Mode reports 950% increase in November trading volumes

London-based Bitcoin banking app, Mode, has reported a 950% increase in November trading volumes as users flock to invest in Bitcoin

London Stock Exchange-listed fintech group, Mode, has revealed that trading volumes have surged by 950% in November compared to August.

According to a press release shared with Coin Rivet, assets under custody has also increased by 210% as following a significant uptick in the price of Bitcoin.

Jonathan Rowland, Executive Chairman of Mode, said: “We’ve seen unprecedented interest in buying and holding Bitcoin just as the market rally really took off. That coincided with the chaotic US elections that brought with it market volatility, as well as a second UK lockdown with all the economic uncertainty this entails.

“Longer term, economists anticipate that the unprecedented fiscal support we’re seeing launched to tackle the pandemic crisis will boost inflation. We believe that this will only increase demand for inflation hedges and diversification strategies such as investing in Bitcoin.”

At the time of writing, Bitcoin is trading above $19,000 following a quite sensational nine-month period that has seen it rise by more than 300%.

This has made a direct impact on Mode’s shareholders, who have benefitted following the company’s decision to allocate 10% of its cash reserves to Bitcoin in October.

The increased appetite for Bitcoin also comes after Mode became one of the first digital banking apps to list on London’s main market.

It also follows the launch of Mode’s Bitcoin Jar product, which allows users to benefit from an APY of 5%.

For more news, guides and cryptocurrency analysis, click here.

Related Articles