Mode Bitcoin app sees 1,500% surge in trading volumes

Retail investment in cryptocurrencies is beginning to experience a significant uptick, according to data from London-based Bitcoin banking app Mode

London-based cryptocurrency trading platform Mode has announced a 1,500% increase in trading volumes since August.

The increase in attention around Mode coincides with a remarkable rally in the price of Bitcoin with the nascent virtual currency surging to a new all-time high of $35,000 last week.

According to a press release shared with Coin Rivet, Mode also revealed that new users on its platform has risen by 500% since August.

Janis Legler, Chief Product Officer, Mode: “The last few months for Mode have been exceptional as we have reached record growth rates. We’ve been particularly popular amongst first-time Bitcoin investors which caused our Bitcoin app to make it to the top 2 in the UK’s App Store finance category in December, surpassing most high-street banking and fintech apps.

“Even during the holidays, over 90% of our eligible customers were able to open and verify their accounts in less than five minutes, instantly top up their wallet via Open Banking and buy Bitcoin right away. Unlike traditional stock markets, Bitcoin trades 24/7 which provides a truly innovative and revolutionary experience for new customers – they love it.”

In October Mode invested 10% of its IPO proceeds from shareholders to invest in Bitcoin, an investment that is now up by more than 100% on its original nominal value.

Mode was the first publicly listed company in the UK to officially announce a significant purchase of Bitcoin as part of its treasury investment strategy.

Jonathan Rowland, Executive Chairman, Mode added: “Mode is still a new entrant to the market causing trading income to be modest at present, however, we believe that, in common with other tech companies, it is vital to focus on building growth and we are proud of the progress achieved. In the first few days of January alone, Mode has already seen a 40% increase in user growth numbers compared to its weekly average during its record-breaking December, signalling another strong month ahead.”

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