customer, you will also benefit from their insurance cover which provides protection for up to $100m of the assets they hold.

We have also made sure that the money (£ sterling) you keep in your Mode account is safe. For that, we have chosen to work with a UK-based FCA-regulated and authorised payment provider, who will be safeguarding your money on our behalf.

As you can see, we’re all about safety and protection so you don’t need to worry about anything.


Costly Inefficiencies 🐌

Today, the world is experiencing one of the greatest infrastructure inversions of all times, where most players in financial services are slowly shifting from outright resistance towards greater acceptance of blockchain technologies.

But as we are only at the beginning of this transition, many inefficiencies exist that are affecting the growth of digital assets. Think of the time when cars were first introduced on the same streets that were built for horses. It took city councils decades to transform the streets and the minds of people from the era of horses to the new, fast-paced era of motor vehicles. It was a lengthy process but eventually, it revolutionised the way goods and people travelled.

Now imagine the same but for exchanging crypto into US dollars, pound sterling or euros, and vice-versa. Our current financial system is not designed for this type of exchange to happen seamlessly. That’s why today, transferring money from an exchange in and out of your bank account or buying crypto via debit or credit card comes with massive hurdles and fees to the consumer.

We want to make this market transition smoother by building an efficient, crypto-centric infrastructure with transparent and affordable fees. The Mode app will be completely free to download and use, and unlike many other apps, we will only charge you a very competitive fee of 0.99% at the time of purchasing and selling Bitcoin — nothing else. No variable fees, no hidden charges. It’s as simple as it sounds. We won’t charge you for transferring money in and out of your account either, which is usually where other wallets make money. And we will make your funds available in a matter of seconds via Faster Payments, a process that can take up to 5 days with some of the most renown crypto exchanges.

To make instant Bitcoin purchases via debit or credit card, we’ve partnered with one of the most secure payment processors who will ensure it is you who makes the payment, making credit card fraud almost impossible. If you choose to use this service, you will be charged a fee of only 5% per transaction or $10, whichever is higher. We do not add anything on top of that.


No Awesome-Looking, All-Round Solutions 🔗

Most crypto – and decentralised platforms can be described as either ancient-looking or way too complex for anyone to understand. Using the most adept crypto exchanges requires a degree of technical understanding, which makes getting into crypto everything but simple and timely. One of our goals is to create services that have a seamless, flowing experience that anyone can use. Simple and effective. No one currently offers the whole range of services with all platforms lacking at least some of the following; instant crypto purchases with US dollars or euros, crypto savings accounts, investment products, lending solutions, security or accessibility.

So, we decided to combine a sleek design with the all-in-one experience that you are used to on neo-banking platforms and create an app that will empower you to easily unleash crypto’s full potential.


Our Solution: The Mode App 📱

After considering all of the gatekeepers, we realised you deserved something new. That’s why we created the Mode App, an ultra simple and ultra smart mobile application where:

  • you can store Bitcoin with confidence
  • you can buy and send Bitcoin via debit/credit card or bank transfer
  • you can see transparent and reasonable charges


If these core ideals resonate with you, join us as an early subscriber and begin your journey towards the secure, integrated banking ecosystem of the future. Our current product iteration is a vehicle to buy and safely store Bitcoin. We will be launching solutions such us crypto-earning and investment accounts, and other financial empowering solutions, so stay tuned.


What’s Next 👀

Here at Mode, we’re excited about the future. In our quest to creating a transparent, fair and regulated environment, our parent company has recently applied for an E-Money Licence Application with the Financial Conduct Authority (FCA). Under this licence, we will be offering a broad range of payment services to the community, from money-to-crypto exchanges to the issuance of payment cards for a deeper immersion of digital assets into our daily lives. We are looking forward to the exciting year ahead of us.

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